Philip Morris to buy South Africa snuff maker AP (July 02, 2009) RICHMOND, Va. (AP) - Philip Morris International, maker of Marlboro and other cigarettes for sale overseas, has agreed to buy a Swedish company's South African snuff and pipe tobacco operations for 1.75 billion South African rand, or roughly $222 million.
GM urges quick approval of sale plan AP (July 02, 2009) NEW YORK (AP) - An attorney for a trio of bondholders opposed to General Motors' sale plan on Thursday urged a judge to call the government's bluff and require the automaker to restructure itself through a more traditional Chapter 11 process instead of through the quick sale of its assets.
Johnson & Johnson pays $1B for Elan stake AP (July 02, 2009) NEW BRUNSWICK, N.J. (AP) - Johnson & Johnson said Thursday it will take an 18.4 percent stake Ireland-based drug developer Elan Corp. with a $1 billion investment. The news sent Elan's shares soaring.
Exelon raises hostile bid for NRG to $8 billion AP (July 02, 2009) COLUMBUS, Ohio (AP) - Exelon Corp. on Thursday sweetened its hostile takeover bid for NRG Energy Inc. by 12 percent to $8 billion in stock, citing newly identified cost savings along with NRG's recent deal for Reliant Energy's Texas retail business.
Morgan Stanley, Mitsubishi UFJ to form finance JV AP (July 01, 2009) TOKYO (AP) - Mitsubishi UFJ, Japan's largest bank, and Morgan Stanley said Wednesday they will form a joint venture to pursue corporate financing business in the U.S., Canada and Latin America.
Japan's Shinsei and Aozora Banks agree to merge AP (July 01, 2009) TOKYO (AP) - Japan's Shinsei Bank Ltd. and Aozora Bank Ltd. - two money-losing midsize lenders with major U.S. stakeholders - have agreed to merge, the companies said Wednesday.
CenturyTel completes purchase of Embarq AP (July 01, 2009) MONROE, La. (AP) - CenturyTel Inc. has completed its purchase of Embarq Corp., forming a new rural telecommunications giant.
Broadcom boosts hostile takeover offer for Emulex AP (June 30, 2009) IRVINE, Calif. (AP) - Chip designer Broadcom Corp. has boosted its hostile takeover offer for network gear maker Emulex Corp. to about $912 million from $764 million.
ConocoPhillips, Aramco relaunch Yanbu bidding AP (June 30, 2009) HOUSTON (AP) - ConocoPhillips and the state-run Saudi Arabian Oil Co. said Tuesday they've revived plans to build a multibillion-dollar refinery in Saudi Arabia, citing improved economic conditions.
Report: China likely to reject Hummer acquisition AP (June 26, 2009) BEIJING (AP) - China's planning agency is likely to reject a Chinese company's bid to acquire General Motors Corp.'s Hummer unit, in part because its gas-guzzling vehicles conflict with Beijing's conservation goals, state radio reported.
Sinopec seeks capacity, reserves with Addax bid AP (June 25, 2009) SHANGHAI (AP) - Sinopec, with its $7.2 billion bid for Addax Petroleum, is seeking crucial production capacity and coveted reserves in West Africa and the Middle East to help balance its heavy reliance on crude oil processing.
AIG moves to spin off 2 units, reduce gov't debt AP (June 25, 2009) NEW YORK (AP) - American International Group Inc. said Thursday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant.
Bernanke says he didn't pressure Bank of America AP (June 25, 2009) WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke told Congress Thursday he didn't pressure Bank of America into acquiring Merrill Lynch in a deal that ultimately cost taxpayers $20 billion.
China's Sinopec to acquire Addax Petroleum AP (June 24, 2009) CALGARY, Alberta (AP) - Chinese refiner Sinopec agreed to acquire oil and gas exploration company Addax Petroleum Corp. in a deal valued at $8.27 billion Canadian (US$7.2 billion), gaining access to reserves in West Africa and the Middle East.
