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Valeant Pharmaceuticals (NYSE:VRX) will acquire Medicis Pharmaceuticals (NYSE:MRX) for $2.6 billion. The company’s $44 per share offer represents a 39 percent premium to Medicis’ Friday close. The transaction is the latest acquisition for Valeant, which has undertaken in 50 deals since Michael Pearson became its CEO in 2008.
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Branching out in a surprisingly new direction, McDonald’s (NYSE:MCD) will open its first vegetarian restaurants at two locations close to an Indian pilgrimage centers late this year. Growth in India is expected rise again, with the company estimating it will double the number of its 271 stores in the country during the next three years.
Smithfield Foods’ (NYSE:SFD) fiscal quarter one net profit dropped 25 percent to $61.7 million with its $0.40 earnings per share and $3.09 billion revenue missing analyst estimates. Smithfield was affected by ongoing weakness in its fresh pork business and increased costs. This year’s drought will harm hog production but its grain hedges should have rising costs remain below the industry average.
An international research team including university scientists, Nokia (NYSE:NOK), and Toshiba (TOSBF.PK) will introduce a quantum chip at the British Science Festival, which begins today. The chip will provide improved security that’s “guaranteed by the laws of physics” for smartphones and computers and also make them faster. The chip should be available commercially within five years.
AIG (NYSE:AIG) can sell the rest of its 18 percent stake in AIA beginning today as its lock-up agreement expires after two years. AIG CEO Robert Benmosche has suggested the company will sell the holding, but details haven’t been provided. A sale would help AIG continue paying the U.S. government back for its bailout.
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