Tag Archives: Tim Brugger

Business, Finance, Occupation & Industry

KKR Names New Leaders for Japan Unit

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By Tim Brugger, The Motley Fool

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After six years as CEO and managing director of KKR‘s  Japan operations, Shusaku Minoda has been named the division’s new executive chairman, the company announced Tuesday. Succeeding Minoda as CEO and managing director of KKR Japan is Hirofumi Hirano. The appointments become effective April 15.

Minoda helped direct the sale last month of private staffing firm Intelligence Holdings, for $716 million, to Japan‘s Temp Holdings. Intelligence Holdings is one of Japan‘s largest staffing firms. The equity portion of the sale is valued at approximately $537 million. The transfer of ownership is expected to be complete in late April.

Henry Kravis, co-founder, co-CEO, and co-chairman of KKR, is quoted in the company press release as touting Minoda’s leadership in “maintaining trusted relationships with our business partners and key stakeholders as well as in our government relations.”

Kohlberg Kravis Roberts & Co. is a private equity investment firm specializing in acquisitions, leveraged buyouts, management buyouts, special situations, growth equity, mature, and middle market investments.

Prior to joining KKR Japan, Hirano served as managing director and head of Asia financial services practices at privately held AlixPartners Asia. The company praised his “unique combination of private equity investing and operational consulting with a 30-year track record. … He will lead our team on a day-to-day basis at KKR Japan as we build on the firm foundation that KKR has created in Japan.”

KKR recently established its $6 billion pan-Asia fund, the biggest fund of its kind in the region, and intends to utilize part of the fund’s assets to expand its investment in the Japan region.

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The article KKR Names New Leaders for Japan Unit originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

KKR Partners With Colonie Pacific to Acquire N.Y. Mall

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By Tim Brugger, The Motley Fool

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Colonie Center, an upscale mall located approximately two miles from the University of Albany in New York, has been purchased by KKR and Colonie Pacific, a partnership consisting of Pacific Retail Capital Partners, Peter Fair of Continuum Partners, and Collarmele Partners, KKR announced Tuesday. Financial terms of the deal were not disclosed.

Colonie Center is the third real estate transaction completed by KKR since 2011, according to the announcement, and consists of 1.3 million square feet of retail space on 91 acres, with more than 113 existing stores. The mall is situated in a high-traffic area, with approximately 117,000 commuters passing the site daily, according to the company. Colonie Center underwent a “significant renovation” in 2007, according to the announcement, and generates approximately $245 million in total sales annually, equal to about $400 in retail sales per square foot.

The national retailers occupying Colonie Center include Macy’s, Sears, L.L. Bean, and The Cheesecake Factory, along with a Whole Foods that is expected to open in 2014. KKR and Colonie Pacific also announced they intend to make additional acquisitions in the future, though no specific properties were mentioned. 

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The article KKR Partners With Colonie Pacific to Acquire N.Y. Mall originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Whole Foods Market. The Motley Fool owns shares of Whole Foods Market. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Microsoft Signs ABB to Use Microsoft Office 365, Yammer

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By Tim Brugger, The Motley Fool

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ABB has agreed to implement Microsoft‘s Office 365 and its enterprise social network, Yammer, utilizing the cloud-based solutions across its international operations, Microsoft announced today.

Currently, ABB utilizes multiple enterprise solutions to communicate among its 145,000 employees located in 100 countries. ABB provides power and automation technologies for utility and industrial customers worldwide.

Microsoft quoted ABB Chief Information Officer Andy Tidd as saying, “Office 365 and Yammer will enable us to transform communication and collaboration among our employees, surfacing the best and most innovative ideas across the organization.”

Office 365 integrates multiple functions, including mail, video conferencing, and Yammer. Microsoft COO Kevin Turner was quoted as saying, “ABB‘s decision as a global technology leader to deploy Office 365 and Yammer will help it realize its vision for empowering employees with new ways of working via enterprise social and the cloud.”

