eFiles: December 4, 2000
Sony to issue Net biz tracking stock
Sony Corp. of Americawhich ranked No. 8 on eWeeks 2000 FastTrack 500 list of e-business innovatorslate last month said it will issue a tracking stock for its Internet business. The move could give the electronics company an infusion of cash to help it expand the 4-year-old Internet operation, dubbed Sony Communication Network Corp., both in Japan and in the United States. The shares would be listed on the Tokyo Stock Exchange, and the listing would commence after Sonys Jan. 25, 2001, shareholders meeting, when they will get to vote on the plan. The tracking stock would not be listed on U.S. exchanges, Sony officials said. Sony Communication Network provides Internet access to 1.5 million users in Japan, making it one of that countrys largest Internet service providers.
Cargill to help run new B2B exchange
Cargill Inc., a Wayzata, Minn., farm products company that placed at No. 322 on eWeeks FastTrack 500 list, has announced plans to form a business-to-business exchange for trading agricultural cash commodity products, such as cornmeal. The exchange, to be known as Pradium Inc., will be operated by Cargill along with Cenex Harvest States Cooperative, DuPont and Louis Dreyfus Citrus Inc., officials from the companies said at the end of October. The exchange is expected to launch early next year. The companies plan to provide risk management and financial services, along with logistics and supply chain management tools, at www.pradium.com.