EA retracts hostile bid for Take-Two

EA retracts hostile bid for Take-Two Video game publisher Electronic Arts Inc. is retracting its hostile bid for smaller rival Take-Two Interactive Software Inc., but a deal -- and a friendly one at that -- is likelier than ever. Take-Two, best known for the popular "Grand Theft Auto" video game series, confirmed Monday it expects to sign a confidentiality agreement with EA to begin formal discussions about "strategic alternatives."

Delphi to lay off about 600 U.S. workers Delphi Corp. said Monday that its electronics and safety division will lay off about 600 of its 3,200 U.S. salaried workers, blaming a steep drop in automaker demand for its components. Delphi spokesman Milton Beach said the cuts are part of a plan to reduce the division's total costs by 25 percent because of this year's dramatic decrease in North American vehicle production. Most of the jobs cuts will be in Kokomo, Ind.

Mitsubishi UFJ makes deal with UnionBanCal Mitsubishi UFJ Financial Group Inc. and UnionBanCal Corp. agreed on a tender offer at a raised price of $73.50 a share in a deal worth $3.5 billion, the Japanese bank said Monday. Japan's biggest bank has been trying to take over the 35 percent of California bank UnionBanCal it doesn't already own to make it a wholly owned subsidiary. But UnionBanCal had rejected a lower buyout offer last week, saying $3 billion was too low.

A bit of optimism amid homebuilders' gloom Homebuilders are a bit more optimistic about prospects for home sales over the next six months, but an index reflecting the sector's confidence overall remained at a record low, an industry trade association said Monday. The National Association of Home Builders/Wells Fargo housing market index was unchanged this month at 16, where it's been since July. But benchmarks for sales improved: The gauge of current sales conditions climbed one point to 16, while an index of builders' sales expectations over the next six months rose by two points to 25.

Flight to NYC to use Ireland for customs stop British Airways PLC said its planned business-class only flight from London's close-in City Airport to New York will allow passengers to save time by completing U.S. arrival checks in Ireland. The airline said that the route's refueling stop at Shannon airport, in western Ireland, will double as the port where passengers will go through U.S. immigration checks. The new route is scheduled to start flying in autumn of next year.