Also
* A 20-year-old man has been arrested in England for the theft of the proprietary software blueprints used by Cisco Systems Inc.’s networking equipment. The man, who has not been identified, was arrested Sept. 3 in connection with the theft made public in May.
* Cooper Tire & Rubber Co. agreed to sell its automotive parts business for $1.17 billion and plans to spend some of the proceeds to build a tire factory in China. Cypress Group and Goldman Sachs Group Inc. together will buy Cooper-Standard Automotive.
* Oracle Corp, which was cleared by a judge to pursue a $7.7-billion hostile bid for PeopleSoft Inc., received a two-month delay to prepare for a separate trial over claims that the takeover offer harmed PeopleSoft’s business. Separately, PeopleSoft promised its employees three months’ salary if they were fired as a result of a successful bid.
* A group led by U.S. billionaire Haim Saban will gain a majority stake in German broadcaster ProSiebenSat.1 after an agreement with media company KirchMedia, which filed for protection from creditors two years ago. The group of Saban and five private equity firms will raise its stake to 50.5% from 37.6%.
* Teen-clothing chain Wet Seal Inc. has hired Rothschild Inc. as a financial advisor to help it explore strategic alternatives. Analysts say the alternatives could include a bankruptcy filing, a sale of assets or a combination of both.
* Video game creator Neil Young has taken over as general manager of the Electronic Arts Inc. studio in Playa Vista.
* Titan Corp. of San Diego, the largest supplier of translators to the U.S. Army, received an award valued at as much as $400 million to extend language services while the Army organizes a new competition for the next contract.
* IAC/InteractiveCorp said directors John Malone and Robert Bennett resigned to avoid potential antitrust or other regulatory concerns. Malone and Bennett are directors of Liberty Media Corp., whose QVC shopping network competes with IAC’s Home Shopping Network.
* Stroller maker Maclaren USA Inc. said it planned to purchase Theodore Bean, a Temecula company that makes baby carriers. Terms were not disclosed. Theodore Bean is a unit of Motion Imports.
* Musicland Stores Corp. investor Alfred Teo Sr. pleaded not guilty to criminal charges that he lied about his stock holdings and engaged in insider trading before Best Buy Co. bought the company in January 2001.
