Content about Financial News

October 25, 2013

Procter & Gamble may be able to sell its Iams pet food unit to Del Monte Foods Co., according to published reports.

NEW YORK — Procter & Gamble may be able to sell its Iams pet food unit to Del Monte Foods Co., according to published reports.

Bloomberg reported that P&G CEO A.G. Lafley was under pressure to improve the company's business and that shareholder HighMark Capital Management said it could increase its share price by selling some assets, including Iams. Del Monte, HighMark said, would be a "logical" buyer for Iams, valued at around $2.5 billion, because it's looking to grow its pet food business.

October 24, 2013

GelStat Corp. on Wednesday announced that it has closed the acquisition of CBD Life Sciences.

PALM CITY, Fla. — GelStat Corp. on Wednesday announced that it has closed the acquisition of CBD Life Sciences.

Concurrent with the closing of the transaction, Larry Gershman has been appointed as CEO and chairman. Gerald Kieft, the company's prior CEO, will assume the position of CFO and be appointed to the board. 

October 24, 2013

McKesson on Thursday reported $33 billion in revenues for the second quarter ended Sept. 30, up 11% compared to the year-ago period.

SAN FRANCISCO — McKesson on Thursday reported $33 billion in revenues for the second quarter ended Sept. 30, up 11% compared to the year-ago period. Second-quarter adjusted earnings per diluted share was $2.27, up 19%.

October 24, 2013

McKesson on Thursday confirmed its proposed acquisition of Celesio, a leading international wholesale and retail company and provider of logistics and services to the pharmaceutical and healthcare sectors, with an agreement to acquire a majority stake in Celesio for €23 per share (US$31.75 per share) and to launch parallel voluntary public tender offers for the remaining publicly traded shares and outstanding convertible bonds of Celesio.

SAN FRANCISCO — McKesson on Thursday confirmed its proposed acquisition of Celesio, a leading international wholesale and retail company and provider of logistics and services to the pharmaceutical and healthcare sectors, with an agreement to acquire a majority stake in Celesio for €23 per share (US$31.75 per share) and to launch parallel voluntary public tender offers for the remaining publicly traded shares and outstanding convertible bonds of Celesio.  

October 23, 2013

Drug maker Depomed has sold its interests in royalty and milestone payments for several Type 2 diabetes drugs to PDL BioPharma, Depomed said.

NEWARK, Calif. — Drug maker Depomed has sold its interests in royalty and milestone payments for several Type 2 diabetes drugs to PDL BioPharma, Depomed said.

The drug maker announced that it had sold its interest in the Type 2 diabetes therapeutic area to PDL for $240.5 million, which it plans to use to acquire rights to products it said would drive long-term growth and build on its expertise in pain and neurology.

October 23, 2013

Reckitt Benckiser has realized a greater value out of its 1-year-old acquisition of Schiff, which moved the consumer product goods conglomerate into the dietary supplement arena, and expects to push that VMS business to greater heights in the coming year, Rakesh Kapoor, Reckitt Benckiser CEO and executive director told analysts during a conference call Tuesday.

SLOUGH, England — Reckitt Benckiser has realized a greater value out of its 1-year-old acquisition of Schiff, which moved the consumer product goods conglomerate into the dietary supplement arena, and expects to push that VMS business to greater heights in the coming year, Rakesh Kapoor, Reckitt Benckiser CEO and executive director told analysts during a conference call Tuesday. 

October 23, 2013

All or part of Safeway may be a target for a possible buyout, according to a Reuters report published Wednesday morning citing people familiar with the matter.

NEW YORK — All or part of Safeway soon may be a target for a possible buyout, according to a Reuters report published Wednesday morning citing people familiar with the matter. 

According to the report, several buyout firms, including Cerberus Capital Management, are exploring a deal for the supermarket chain currently valued at $8 billion. 

October 23, 2013

Safeway on Tuesday afternoon announced that Canada's Competition Bureau has entered into a consent agreement with Sobeys, allowing the parties to proceed with their transaction whereby Sobeys will acquire the net assets of Canada Safeway.

PLEASANTON, Calif. — Safeway on Tuesday afternoon announced that Canada's Competition Bureau has entered into a consent agreement with Sobeys, allowing the parties to proceed with their transaction whereby Sobeys will acquire the net assets of Canada Safeway.  

The parties now expect to close the transaction in early November 2013.

