DIGEST
Asarco's board unanimously recommended that shareholders reject takeover offers from Phelps Dodge and Grupo Mexico, challenging suitors for the copper producer to raise their bids. The directors also authorized management to begin seeking better offers. The offer from Phelps is valued at $1.98 billion in cash, stock and assumed debt, while Grupo Mexico has offered $2.05 billion in cash and assumed debt.</br></br>The Nasdaq Stock Market unveiled a new electronic display system that it says will give customers access to better prices and make it easier to execute trades quickly. Nasdaq has asked for Securities and Exchange Commission approval of the new system, designed to link all types of alternative trading networks and to make the market more transparent by revealing more orders. It hopes to adopt the new plan in about a year.</br></br>A Superior Court judge discharged a jury hearing a class-action lawsuit filed by New Jersey consumers allegedly injured by fen-phen, a diet-pill combination made by American Home Products. The move suggested that the judge anticipates a global out-of-court settlement for all fen-phen users--a deal reportedly totaling $4 billion-- though details of a final agreement are still being discussed.</br></br>The Canadian Auto Workers reached a tentative contract agreement with DaimlerChrysler less than two hours before 13,800 union workers were set to strike. CAW President Buzz Hargrove said the deal was modeled on an agreement the CAW rank-and-file ratified last week with Ford of Canada.</br></br>A former Kidder, Peabody consultant agreed to pay $140,612 to settle SEC accusations that he and the firm "rigged" bids connected to a 1993 bond financing for Tampa, federal and state regulators said. The Securities Exchange Commission contended that Michael Cornblum and Kidder used fictitious bids to get the firm hired to help Tampa restructure a municipal-bond escrow account.