Seagram completes PolyGram takeover
Seagram Co. Ltd. has become the world's biggest music company as it completed its takeover of PolyGram NV and announced a restructuring exercise. The restructuring of operations will shave $300 million in annual costs.

FIPB spikes Cabitel, Nichimen proposals
The Foreign Investment Promotion Board has rejected proposals of Cabitel India to offer wired line payphone services and Nichimen Corporation of Japan to set up a wholly-owned subsidiary.

Cadbury sells non-US drinks to Coca-Cola
British drinks and confectionery giant Cadbury Schweppes Plc has reportedly agreed to sell its soft drinks brands outside the United States to Coca-Cola Co for $1.85 billion.

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