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Asbestos-related shares fall on dim fund prospects
Tue Sep 28, 2004 01:37 PM ET
NEW YORK, Sept 28 (Reuters) - Shares of companies facing asbestos claims fell Tuesday after prospects dimmed for establishing a victims' compensation fund this year.
Senate Republican Leader Bill Frist left the fund off a list of priorities for the few days left in the legislative period, which will end Oct. 8.
Shares of chemical producer W.R. Grace and Co. (GRA.N: Quote, Profile, Research) fell 36 cents, or $3.78, to $9.17, and the stock of car parts company Federal-Mogul Corp. (FDMLQ.OB: Quote, Profile, Research) , slid nearly 3 percent to 19 cents. Both companies have filed for bankruptcy.
Frist and Senate Democratic Leader Tom Daschle have been trying to set parameters for a fund, to be financed by asbestos defendant companies and insurers, that would compensate victims, while ending their right to sue in courts.
"We ... expect ongoing headline risk relating to this issue until Congress adjourns for the session," said Crystal Mingione, analyst with Susquehanna Financial Group.
Asbestos was widely used for fireproofing and insulation until the 1970s. Scientists say inhaled fibers are linked to cancer and other diseases.
U.S. companies have paid out tens of billions of dollars on hundreds of thousands of asbestos injury claims. Dozens of affected companies, like W.R. Grace and Co. and Federal-Mogul Corp., have filed for bankruptcy.
Time constraints and continued disagreement among lawmakers have left observers doubtful that a bill can be passed this year. In addition, the presidential and congressional elections on Nov.2 could complicate the bill's chances.
"We continue to see better chances of asbestos legislation in 2005," said Mingione.
© Reuters 2004. All Rights Reserved.
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Asbestos demand delivered Melinda Browning Wednesday, 29 September 2004 ECHUCA Regional Health has been given an ultimatum to prove the hospital is asbestos-free by today. The Health Services Union has demanded to see documentation of the hospital's asbestos elimination procedure within 24 hours, following a meeting between the parties yesterday afternoon.
Chair of the Ra'anana Committee for the Environment Vered Molko recently convened a meeting of the city engineer, the head of the engineering department, and the chairman of the city Planning and Building Committee to discuss the matter of asbestos in buildings, reports Al Hasharon.
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