As part of the consent agreement, Sobeys has agreed to divest 23 stores — 13 Canada Safeway stores and 10 Sobeys stores.

October 22, 2013

Biotech drug maker Amgen has acquired from Roche the rights to drugs used to boost the immune systems of cancer patients on chemotherapy in 100 markets.

THOUSAND OAKS, Calif. — Biotech drug maker Amgen has acquired from Roche the rights to drugs used to boost the immune systems of cancer patients on chemotherapy in 100 markets.

October 22, 2013

One-third (33%) of U.S. families are making less money as a result of job loss, moving to a part-time job and/or working at a lower-paying job.

CHARLESTON, S.C. — One-third (33%) of U.S. families are making less money as a result of job loss, moving to a part-time job and/or working at a lower-paying job.

In addition, according to three recent consumer surveys from America’s Research Group, 40% of parents are trying to save as much money as they can for their children's college education, 38% of families did not take a vacation this year of four days or longer, and 44% of parents will do most of their back-to-school apparel shopping in December when the deals are better.

October 22, 2013

Despite many forecasts of a gloomy holiday season for retailers, Deloitte is predicting an increase in consumer spending.

NEW YORK — Despite many forecasts of a gloomy holiday season for retailers, Deloitte is predicting an increase in consumer spending. Deloitte's 28th annual survey of holiday spending intentions and trends indicates shoppers surveyed plan to spend an average of $421 on holiday gifts this year, up from $386 last year. They also expect to buy an average of 12.9 gifts, ending a five-year decline in the number of gifts they plan to purchase.

October 18, 2013

Safeway on Friday announced that its board of directors increased the authorized level of the company's stock repurchase program by $2 billion.

PLEASANTON, Calif. — Safeway on Friday announced that its board of directors increased the authorized level of the company's stock repurchase program by $2 billion. Through the end of the third quarter of 2013, Safeway had approximately $0.8 billion remaining under its previously authorized stock repurchase program.

Safeway's stock repurchase authorization does not have an expiration date, and the timing of repurchases will depend on market conditions. 

October 17, 2013

Supervalu on Thursday reported a second quarter fiscal 2014 net sales increase of 0.2% to $4 billion and net earnings of $40 million, or $0.15 per diluted share.

MINNEAPOLIS — Supervalu on Thursday reported a second quarter fiscal 2014 net sales increase of 0.2% to $4 billion and net earnings of $40 million, or $0.15 per diluted share.

October 16, 2013

Consumers will take a conservative approach to spending this holiday season. According to NRF’s holiday consumer spending survey conducted by Prosper Insights & Analytics, the average holiday shopper will spend $737.95 on gifts, decor, greeting cards and more, 2% less than the $752.24 they actually spent last year. Despite this reduction in individual holiday budgets, NRF is forecasting holiday sales will increase 3.9% to $602.1 billion.

WASHINGTON, D.C. — Consumers will take a conservative approach to spending this holiday season. According to NRF’s holiday consumer spending survey conducted by Prosper Insights & Analytics, the average holiday shopper will spend $737.95 on gifts, decor, greeting cards and more, 2% less than the $752.24 they actually spent last year. Despite this reduction in individual holiday budgets, NRF is forecasting holiday sales will increase 3.9% to $602.1 billion.

October 16, 2013

Walmart will be opening more small stores next year and beyond as the company pursues a vision of omnichannel retailing that it contends no other company is capable of executing.

BENTONVILLE, Ark. — Walmart will be opening more small stores next year and beyond as the company pursues a vision of omnichannel retailing that it contends no other company is capable of executing.

October 15, 2013

AstraZeneca has acquired a British developer of biotech drugs for treating cancer, AstraZeneca said Tuesday.

LONDON — AstraZeneca has acquired a British developer of biotech drugs for treating cancer, AstraZeneca said Tuesday.

The company said its MedImmune subsidiary had acquired privately held Spirogen and also entered into a collaboration with ADC Therapeutics to develop two of ADC's antibody-drug conjugate programs, currently in pre-clinical development. MedImmune will make an equity investment in ADC, which has an existing licensing agreement with Spirogen.

October 14, 2013

Dutch supermarket operator Royal Ahold has bought back more than a quarter of the shares it intends to as part of a share-repurchase program announced earlier this year.

ZAANDAM, Netherlands — Dutch supermarket operator Royal Ahold has bought back more than a quarter of the shares it intends to as part of a share-repurchase program announced earlier this year.