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The article Microsoft Signs ABB to Use Microsoft Office 365, Yammer originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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GE to Acquire Lufkin Industries for $3.3 Billion

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By Tim Brugger, The Motley Fool

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GE‘s oil and gas unit has agreed to acquire Lufkin Industries for a total of $3.3 billion, the companies announced today.

The $3.3 billion purchase price, equal to $88.50 for each outstanding share of Lufkin stock, will provide GE Oil and Gas with what unit CEO Daniel Heintzelman calls  “avanced technologies, combined with new drilling practices, [that] are revolutionizing the oil and gas industry.”

Lufkin’s artificial lift technologies are currently utilized in 94% of the approximately 1 million oil-producing wells worldwide. Artificial lift will complement GE Oil and Gas’ existing electric submersible pump (ESP) capabilities, a segment of the lift industry Lufkin is not currently active in.  Lufkin has 4,500 employees, located in more than 40 countries. It is headquartered in Texas.

The $88.50 offer is approximately 38% higher than Lufkin’s closing share price prior to the announcement, on Friday. Lufkin generated a record $1.3 billion in revenues in 2012, a 37% increase from the prior year. The agreement is subject to shareholder and regulatory approval, as well as customary closing conditions being met. The deal is expected to close in the second half of 2013.

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The article GE to Acquire Lufkin Industries for $3.3 Billion originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Zynga CEO Lowers His 2013 Pay to $1.00

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By Tim Brugger, The Motley Fool

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At the request of Zynga founder, CEO, and chief product officer Mark Pincus, the board of directors has agreed to reduce Pincus’ salary to $1, and he will not be eligible to participate in the cash bonus or equity award programs in 2013, according to a recent SEC filing. Zynga has not shared its executive’s 2012 compensation; however, in 2011 Pincus was paid a $300,000 salary, and received bonus and equity awards raising his total pay to $1.68 million for the year.

The six other Zynga executives listed in the SEC filing, in addition to Pincus, are scheduled to earn between $1.4 million and $2.27 million in 2013, assuming 100% of company performance objectives are met. Dependent upon results, the Zynga board has the option to pay much as 200% of each executive’s performance and cash bonus awards. 

 

The article Zynga CEO Lowers His 2013 Pay to $1.00 originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Dish Network Raises $2.3 Billion With Debt Offering

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By Tim Brugger, The Motley Fool

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Dish Network has more than doubled the debt offering of senior notes, originally expected to total approximately $1 billion, that it first announced on April 2. According to a recent press release, Dish has placed two senior note offerings totaling $2.3 billion, which are available to qualified institutional and offshore investors only.

The first offering is for $1.1 billion senior notes, which will pay 5.125% and come due in 2020. The second has a $1.2 billion principal amount and will pay investors 4.25% and mature in 2018. Proceeds from the offering will be used for “general corporate purposes, which may include wireless and spectrum-related strategic transactions,” according to the company.

The article Dish Network Raises $2.3 Billion With Debt Offering originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Intel Executive Compensation Jumps in 2012

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By Tim Brugger, The Motley Fool

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Outgoing CEO Paul Otellini, along with four other Intel senior executives, received raises in total compensation in 2012, according to a recent SEC filing. Otellini’s pay last year totaled $18.338 million, a nearly 10% increase from 2011’s $16.7 million. Otellini’s compensation includes a base salary of $1.2 million, a slight increase from the previous year’s $1.1 million, incentive pay of $5.23 million, as well as stock and option awards amounting to $11.9 million.

CFO Stacy Smith, Chief Product Officer David Perlmutter, COO Brian Krzanich, and Executive VP and Product Manager Renee James each received pay increases in 2012. As with Otellini, each executive’s pay consists of base salaries, incentives based on Intel’s performance, and stock and option awards. Smith’s total pay in 2012 jumped from $6 million in 2011 to more than $15 million last year. Perlmutter, Krzanich, and James all received substantial pay increases as well, with each making more than $15 million in total compensation in 2012.

