Business memo 09/02/03

Business counseling sessions scheduled

The Small Business Development Center of Southeast Missouri State University will conduct counseling sessions for area small-business owners and individuals planning business ventures. The counselor, Gil Degenhardt, will be available from 10 a.m. to 3 p.m. Sept. 17 at the Cape Girardeau Chamber of Commerce, 1267 N. Mount Auburn Road. Call 335-3312 for an appointment. The counseling sessions last about one hour and are free.

Degenhardt will also be available from 10 a.m. to 3 p.m. Sept. 18 at the Southeast Regional Planning Commission, 1 W. St. Joseph St., in Perryville, Mo. Call (573) 547-8357 for an appointment.

Economy into higher gear for second quarter

WASHINGTON -- The economy finally shifted into a higher gear in the second quarter as consumers and businesses bought more and the government ramped up spending on the Iraq war.

The broadest measure of the economy's performance, gross domestic product, grew at an annual rate of 3.1 percent in the April to June quarter, according to revised figures released Thursday by the Commerce Department.

That was faster than the 2.4 percent growth rate first estimated a month ago and came after two straight quarters of lackluster economic growth. GDP, which measures the value of all goods and services produced in the United States, increased by just 1.4 percent in the final quarter of 2002 and the first three months of 2003.

ArvinMeritor continues Dana takeover attempt

DETROIT -- Automotive supplier ArvinMeritor Inc. extended its $2.2 billion hostile takeover bid of rival Dana Corp. on Thursday after its original offer expired.

Dana has a plant in Cape Girardeau.

ArvinMeritor, a Troy-based supplier of shocks, struts, suspensions and exhaust systems, last month launched a tender offer of $15 a share in cash for all outstanding shares of Dana, its larger competitor.

The original tender offer expired Thursday. The new offer is set to expire Oct. 2. Dana shareholders have tendered about 2.54 million shares under the original offer, ArvinMeritor said Thursday.

ArvinMeritor has said it believes the marriage makes sense in an increasingly competitive and global automotive supplier business. But Dana's board of directors rejected the proposal, saying it was financially inadequate and risky.

-- From staff, wire reports