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Alliant buys Thiokol for $685 mil
to expand rocket-engine business
Alliant Techsystems sees the cash purchase of Alcoa's rocket propulsion systemsunit boosting earnings by 5-10 cents in fiscal 2002, which begins April 1. Alliant makes aerospace and defense products. Alcoa, the No. 1 aluminum firm, acquired Thiokol when it bought Cordant Technologies in May 2000. Thiokol has annual sales of $570 million. The firms expect the acquisition to close
by the end of the second quarter. Alliant's shares rose 1.01 to a new high of 69.30. Alcoa's climbed 1.50 to 36.74.
DaimlerChrysler downplays flap
as losses mount at Chrysler unit
Chrysler's new CEO Dieter Zetsche played down the prospects of a hostile bid, but said the company was on guard and needed a radical overhaul. The firm confirmed that it was working on a defense strategy. It has hired Deutsche Bank- its biggest shareholder - and J.P. Morgan Chase. They'll help build a strategy to revive the group's share price and pre-empt any hostile takeover bid.