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Wachovia to Buy Golden West Financial for $25.5 Billion

Wachovia (WB) agrees to acquire Golden West Financial (GDW) in a deal valued at $25.5 billion, for 1.051 Wachovia shares and $18.65 in cash per Golden West Financial share.

Berkshire Hathaway (BRK.A) posts a 70% rise in first quarter net earnings on a 29% revenue rise. It agrees to buy 80% of Iscar Metalworking in a $5 billion deal. The Wall Street Journal reported that the company is likely to buy more companies overseas, in part because the dollar could drop significantly, in Buffet's view.

Inco (N) Teck Cominco Ltd. says it will make a C$17.8 billion cash and stock offer to acquire all outstanding shares of Inco., conditional on the company not completing its announced takeover bid for Falconbridge.

AES (AES) posts 52 cents vs. 19 cents first quarter earnings per share (EPS) from continuing operations on a 13% revenue rise. It posts 42 cents vs. 18 cents adjusted first quarter EPS. It raises 90 cents 2006 EPS from continuing operations guidance to 96 cents, and 95 cents adjusted EPS guidance to 97 cents.

Thermo Electron (TMO) is to acquire Fisher Scientific in a reverse merger, at two Thermo Electron shares for each Fisher Scientific share. Upon completion of the deal, Thermo Electron shareholders would own about 39% of the combined company, while Fisher Scientific shareholders will own about 61%.

Aztar (AZR) amends its merger agreement with Pinnacle Entertainment to increase its purchase price to $51 per Aztar share in cash and stock. It says a previously announced $50 per share offer by Wimar Tahoe Corp. is no longer a superior proposal.

Goodrich Petroleum (GDP) posts 34 cents first quarter EPS vs. 30 cents loss (basic) amid a sharp revenue rise, primarily due to a 72% increase in natural gas, crude oil production, an increase in average net oil, and gas prices.

AU Optronics (AUO) announces preliminary consolidated April revenues of NT$22.444 billion, 50% above a year ago.

United Industrial (UIC) posts 69 cents vs. 84 cents first quarter EPS from continuing operations as higher expenses offset a 28% sales rise.

Health Net (HNT) posts 65 cents vs. 19 cents (including charges) first quarter EPS on 9.4% higher total revenue.

United Industrial (UIC) posts 69 cents vs. 84 cents first quarter EPS from continuing operations as higher expenses offset a 28% sales rise.

UAL (UAUA) posts $306 million first quarter loss vs. $302 million loss (excluding reorganizational charges) as $314 million in fuel expenses offset 12% higher revenue.

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