Though Intel‘s performance in 2012 warranted a 99% incentive compensation payout, according to the SEC filing, the compensation committee determined it would “reduce the multiplier for all our executive officers to 94% of the annual incentive cash target amount.”

Otellini has announced his retirement will become effective at the Intel shareholders’ meeting scheduled for May.

The article Intel Executive Compensation Jumps in 2012 originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Pfizer Inks Nanotechnology Deal With BIND Therapeutics

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By Tim Brugger, The Motley Fool

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Pfizer and privately held BIND Therapeutics have entered into an agreement whereby Pfizer has the option to jointly develop and commercialize selected BIND Accurin technologies, according to a press release issued today. According to BIND, Accurins use a nanoengineering platform to better target diseased tissues and cells, enhancing drug concentrations and minimizing exposure to surrounding healthy areas.

The agreement calls for Pfizer and BIND to work together in conducting the pre-clinical research, Pfizer then has the option of selecting and developing the Accurins of its choice. If Pfizer exercises its option, BIND could receive upfront and milestone payments of totaling $50 million, and an additional $160 million, if certain regulatory and sales objectives are met. Tiered royalty payments based on future sales are also possible, according to the announcement.

Rod MacKenzie, Pfizer’s senior vice president and head of pharmatherapeutics R&D, said, “We look forward to working with the team at BIND Therapeutics to create targeted Accurins with the aim of optimizing the therapeutic potential of future small molecules.” 

The article Pfizer Inks Nanotechnology Deal With BIND Therapeutics originally appeared on Fool.com.

Fool contributor Tim Brugger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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J.C. Penney CEO Earned $1.89 Million in 2012

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J.C. Penney CEO Ron Johnson earned $1.5 million in base salary in 2012, in addition to nearly $389,000 in “other compensation,” consisting of $344,213 for personal use of Penney’s corporate aircraft, $11,250 in savings plan contributions, nearly $30,000 for home security, and $3,235 for information technology services, according to a Tuesday filing with the SEC.

Johnson’s compensation for 2012 was a marked decrease from the prior year, when he earned a total pay package of over $53 million, the majority of which consisted of stock awards amounting to approximately $52.66 million. This week’s SEC filing shows no stock awards for Johnson for 2012. Johnson took over as CEO on Nov. 1, 2011.

The drop in pay comes as the struggling retailer attempts to implement significant operational changes, including Johnson’s “store within a store” concept, moving away from traditional sales and coupons, and a shift to everyday low prices. 

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The article J.C. Penney CEO Earned $1.89 Million in 2012 originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Orbitz, American Airlines Agree to End Litigation

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A long-standing dispute between Orbitz and American Airlines has finally been resolved, the two companies announced Monday.

The companies said in a brief press release that the deal to “resolve all litigation between them” still needs court approval, and neither Orbitz nor American Airlines, the wholly owned subsidiary of AMR , would have further comment at this time.

At issue had been American Airlines‘ reluctance to provide flight and price information to Orbitz and others in the online travel industry, stating it could better serve its customers using travel agents. Orbitz, among other Web-based travel sites, claimed that American was attempting to circumvent the use of online travel sites altogether.

The new agreement requires approval from the judge presiding over AMR‘s current bankruptcy proceedings before it can be finalized.

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The article Orbitz, American Airlines Agree to End Litigation originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Lear Agrees to Boost Share Repurchases

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In an effort to generate additional value, Lear and two of its primary shareholders, Marcato Capital Management and Oskie Capital Management, have worked out a deal to accelerate Lear’s existing $1 billion share buyback program, according to a press release issued Monday. The company also approved a new two-year share repurchase authorization of $750 million.

Representatives of Marcato and Oskie, in addition to other Lear shareholders, worked with Lear’s board of directors to structure the updated share repurchase program.

