Thu, Dec 16, 2010 - Page 10 News List

World Business Quick Take

Agencies

HEALTHCARE

Novartis to take over Alcon

Novartis AG will take full control of Alcon Inc after agreeing to pay US$12.9 billion for stock of the eye-care company it doesn’t already own, ending an 11-month dispute with minority shareholders. The payment will be a combination of Novartis shares and, if necessary, a cash value to result in a total of US$168 a share, the Basel, Switzerland-based company said yesterday in a statement. Alcon’s Independent Director Committee recommended approval of the merger agreement to the Alcon board, Novartis said. The Swiss drugmaker in January exercised an option to buy Nestle SA’s 52 percent stake in Alcon for an average of US$180 a share in cash, giving it 77 percent of the company. It also offered to purchase stock held by the public at a lower price.

ENERGY

Indian firm buys coal mine

An Indian infrastructure company has bought a thermal coal mine in Australia in one of India’s largest-ever investments in the country. The company, Lanco Infratech, said yesterday it had reached a binding purchase agreement with the administrator of the failed Griffin Coal company that operated the mine in Western Australia state. It didn’t disclose a price. The coal will fuel power stations in fast-growing India. The Australian newspaper without citing a source said Lanco paid up to A$850 million (US$850 million), beating out rival bidders from Japan and China.

ENERGY

TRU to buy Aussie assets

Hong Kong utility CLP Holdings Ltd said yesterday that its Australian subsidiary is buying energy assets from the New South Wales state government for A$2 billion (US$2 billion). CLP said its Australian unit, TRUenergy, agreed to buy state-owned EnergyAustralia’s energy retailing business, electricity trading rights for state-owned Delta Electricity’s coal fired power stations and development sites for three future power station projects. CLP said in a statement that the deal is expected to be completed by March. It will more than double TRUenergy’s customers in Australia to 2.76 million and double the company’s power generation capacity in the country to 5,446 megawatts from 3,046MW currently.

APPLIANCES

Electrolux to cut 2,100 jobs

Swedish appliance maker Electrolux AB says it plans to cut 2,100 jobs in Europe and Canada in the next three years as it continues to trim its costs. The Stockholm-headquartered group will close a cooking product plant in l’Assomption, Quebec, at the end of 2013. The plant has 1,300 staff and production from it will instead be transferred to a new facility, starting in 2012. The company also says it plans to lay off 800 employees in Europe next year and in 2012. The staff cuts will be made within its Major Appliances industrial operations, but will lead to no factory closures.

BANKING

RBS to transfer clients

The Royal Bank of Scotland (RBS) will transfer its retail and commercial banking clients in three of China’s largest cities to Singapore’s DBS Bank, it was announced yesterday. Under an agreement between the two lenders, an estimated 25,000 RBS customers in Shanghai, Beijing and Shenzhen will be given the option to transfer their accounts to DBS, the Singapore bank said in a statement. It said the transfer process was expected to be completed within six months, and some employees would also move as part of the deal.

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