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The Tampa Tribune

Published: February 6, 2008

TAMPA BAY AREA
Ikea Closes Land Deal

Panattoni Development Group confirmed Tuesday that its investment subsidiary has completed the sale of the former Tampa International Center site on Adamo Drive to Ikea, the Swedish retail chain. The sales price wasn't disclosed by Panattoni or Ikea.

Panattoni, based in Irvine, Calif., began demolition and site work prior to Friday's closing to prepare the 29-acre property for construction this summer. Ikea plans to open a store there by summer 2009.

NATION

Banks May Help Insurer

A group of banks is in early talks about forming a consortium to raise capital for bond insurer Financial Guaranty Insurance, The Wall Street Journal reported Tuesday. The effort is led by Calyon, the investment-banking unit of French bank Credit Agricole, and includes Citigroup. The group may not be able to come up with a plan, the report said.

A successful capital plan for ailing FGIC would help shore up the weakened insurance business and stave off a wave of downgrades that could result in billions of dollars in losses.

IPhone, IPod Touch Updated

Apple updated its iPhone and iPod Touch lineup Tuesday, doubling the memory and setting a new premium price for its high-end models.

The latest iPhone features 16 gigabytes of memory and retails for $499. The previously released 8 GB version of the hybrid cell phone, multimedia player and wireless Internet device costs $399.

The new iPod Touch comes with 32 GB of memory and retails for $499. The older 16 GB and 8 GB versions of the combination multimedia player and wireless Internet gadget cost $399 and $299, respectively.

The new devices are available through Apple's online and retail stores. The updated iPhone is also available through AT&T's online and retail stores.

WORLD

Mining Giant Makes Offer

BHP Billiton today launched a formal bid for rival Rio Tinto, valued at $173.6 billion - the largest-ever mining takeover offer. BHP, the world's largest miner, said it is offering 3.4 BHP shares for every Rio Tinto share, an increase from its initial and informal proposal of a three-for-one, all-share takeover.

The approach by Melbourne, Australia-based BHP to London-based Rio Tinto was complicated last week when Aluminum Corp. of China and Alcoa bought a 9 percent stake in the whole Rio Tinto group.

A staff and wire report

Watch the Tribune's Business report at 5, 6 and 11 a.m. Tuesday to Friday and 9 a.m. Saturdays on WFLA-TV.

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