The company said Monday that it had bought back 2.23 million for $38.8 million. The purchases are part of the $678 million buyback program announced in February and increased by $2.03 billion in June.

The total amount repurchased so far is 42.8 million shares, for a total price of $711.9 million.

October 11, 2013

Del Monte Foods will sell its consumer products business to Del Monte Pacific Limited for $1.675 billion in order to focus on the pet products market, Del Monte Foods said.

SAN FRANCISCO — Del Monte Foods will sell its consumer products business to Del Monte Pacific Limited for $1.675 billion in order to focus on the pet products market, Del Monte Foods said.

October 11, 2013

Safeway on Thursday announced, as part of its plan to exit the Chicago market, it has sold four of its Dominick's stores in the greater Chicago area to New Albertsons, which operates Jewel-Osco grocery stores.

PLEASANTON, Calif. — Safeway on Thursday announced, as part of its plan to exit the Chicago market, it has sold four of its Dominick's stores in the greater Chicago area to New Albertsons, which operates Jewel-Osco grocery stores.  

Safeway announced today that it intends to exit the Chicago market altogether, where it operates 72 Dominick's stores, by early 2014. "We expect to use the cash tax benefit and any other cash proceeds from the disposal of Dominick's properties to buy back stock and to invest in growth opportunities," the company stated.

October 11, 2013

Safeway on Thursday evening may have posted what analysts have described as disappointing earnings, but that's not stopping Wall Street from recognizing the value Safeway is unlocking with its exit from a pair of markets — Chicago and Canada.

PLEASANTON, Calif. — Safeway on Thursday evening may have posted what analysts have described as disappointing earnings, but that's not stopping Wall Street from recognizing the value Safeway is unlocking with its exit from a pair of markets — Chicago and Canada. After closing at $31.57 Thursday, Safeway's stock was selling at more than $2 higher early Friday afternoon, and at least one analyst has targeted $40 as the potential inherent in Safeway stock. 

October 10, 2013

Fred's sales increased to $177.3 million in September, the discount store chain said Thursday.

MEMPHIS, Tenn. – Fred's sales increased to $177.3 million in September, the discount store chain said Thursday.

The Memphis, Tenn.-based company, which operates 702 stores in the South, said the monthly sales figures represented a 4% increase over September 2012. Same-store sales increased by 2.8%, compared with a 3.8% decrease last year.

For the year to date, sales were $1.3 billion, a 1% increase over $1.3 billion during the same period last year. Same-store sales increased by 0.8%, compared with a 1.2% decrease last year.

October 9, 2013

More than 1,000 new and relocated stores and an increase in a partnership with supply chain services firm McLane Co. were among the highlights in fourth quarter fiscal year 2013 at Family Dollar, the discount store chain said Wednesday.

MATTHEWS, N.C. — More than 1,000 new and relocated stores and an increase in a partnership with supply chain services firm McLane Co. were among the highlights in fourth quarter fiscal year 2013 at Family Dollar, the discount store chain said Wednesday.

October 9, 2013

Costco Wholesale had sales of $31.8 billion in fourth quarter 2013 and $102.9 billion in fiscal year 2013, the club retailer said Wednesday.

ISSAQUAH, Wash. — Costco Wholesale had sales of $31.8 billion in fourth quarter 2013 and $102.9 billion in fiscal year 2013, the club retailer said Wednesday.

The sales figures respectively represented a 1% and 6% increase over the same period last year. Profit for the quarter was $617 million, compared with $609 million in fourth quarter 2012, and $2.04 billion for the fiscal year, compared with $1.71 billion in fiscal year 2012.

October 9, 2013

The Jean Coutu Group reported sales of C$653.8 million in second quarter 2014, compared with C$658.7 million in second quarter 2013.

LONGUEUIL, Quebec — The Jean Coutu Group reported sales of C$653.8 million in second quarter 2014, compared with C$658.7 million in second quarter 2013.

October 9, 2013

Revlon on Wednesday announced that its wholly-owned operating subsidiary, Revlon Consumer Products, completed its previously disclosed acquisition of the Colomer Group, including the Revlon Professional business, for a cash purchase price of $665 million.

NEW YORK — Revlon on Wednesday announced that its wholly-owned operating subsidiary, Revlon Consumer Products, completed its previously disclosed acquisition of the Colomer Group, including the Revlon Professional business, for a cash purchase price of $665 million.