Business Law News


As deficit grows, Calif. prepares to issue IOUs
By SAMANTHA YOUNG Associated Press Writer SACRAMENTO (AP) - California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to close the state's worsening budget deficit, adding a new measure of indignity to a state sinking deeper into dysfunction.

Exelon raises hostile bid for NRG to $8 billion
By MARK WILLIAMS AP Energy Writer COLUMBUS, Ohio (AP) - Exelon Corp. on Thursday sweetened its hostile takeover bid for rival power generator 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.

Johnson & Johnson pays $1B for Elan stake
NEW BRUNSWICK, N.J. (AP) - Johnson & Johnson will take an 18.4 percent stake Ireland-based drug developer Elan Corp. with a $1 billion investment. Johnson & Johnson also is buying Elan Corp.'s stake in its Alzheimer's disease treatment partnership with Wyeth, and rolling it into a new company that will be 49.9 percent owned by Elan.

Philip Morris to buy Swedish Match South Africa
NEW YORK (AP) - Philip Morris says it has agreed to buy Swedish Match South Africa for 1.75 billion South African rand, or roughly $222 million. The company, an affiliate of Swedish Match AB, reported sales of 687 million South African rand last year. Its brands include Boxer, Best Blend and Taxi.

ECB keeps interest rate at 1 pct
LUXEMBOURG (AP) - The European Central Bank has left its benchmark interest rate unchanged at 1 percent. The bank wants to wait and see whether its recent massive infusion of credit into the banking system will help the euro zone's struggling economy before making another move.


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