Business Briefs

Stocks hit highs after Dubai, Exxon deals

NEW YORK -- Easing concerns about debt problems overseas and a $31 billion takeover deal by Exxon Mobil Corp. nudged major stock indexes to new highs for the year.

The market climbed Monday following news that the Middle Eastern city-state of Abu Dhabi had extended $10 billion to nearby Dubai to help the emirate make debt payments.

The market's advance was uneven after Exxon Mobil said it would acquire XTO Energy Inc. The move will help Exxon tap into the growing supply of natural gas in the United States and could signal that more deals are afoot in the energy industry.

Cadbury resists Kraft Foods takeover

LONDON -- Britain's Cadbury PLC kicked off a robust defense against Kraft Foods Inc.'s $16.3 billion hostile takeover offer Monday, urging shareholders not to let the U.S. maker of cheese, cookies and macaroni dinners "steal your company with its derisory offer."

Cadbury also confirmed it had received rival approaches from The Hershey Co. and Italy's Ferrero International SA but said they were too preliminary to begin proper talks and warned that it would not accept a sub-par offer.

Kraft said Monday that its offer stands and that it was reviewing Cadbury's response. Kraft still could raise the bid under British regulations.

British Airways union sets holiday strike

LONDON -- British Airways cabin crew will strike over Christmas, their union said Monday, throwing the plans of thousands of holiday travelers into uncertainty at one of the busiest times of the year.

Strikes are to begin Dec. 22 and run until Jan. 2, said Len McCluskey, the assistant general secretary for Britain's Unite union. McCluskey said 92.5 percent of workers voted in favor of striking.

"You don't often get ballot results like this unless there is a deep-rooted sense of anxiety, concern and anger," McCluskey said.

Shares in BA fell 0.7 percent immediately after the strike announcement, but rebounded and closed Monday down 0.2 percent at $3.28.

The struggling carrier has announced sweeping changes as part of its bid to cut costs, including axing 1,700 jobs, freezing pay for current staff and offering lower wages for new employees. The airline has suffered along with the rest of the industry because of lower demand for travel during the global recession.

Beijing Autos to buy Saab car technology

SHANGHAI -- Beijing Autos has agreed to buy technology from GM's Saab Automobile, a breakthrough for the Chinese automaker that could clear the way for General Motors Co. to sell the rest of Saab to another buyer.

An announcement Monday from state-owned Beijing Automotive Industry Holdings gave no details about the cost or timing of the acquisition of car and engine technology.

Beijing Autos, also known as BAIC, said it plans to buy the rights to some powertrain technology for Saab's 9-5 and 9-3 sedans, including engine and gearbox know-how.

The production equipment used to make the 9-5 will be moved to China to produce BAIC cars, and Saab will help integrate the technology into the Chinese company's vehicles, the two sides said.