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Market Update : 
$26 B Acquisition Bid for Clear Channel
Author: Elena Todorova
123jump.com
Last Update: 10:15 AM EST November 16 2006

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Clear Channel Communications Inc., the largest U.S. radio-station owner, agreed to be acquired by an investor group led by private-equity firms Thomas H. Lee Partners and Bain Capital Partners for $18.7 billion in cash. The deal includes about $8 billion in debt. Reader''s Digest rose 8% after agreeing to be acquired for about $1.61 billion by an investment consortium.

 
Oil and gold

Light sweet crude oil for December delivery dropped 2 cents to $58.74 a barrel in electronic trading on the NYME. Gold opened Thursday at a bid price of $623.20 a troy ounce, up from $620.00 late Wednesday.

Currencies

The euro on Thursday slipped slightly against the dollar after U.S. Federal Reserve Bank minutes showed that it remained committed to curbing inflation by hiking interest rates. The euro bought $1.2806 in late morning European trading, compared with $1.2823 in New York late Wednesday. The British pound slipped to $1.8875 from $1.8892. The dollar was steady at 118.05 Japanese yen, the same level it was late Wednesday.
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