The new agreement calls for Lear to repurchase an additional $750 million of its stock, immediately following the completion of the existing $1 billion buyback program, which Lear expects to complete in the next 12 months. (It’s already repurchased $200 million of common stock in the first quarter under the $1 billion authorization.)

The updated $1.75 billion commitment is in addition to $500 million in shares Lear repurchased through the end of 2012, bringing the total to $2.25 billion since 2011.

With the new deal, Marcato and Oskie have agreed to rescind their nominees for Lear’s board, and will support Lear’s board nominations at the 2013 annual meeting, slated for May 16. Additionally, Lear has agreed to expand its existing board of directors from eight to nine members. The new board member will be nominated “as soon as practical” following Lear’s annual meeting.

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The article Lear Agrees to Boost Share Repurchases originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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f=”mixpanel”;g.people=g.people||[];h=[‘disable’,’track’,’track_pageview’,’track_links’,
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Biogen Gains Approval for MS Drug

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The U.S. Food and Drug Administration (FDA) has approved the use of tecfidera, Biogen‘s new oral treatment for people afflicted with recurring symptoms of MS, the company announced.

Tecfidera had undergone extensive testing prior to receiving FDA approval, including studying the results of more than 2,600 patients using tecfidera, some longer than four years. The studies indicate tecfidera is successful in reducing brain lesions and minimizing relapses, and even slowing the progression of MS.

CEO of Biogen, George Scangos PhD, said, “We will offer the MS community a treatment with strong efficacy and a favorable safety profile in the convenience of a pill — a combination we believe will have a significant positive impact on the way people live with this chronic disease.” Tecfidera is Biogen’s fourth medication targeting MS, and is currently under regulatory review in Switzerland, Canada, and Australia.

With the FDA approval behind it, Biogen will begin making tecfidera available to U.S. patients “in the coming days,” according to the announcement. 

 

The article Biogen Gains Approval for MS Drug originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Monsanto and DuPont Dismiss Lawsuit, Agree on $1.75 Billion Licensing Deal

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By Tim Brugger, The Motley Fool

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DuPont and Monsanto have come to terms on a multiyear, multitechnology agreement that has DuPont making annual royalty payments to Monsanto totaling $1.752 billion, from 2014 through 2023. DuPont and Monsanto announced the new licensing arrangement in joint press releases.

The deal calls for DuPont Pioneer, a Dupont business, to offer Monsanto’s soybean technologies in the U.S. and Canada, specifically the Genuity Roundup Ready 2 Yield by 2014, and the Genuity Roundup 2 Xtend soybeans by 2015, pending regulatory approvals. In addition to the royalty payments, Monsanto will receive access to DuPont Pioneer’s disease-resistant and corn-defoliation patents.

The deal’s financial arrangement has DuPont making annual royalty payments from 2014 to 2018, totaling a minimum of $802 million. DuPont will continue making annual payments to Monsanto on a per-unit basis for the life of the agreement beginning in 2018, subject to royalty payments totaling at least $950 million, until 2023.

The joint announcements also say DuPont and Monsanto have agreed to dismiss their respective antitrust and Roundup Ready soybean patent lawsuits.

The article Monsanto and DuPont Dismiss Lawsuit, Agree on $1.75 Billion Licensing Deal originally appeared on Fool.com.

Fool contributor Tim Brugger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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STMicroelectronics Secures $451 Million Credit Line

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Switzerland-based STMicroelectronics and the European Investment Bank have come to terms on a new $451 million loan, STMicroelectronics announced today. The loan is available to STMicroelectronics in either euros or U.S. dollars, and it can access the funds at any time before September 2014. News of the new loan follows STMicroelectronics’ announcement on March 17 that it has repaid $451 million in senior debt, using existing cash.

