BRIEFCASE WELLPOINT CLOSER TO COBALT DEAL.

Byline: - Staff and Wire Services

THOUSAND OAKS - WellPoint Health Networks announced Friday that it had received approval from state regulators to merge with BlueCross BlueShield licensee Cobalt Corp.

Headquartered in Milwaukee, Wis., Cobalt is one of four publicly traded BlueCross BlueShield companies. The merger is still awaiting approval from Cobalt stockholders, with the transaction expected to close by the fourth quarter of 2003.

Boeing to stretch its 717 airliner

The Boeing Co. has developed plans for a 130-passenger stretch version of the 717 to compete with models from Europe's Airbus, Embraer of Brazil and Bombardier of Canada.

Boeing officials said Thursday that the proposed 717-300X, to be assembled in Long Beach, would be 14 feet longer than the 717-200 and carry about 20 more passengers.

Boeing has offered the design to members of the 17 airlines in the worldwide Star Alliance, spokesman Warren Lamb said.

If Boeing gets enough orders, deliveries of the 717-300X would begin in late 2006.

NYSE searching for a new leader

NEW YORK - The New York Stock Exchange board named a search committee to find its next leader and discussed ways to reform itself Friday, as it began to navigate life after Dick Grasso.

In its first order of business since forcing its chairman and chief executive to resign over a pay scandal, the board named Laurence Fink, CEO of investment group BlackRock Inc., to lead a committee to find Grasso's replacement. Fink did not immediately return calls seeking comment.

Isabel's damage won't be as severe

NEW YORK - Insured losses from Hurricane Isabel likely won't be as severe as originally feared, according to a company that assesses risks for insurers.

Models of the hurricane show losses to be just under $1 billion from wind damage, said Peter Dailey, head of the atmospheric sciences department at Boston-based AIR Worldwide.

``The reason being is the storm was originally predicted to have winds of 110 miles per hour at landfall,'' Dailey said. ``That forecast was changed to observations of about 95 miles per hour when the storm made landfall.''

Galvin will retire from Motorola job

CHICAGO - Motorola Inc. announced Friday that Christopher Galvin has decided to retire as chairman and chief executive.

Galvin informed the board of directors of his decision and has agreed to stay until a successor is named, Motorola said.

The Schaumburg, Ill.-based company, the world's No. 2 cell-phone manufacturer and a top semiconductor maker, has been struggling to regain its past dominance, with a fledgling recovery stalled by sluggish industrywide demand.

Chunk of holdings in KPN on block

AMSTERDAM - The Dutch government said Friday that it had agreed to sell a 12 percent interest in the former telecommunications monopoly KPN NV to Citigroup Inc. for about $2.3 billion.

The sale of 300 million shares to the New York-based financial-services giant for 6.78 euros ($7.63) apiece leaves the Dutch government with 19.4 percent of KPN.