Business briefs

Advertiser Staff

Bank amends merger terms

BancWest Corp. amended its merger agreement with BNP Paribas to pay shareholders a pro-rated third-quarter dividend. The companies are scheduled to complete a $2.5 billion merger during the third quarter.

BNP Paribas, BancWest's biggest single shareholder, agreed May 7 to pay $35 a share for the 55 percent of BancWest it did not already own and take Hawai'i's biggest bank holding company private.

If the deal doesn't close by the end of next month, a pro-rated quarterly dividend will be paid based on the number of days between Aug. 31 and the merger's closing date.

Firms lining up for tax benefit

Marketing company Six D Studios became the first firm to register for an exemption from state general excise taxes under the Urban Honolulu Enterprise Zone, said Tom Smyth, of the Department of Business, Economic Development & Tourism.

Manufacturing, wholesaling, agriculture and certain high-tech companies are eligible for a total exemption from the tax if they are in the zone — which includes Kalihi, Kaka'ako and makai portions of the Honolulu airport corridor — and maintain a specified number of employees.

Smyth said about 100 businesses have registered for the tax benefit and that 100 more are expected to sign up in the next six months.

Northwest cuts include Hawai'i

Northwest Airlines confirmed yesterday it is cutting 1,500 positions nationwide, including the 50 jobs at its Honolulu reservations center.

The Honolulu employees will be offered jobs in one of the seven remaining Northwest reservation centers, a company spokeswoman said.