The new loan, when accessed, will be used to help finance continued R&D activity, primarily in STMicroelectronics’ Italian sites. The $451 million loan is in addition to STMicroelectronics’ $1.19 billion in cash, as of its most recent quarter, and existing credit lines of $490 million.

The article STMicroelectronics Secures $451 Million Credit Line originally appeared on Fool.com.

Fool contributor Tim Brugger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Cisco to Acquire Cloud Services Provider SolveDirect

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By Tim Brugger, The Motley Fool

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Cisco has agreed to acquire privately held SolveDirect, an Austrian-based cloud software and services provider, according to a recent blog post from Hilton Romanski, vice president and head of corporate business development.

SolveDirect’s cloud solutions automate the sharing of information and processes for multiple service providers, enhancing efficiencies and reducing the need for manual practices, as per Cisco’s blog post. The acquisition will enable Cisco to “extend our portfolio of smart and connected IT services to our global ecosystem of customers, partners, and resellers,” according to Romanski.

Specific terms of the deal were not disclosed, though the post states that Cisco intends to acquire a 100% ownership stake in SolveDirect. Mala Anand, Cisco senior vice president of Cisco Service Platform Group, will assume leadership responsibilities when the SolveDirect team is incorporated into Cisco.

The deal is subject to usual closing conditions and regulatory approval and is expected to close in Q4 of Cisco’s 2013 fiscal year.

The article Cisco to Acquire Cloud Services Provider SolveDirect originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Cisco Systems. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Microsoft Updates Windows 8 Apps

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By Tim Brugger, The Motley Fool

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Microsoft has made an update available for users of its Windows 8 operating system that is designed to improve the functionality of Microsoft’s Mail, Calendar, and People features.

According to a Monday blog post from Brandon LeBlanc, a Microsoft communications manager, the new apps are “designed to manage communication seamlessly on Windows PCs and tablets across multiple accounts — Outlook.com, Exchange, and others.”

The update will allow Windows 8 users with multiple email accounts, work and personal, for example, to toggle between them. As with the Microsoft Mail update, the new download improves the management of both personal and business calendars, in addition to enhancing its appearance.

The update also includes the capability to manage multiple connections using the Microsoft People app. According to the company, this will increase the ease with which users stay connected with Skype, Facebook, Twitter, and Outlook contacts, both personal and business.

 
 

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The article Microsoft Updates Windows 8 Apps originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Facebook. The Motley Fool owns shares of Facebook and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Google Opening New Fiber Service Market

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Google Fiber, the company’s new ultra-fast internet service, is expanding its existing coverage area. According to a recent announcement posted on Google’s Fiber blog, the city council of Olathe, Kan., located in the greater Kansas City area, has approved an agreement that will bring Fiber to the fast growing region. Olathe will be Fiber’s third market in the area; both Kansas City, Kan., and Kansas City, Mo., have Fiber service currently available.

Fiber, according to Google, provides Internet connection speeds as much as 100 times as fast as broadband. Rachel Hack, community manager of the Google Fiber blog, said, “Hopefully, this is the first of several announcements that we’ll be able to make about bringing Google Fiber to additional cities in the KC metro area, so stay tuned.”

With the Olathe City Council‘s approval, Google can begin the planning, engineering, and construction phases needed to make Fiber available to area residents. A projected date for completion of the Fiber infrastructure in Olathe is unknown, but Google will “publish an update as soon as we have it.”

The article Google Opening New Fiber Service Market originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Google. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Walgreen Expands AmerisourceBergen Strategic Partnership

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Walgreen and strategic partner Switzerland-based Alliance Boots have entered into a 10-year agreement with pharmaceutical distribution wholesaler AmerisourceBergen , the companies announced Tuesday.

Walgreen took a 45% stake in Alliance Boots in June 2012, with the option to purchase the remaining shares within two years.

The new agreement expands on an existing relationship between Walgreen and AmerisourceBergen, and now includes primary distribution of generic and branded pharmaceutical products, scheduled to take effect Sept. 1. Terms of the contract are “market based,” and Walgreen said it expects only mild accretion in fiscal 2014, excluding one-time expenses.

