Pierre Cardin to sell firm
French fashion legend Pierre Cardin is ready to sell his group and will seek 1 billion euros (US$1.48 billion), he said in an interview with the Wall Street Journal published yesterday. “I want to sell it now,” Cardin, 88, told the US business daily. “I know I won’t be here in a few years and the business needs to continue.” The report noted that banks estimate the value of the group, founded in 1949, at 200 million euros, though financial information on the sprawling fashion empire is sketchy. Cardin, who has no heirs, said he wants to stay on as creative director, explaining that it would be in the buyer’s interest “for the brand’s image.”
Teva to purchase Taiyo
Israel’s Teva Pharmaceutical Industries Ltd has decided to buy Japan’s third-largest generic drug company, Taiyo Pharmaceutical Industry Co Ltd, for about US$500 million, the Nikkei Sangyo Shimbun newspaper said yesterday. Teva, the world’s top generic drug maker, will likely take control of Taiyo by purchasing a majority stake from the founding family and other shareholders, it said. Teva started a Japanese unit in 2005 and formed a generic drug joint venture, Teva-Kowa Pharma, with mid-tier Japanese pharmaceutical firm Kowa Co Ltd in 2008. It appears that Teva is looking to mainly use Taiyo for production and Teva-Kowa for sales, the Nikkei said.
Saab to partner with Hawtai
Spyker Cars says it has secured US$223 million in funds for troubled Saab Automobile AB through an agreement with China’s Hawtai Motor Group (華泰汽車集團) that also includes joint ventures on manufacturing, technology and distribution. Spyker said yesterday the deal is subject to approval from Chinese government agencies, the European Investment Bank and the Swedish National Debt Office. Saab’s production has been at a standstill since April 6 because of a lack of funds. On Monday it said it had secured short-term loans of US$88 million and aims to restart production within a week.
Infineon raises forecast
Infineon Technologies AG, Europe’s second-largest chipmaker, raised its full-year forecast for the fifth time since the beginning of last year as second-quarter revenues and profits surged on higher demand. Sales in the 12 months through September will gain 20 percent from 3.3 billion euros a year earlier and operating profit will be “broadly in line” with the 19.8 percent of revenues achieved in the first half, Infineon said in a statement yesterday. Second-quarter net income more than doubled from the previous quarter to 572 million euros. Sales gained 7.8 percent to 994 million euros from the previous quarter, the company said.
New BlackBerry to hit market
Research In Motion Ltd is releasing a new version of one of its high-end BlackBerrys, updating the Bold with a touch screen and fresh software. T-Mobile USA Inc said it will carry the BlackBerry Bold 9900 later this year. Like the original Bold, launched in 2008, the 9900 has a keyboard under a 7.1cm screen in landscape orientation. It’s thinner than before, at just 10.5mm, making it the thinnest BlackBerry yet. Research in Motion last week cut its earnings and sales forecasts for the current quarter, saying it’s selling fewer and cheaper phones than expected.