French seek to buy U.S. nuclear plants

A $4.5 billion bid Wednesday by France's state-controlled power company for reactors in Maryland and New York could lead to the only foreign ownership stake in U.S. nuclear plants.

The late bid for half of Constellation Energy's nuclear business also puts Electricite de France SA in direct competition with an American icon, Warren Buffet.

Mr. Buffet's MidAmerican Energy Holdings Co. swept in to acquire Constellation Energy three months ago as the company, with significant nuclear power holdings, struggled to find cash.

Cox consolidates units under reorganization

ATLANTA --- Cox Enterprises Inc. announced Wednesday that the company is bringing together its three media units -- Cox Newspapers, Cox Television and Cox Radio -- under a new organization called Cox Media Group Inc.

The new group will become effective January 2009. It will have headquarters in Atlanta and be led by Cox veteran Sandy Schwartz, who will serve as president.

The businesses comprising Cox Media Group will include 17 daily and 26 non-daily newspapers, 15 television broadcast stations, 86 radio stations and more than 100 digital services associated with these businesses and Valpak.

Cox's planned sale of its Valpak direct coupon mailing business and newspaper businesses in Texas, North Carolina and Colorado will continue during the reorganization.

Managers, employees win Neuberger auction

NEW YORK --- A group of managers and employees has won an auction to buy Lehman Brothers Holdings' prized investment management unit, which includes the Neuberger Berman money management business.

The bid by the Neuberger Berman group beat out two other competing bidders, one of which included private equity firms Bain Capital Partners and Hellman & Friedman.

Lehman filed for bankruptcy protection Sept. 15.

SEC adopts new rules on credit-rating firms

WASHINGTON --- Federal regulators on Wednesday adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street's credit-rating industry.

The action by the five-member Securities and Exchange Commission was another government response touching on the global financial crisis set off by mortgage securities.

The commissioners voted unanimously at a public meeting to adopt the new rules, most of which will take effect in about 60 days.