AmerisourceBergen will work with the Walgreen/Alliance Boots Development global platform to enhance worldwide distribution processes. Walgreen and Alliance Boots also have the option to purchase as much as 7% of AmerisourceBergen’s stock in the open market.

Additionally, Walgreen and Alliance Boots received warrants for AmerisourceBergen stock, equal to a 16% equity position. The first warrants have a strike price of $51.50 per share, and are exercisable over a six-month period beginning March 2016. The remaining 8% stake will be available March 2017 and are also exercisable over six months, at a price of $52.50 a share.

AmerisourceBergen said the new agreements are expected to be “meaningfully accretive” to earnings. In FY 2014, the new relationship is expected to contribute an incremental $28 billion in revenues and approximately $0.20 in EPS, excluding the amortization of certain expenses related to the transaction, and certain non-recurring costs, and net of certain start up expenses.

Walgreen CEO Greg Wasson was quoted as saying: “We are excited to be expanding our existing relationship with AmerisourceBergen to a 10-year strategic long-term contract, representing another transformational step in the pharmaceutical supply chain.”

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The article Walgreen Expands AmerisourceBergen Strategic Partnership originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Citigroup to Pay $730 Million to Settle Bond Lawsuit

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Citigroup has agreed to pay $730 million to settle a class action lawsuit, with plaintiffs’ lawyers calling this the second-largest settlement stemming from the subprime meltdown and financial crisis.

The agreement between the court-appointed bond counsel for the plaintiffs and Citi comes more than four years after the suit was originally brought before the U.S. District Court for the Southern District of New York. The proposed settlement is subject to court approval.

The “Citigroup Bond” class action suit was filed to represent investors who participated in any of Citi’s 48 preferred stock and bond offerings from 2006 to 2008. The litigation claims Citi offered a series of bond and preferred stock during the years in question using disclosure documentation that contained “material misrepresentations and omissions regarding Citigroup’s exposure to billions of dollars in mortgage-related assets,” according to the plaintiffs’ legal representatives.

In a statement,  Citigroup on Monday said it “denies the allegations and is entering into this settlement solely to eliminate the uncertainties, burden and expense of further protracted litigation.” The $730 million settlement will be paid using Citi’s existing litigation reserves.

 

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The article Citigroup to Pay $730 Million to Settle Bond Lawsuit originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool owns shares of Citigroup Inc . Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Ericsson, STMicroelectronics Wind Down Joint Venture

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After several months of discussions, the management teams of Sweden-based Ericsson and Switzerland’s STMicroelectronics have agreed on the dissolution of their mobile chip manufacturing joint venture, ST-Ericsson.

Several aspects of the joint venture will be assumed by either Ericsson or ST, the companies announced Monday, with the remaining parts of the ST-Ericsson partnership closed down.

Ericsson will retain design, development, and sales of the former venture’s 2G, 3G, and 4G, LTE multimode thin modem products. STMicroelectronics will take over several testing and assembly facilities, in addition to multiple, existing ST-Ericsson products. The balance of the former joint venture’s efforts are scheduled to be phased out by Q3 of 2013.

Ericsson has set aside SEK 3.3 billion ($512 million) to cover costs associated with the dissolution, and intends to report the former ST-Ericsson multimode thin modem unit as a separate business segment following the transition. Ericsson expects a loss by the unit of approximately SEK 0.5 billion ($78 million) in Q4, primarily due to R&D expenses.

STMicroelectronics will incur restructuring costs of approximately $350 million to $450 million during the transition period, less than previously expected.

The two companies also announced the appointment of Carlo Ferro, currently chief operating officer of ST-Ericsson, as president and CEO of ST-Ericsson to lead the unit during the change.

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The article Ericsson, STMicroelectronics Wind Down Joint Venture originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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