Boeing Co. said it agreed to acquire defense manufacturer Argon ST Inc. for about $775 million to expand its surveillance and intelligence offerings. The planemaker said it plans to fund the deal with existing cash and expects the acquisition to have an immaterial impact on its earnings. Get the full story »
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Mayer Brown calls off courtship in London
Mayer Brown, in response to recent published reports that it was discussing a possible merger in London, acknowledged Tuesday that it has had preliminary talks with English firm Simmons & Simmons. But the Chicago law firm said the discussions have ended without any agreement.
In a joint statement, the two firms said, “Mergers are complex and present a number of issues which need to be resolved before discussions can proceed. We have concluded that a combination between our firms is not the right option.” Get the full story »
Abbott to sell Solvay’s flu-vaccine operation
From the Wall Street Journal | Abbott Labs has put the flu-vaccine business of Solvay SA up for sale. British pharmaceuticals giants GlaxoSmithKline and AstraZeneca are considered leading candidates to pick up the operation, expected to sell for around $617 million.
Abbott bought the drug business of Belgium’s Solvay in September.
Kraft sells Polish chocolate unit
Kraft foods has reached a deal to sell its Wedel chocolate and candy business in Poland, which it acquired with its purchase of Cadbury, to South Korea’s Lotte Group for an undisclosed price. The sale is part of Kraft’s agreement with EU regulators to sell off some units as part of its acquisition of Cadbury.
Pilot talks stall in United, Continental deal
Efforts by United Airlines, a unit of UAL Corp., and Continental Airlines to reach a joint contract with pilots before concluding their merger have hit a snag, pilots said Friday.
Negotiations on the early stage transition agreement have stalled over non-economic issues, the Air Line Pilots Association (ALPA) said in a statement. Get the full story »
It’s official: Pabst Blue Ribbon acquired by tycoon
Pabst Blue Ribbon, the no-frills beer that was lately embraced by thrifty young urbanites, has been acquired by a Connecticut tycoon known for reinvigorating food brands.
Investor C. Dean Metropoulos closed a deal to buy Pabst Brewing Co Friday for an undisclosed sum from the California-based charitable organization that owned it, said Lou Giraudo, who was chairman of the board of Pabst prior to the sale.
Giraudo declined to discuss price other than to say that previously published figures of about $250 million were incorrect. Metropoulos was not immediately available for comment. Get the full story »
Ventas to acquire health firm Lillibridge
Ventas Inc. agreed to acquire privately held Lillibridge Healthcare Services Inc. and real-estate interests in 95 medical office buildings and ambulatory facilities for between $300 million and $400 million, part of Ventas’s strategy to expand in the sector. Get the full story »
Cadbury heiress plans to compete with Kraft
From the Daily Mail | Calling Kraft Foods purchase of UK confectioner Cadbury the “worst handled takeover of all time,” Cadbury heiress Felicity Loudon is selling her $40 million estate to launch a rival chocolate company. “I can’t accept that Cadbury has gone to America. To a plastic cheese company,” the 61 year old great-great-grandaugther of John Cadbury said.
Corn Products Intl. enters Fortune 500 territory
Illinois is getting another Fortune 500 company, and the Fortune 500 is getting another woman chief executive.
Dutch paintmaker Akzo Nobel NV said Monday it has agreed to sell its National Starch unit to Westchester-based Corn Products International for about $1.3 billion. National Starch had 2009 revenue of $1.2 billion, 2,250 employees and operates plants in eight countries. Corn Products had annual revenues of $3.67 billion in 2009.
“The acquisition of National Starch represents an exceptional opportunity for Corn Products International and a significant step forward toward achieving our strategic goals,” said CEO Ilene Gordon.
Get the full story »
Grainger makes move into Colombia
W.W. Grainger Inc. has formed a joint venture with an affiliate of Torhefe S.A. to expand in Latin America, the industrial maintenance company said Monday.
Get the full story »
Arthur J. Gallagher acquires insurance agency
Associated Press | Arthur J. Gallagher Co., an international insurance brokerage and
risk management services firm, said Thursday it has acquired the
operations of Bowen, Miclette, Britt & Merry of Arkansas Inc. The company did not disclose the terms of the deal.
risk management services firm, said Thursday it has acquired the
operations of Bowen, Miclette, Britt & Merry of Arkansas Inc. The company did not disclose the terms of the deal.
Get the full story: Arthur J. Gallagher acquires insurance agency.
Morningstar to buy out Danish unit for $15.2M
Associated Press | Investment research firm Morningstar Inc. said Thursday its European subsidiary will buy the rest of its Danish unit from Phosphorus A/S.
Morningstar Europe B/V will pay $15.2 million, plus a share of its first-half 2010 profit, for the 75 percent stake held by Phosphorus, a Danish company.
Get the full story: Morningstar to buy out Danish unit for $15.2M.
United, Continental grilled on merger in U.S. House
United Airlines CEO Glenn Tilton, left, and Continental Airlines Inc. CEO Jeffery Smisek testify on Capitol Hill in Washington, Wednesday on the proposed United and Continental Airlines merger. (AP Photo/Haraz N. Ghanbari)
| Reuters | Top executives of United Airlines and Continental Airlines sparred with irritated U.S. lawmakers on Wednesday over their planned merger, drawing a threat for closer industry regulation if the deal goes through. United’s Glenn Tilton and his counterpart at Continental, Jeff Smisek, |
See also • Photos: CEOs on the hotseat |
Lightspeed to acquire Chicago’s Terra Nova
By Michael Oneal | New
York trading firm Lightspeed Financial Inc., said Wednesday that it
will acquire the business of Chicago’s Terra Nova Financial Group Inc.
in a deal valued at $27.6 million. Terra Nova provides direct market
access trading in equities, options and futures for about 3,000 clients
with total assets of around $450 million.