Agrium extends deadline for CF Industries offer AP (June 23, 2009) CALGARY, Alberta (AP) - Agrium Inc. said Tuesday it extended the deadline to acquire rival fertilizer company CF Industries Holdings Inc. after 62 percent of CF shareholders tendered their shares to the deal valued at more than US$4 billion.
FTC requests more info from Merck, Schering-Plough AP (June 22, 2009) NEW YORK (AP) - Drugmakers Merck and Co. and Schering-Plough Corp., which are in the process of a $41.1 billion tie-up, said Monday the Federal Trade Commission has asked for more information about the deal.
Anglo American, Xstrata mull merger AP (June 22, 2009) LONDON (AP) - Shares in mining company Anglo American PLC jumped 6 percent on Monday after Anglo-Swiss rival Xstrata PLC made a preliminary approach seeking a merger. Xstrata's shares dropped 4 percent.
Watson Pharma to buy Arrow group for $1.75B AP (June 17, 2009) NEW YORK (AP) - Watson Pharmaceuticals Inc. said Wednesday it will buy smaller generic drug maker Arrow Group for $1.75 billion in cash and stock, getting access to a promising drug candidate pipeline and new markets.
GM to sell Swedish unit Saab to Koenigsegg AP (June 16, 2009) STOCKHOLM (AP) - Saab Automobile, General Motors Corp.'s struggling Swedish unit known for its family cars, was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny company which produces only a dozen custom-made super cars a year.
Merck, Schering-Plough set meetings on merger AP (June 16, 2009) TRENTON, N.J. (AP) - Drugmakers Merck & Co. and Schering-Plough Corp. say they will hold special meetings in August for their stockholders to approve their pending merger.
Boston newspaper for sale - but at what price? AP (June 16, 2009) BOSTON (AP) - Anyone looking to buy The Boston Globe would get one of the nation's most prestigious newspapers, with a popular Web site, 20 Pulitzer Prizes and a 137-year history of breaking stories that have exposed corruption and public betrayal.
Globe: 3 possible buyers of newspaper emerge AP (June 12, 2009) BOSTON (AP) - The Boston Globe reports that three area businessmen, including a member of the family that once owned the newspaper, have emerged as possible buyers.
Barclays shares down after sale of investment unit AP (June 12, 2009) LONDON (AP) - Shares in Barclays PLC fell in London Friday following the announcement that it had sold its Global Investment unit to U.S. fund manager BlackRock Inc. for $13.5 billion.
Saab says negotations 'on track' to find new owner AP (June 12, 2009) STOCKHOLM (AP) - General Motors Corp.'s Saab unit on Friday said a deal to find a new owner was "just around the corner" but added that nothing has been finalized and didn't name any potential buyers.
Honda has no interest in GM, Chrysler assets AP (June 12, 2009) TOKYO (AP) - Honda Motor Co. has never had much interest in the assets of General Motors or Chrysler, but it remains open to sharing hybrid and other technology with rival automakers, a senior executive said.
Report: Times Co. will take bids to sell Globe AP (June 10, 2009) BOSTON (AP) - The New York Times Co. has hired Goldman Sachs to manage the possible sale of The Boston Globe, the financially struggling newspaper reported Wednesday.
Court adds uncertainty to Chrysler reorganization AP (June 09, 2009) NEW YORK (AP) - Chrysler headed back to bankruptcy court Tuesday to get a judge to approve the termination of 789 dealer franchises, while Chrysler's plan to become a stronger automaker partnered with Italy's Fiat awaits action by the nation's highest court.
Fiat commits to Chrysler deal despite court delay AP (June 09, 2009) MILAN (AP) - Italian automaker Fiat said Tuesday it will not turn its back on a deal to acquire a controlling stake in Chrysler despite a U.S. Supreme Court stay on the sale.
Heritage Oil buying Turkey's Genel Enerji AP (June 09, 2009) CALGARY, Alberta (AP) - Heritage Oil Ltd., an energy company with operations in Russia and the Middle East, said Tuesday it will buy the privately held oil producer Genel Enerji AS of Turkey for stock worth more than 3 billion Canadian dollars ($2.7 billion).