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ALL EARS: Walt Disney Co. rose -7/8 to 68-5/8. The company said that 82 percent of Capital Cities/ABC Inc.'s stockholders chose an all-stock payment as part of the recently completed merger between the two companies. Owners of 126.8 million of Cap Cities' 154.6 million shares elected to receive their entire payment in Disney shares.

PIRATES PLUNDERED: Microsoft Corp. said Wednesday it was awarded $8.08 million in damages in a software piracy lawsuit it filed against Unitron Inc., a Taiwanese computer manufacturer. Microsoft said it won the judgment in Los Angeles federal court against Unitron, a former licensee of Microsoft operating system software.

IT'S A SMALL DEBT, AFTER ALL: Walt Disney Co. probably will delay a sale of $2 billion of bonds planned for this month amid a rise in borrowing costs, people familiar with the sale said. The Burbank media and entertainment company had intended to begin selling five- and 10-year global bonds to help finance its recent purchase of Capital Cities/ABC Inc. as early as next week.

BUFFETT BUYS AMERICAN: Billionaire investor Warren Buffett has received permission to buy up to 17 percent of American Express Co., according to Amex's proxy statement released Wednesday. The investment would add to Buffett's 10.2 percent stake.

EASY ALLIANCE: The board of the Economic Alliance of the San Fernando Valley elected the head of the Los Angeles Fire Commission as chairman of the business-boosting organization. Attorney Dave Fleming will head the nearly 100-member board. Bob Scott, who heads the city's Planning Commission, was elected executive vice chairman.

SALE SCRUTINIZED: The Justice Department's antitrust division has opened an investigation into Thomson Corp.'s $3.43 billion acquisition of West Publishing Co., whose on-line legal research business is similar to that of one of Thomson's big divisions.

ECONOMY

STEADY AS SHE GOES: The U.S. economy, knocked for a loop by the blizzards of January, regained its footing in February, according to the latest nationwide survey of business conditions by the Federal Reserve, one more indication that the central bank will not cut interest rates when policy-makers meet on March 26, economists said.

SIMPLE TWIST OF RATE: The Treasury Department sold 42-day cash management bills Wednesday at an average discount rate of 5.11 percent. The discount rate understates the actual return to investors - 5.21 percent with a $10,000 bill selling for $9,940.40.

MONEY MATTERS

BANKER'S PAY: Wells Fargo Chief Executive Paul Hazen, who engineeered the biggest ever U.S. bank merger with First Interstate, last year received options to buy shares of Wells Faro stock now valued at $45 million, in addition to his salary of $812,5000 and a $2 million bonus. the figure was released in this year's proxy statement.

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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Mar 14, 1996
Words:483
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