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Business Digest

Bloomberg News
Posted: Thursday, Nov. 12, 2009

Technology

Hewlett-Packard Co., the world's biggest personal-computer maker, will buy 3Com Corp. for $2.7billion to challenge Cisco Systems Inc. in the computer-networking market.

Hewlett-Packard will pay $7.90 a share in cash for 3Com, 39 percent more than 3Com's Wednesday closing price, Palo Alto, Calif.-based Hewlett-Packard said.

CEO Mark Hurd is seeking to add to Hewlett-Packard's $118 billion in annual sales after the sharpest slump in personal-computer demand in history. The purchase of 3Com increases competition with Cisco, the world's largest maker of computer-networking equipment, which is also expanding into Hewlett-Packard's businesses.

Insurance

American International Group Inc.'s CEO Robert Benmosche said Wednesday he plans to stay in his job at the embattled insurer.

Benmosche announced his intentions in a letter to employees released by AIG following a report in The Wall Street Journal saying he was threatening to quit. The Journal said Benmosche has been frustrated by heavy government scrutiny and cumbersome restrictions on executive pay.

In the letter, Benmosche said that while he was frustrated by the regulatory oversight, he and the board of directors "remain totally committed to leading AIG through its challenges and to continuing to fight on your behalf." Associated Press

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