From Bloomberg | In an interview with Bloomberg News, Kraft’s European president, Mike Clarke, said the company plans to focus on integrating the acquisitions of Cadbury Plc. and Groupe Danone SA’s LU unit, rather than make more purchases. “I don’t think we need at this time to buy other businesses to grow,” said Clarke.
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CF Industries Q2 profit harmed by Terra costs
Fertilizer producer CF Industries Holdings Inc. posted a lower-than-expected profit on Thursday as integration costs for recently acquired rival Terra Industries drained profit, sending shares down more than 3 percent in after-hours.
The company spent more than $113 million during the period to integrate Terra, which it bought in March for more than $4.6 billion. Executives said the integration is on track and delivering the cost savings it had expected. Get the full story »
Playboy forms committee to weigh Hefner bid
Playboy Enterprises Inc. said Tuesday its board of directors has formed a special committee to consider founder Hugh Hefner’s proposal to buy out the rest of the company.
The committee will consist of attorney Sol Rosenthal, who will serve as its chairman, and Playboy director Shing Tao. Rosenthal is a counsel at international law firm Arnold & Porter, while Tao is chairman and chief investment officer of Pacific Star Partners, a private investment group. Get the full story »
Continental, UAL settle shareholders lawsuit
Continental Airlines announced Tuesday that it has settled three lawsuits filed by shareholders who didn’t like what they were getting in Continental’s merger with United Airlines.
Investment bank rejected Tribune deal in 2007
An investment bank declined to give Tribune Co. a clean bill of financial health in 2007 that would have cleared the way for Sam Zell’s $8.2 billion leveraged buyout of the media conglomerate, people familiar with the matter said.
Houlihan Lokey, a Los Angeles-based bank, rejected overtures from Tribune around March 2007 to provide what is known as a “solvency opinion” that would label Zell’s takeover financially sound, these people said. Houlihan believed the deal would saddle the newspaper-and-television company with too much debt, they said. Get the full story »
Whitney Automotive to be acquired by U.S. Auto Parts
U.S. Auto Parts, an online provider of automotive parts and accessories, has signed a deal to acquire Chicago-based Whitney Automotive Group for $27.5 million. Get the full story »
Sanofi-Aventis makes $18B bid for Genzyme
Shares in Sanofi-Aventis SA are trading near a low for the year amid new reports that the French pharmaceutical giant is close to launching an $18 billion takeover offer for U.S. biotechnology firm Genzyme Corp.
Moloney named president of Motorola Mobility
Motorola Inc. has re-hired a senior executive to help lead its television set-top box business, which will be spun off into an independent company along with the mobile phone unit in the first quarter of next year.
Schaumburg-based Motorola said it has named Daniel Moloney president of Motorola Mobility, as the new company will be called. Moloney starts on Sept. 1 will oversee the Home business, as well as supply chain, information technology and government affairs. Get the full story »
China’s Geely completes purchase of Volvo
Geely Holding Group completed its acquisition of Ford Motor Co.’s Volvo unit Monday in a $1.5 billion deal that gives the small-but-ambitious Chinese automaker a global brand and huge management challenges.
Water Street Healthcare adds specialty provider
Chicago private equity firm Water Street Healthcare Partners said Friday that it has purchased a Massachusetts maker of infusion therapy products and supplies.
Water Street, which did not disclose a purchase price, said it will commit “up to $75 million of equity to invest in and grow” Stoughton, Mass.-based Medical Specialties Distributors.
The deal brings Water Street’s portfolio of health care companies to 12, the company said.
Water Street said Medical Specialties has more than 4,000 customers, including specialty pharmacies owned by Walgreens, Accredo Health Group and Coram Specialty Infusion Services. The business of specialty pharmacy such as home infusion is fast-growing given the need for more aging baby boomers to get care in their homes.
Arthur J. Gallagher picks up rest of Aussie firm
Arthur J. Gallagher & Co., the Itasca-based insurance brokerage, said it acquired the 60 percent equity interest in Australia’s Specialised Broking Associates Pty Ltd. it didn’t already own.
Terms weren’t disclosed. Get the full story »
Avis tops Hertz’ offer for Dollar Thrifty
From Auto Remarketing | Avis Budget has put Dollar Thrifty into play with a $1.3 billion offer for the rival car rental operation. This tops a $1.2 billion offer from Hertz.
Disney sells Miramax to Filmyard for $600M
Walt Disney Co. has sold film studio Miramax for more than $660 million to Filmyard Holdings LLC, ending months of talks between the media group and various bidders.
Construction magnate Ron Tutor, investment firm Colony Capital LLC and other individuals are part of Filmyard Holdings, Disney said. Get the full story »
Nuveen to pick up FAF Advisors from U.S. Bancorp
Chicago-based Nuveen Investments Inc., which serves institutions and wealthy investors, said U.S. Bancorp will receive a 9.5 percent stake in the company and an $80 million cash payment in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors.
FAF, which manages $25 billion of long-term assets and is adviser of the First American Funds, will be combined with Nuveen Asset Management, which manages $75 billion in municipal fixed income assets and is adviser of the Nuveen funds. Get the full story »
