Sanofi-Aventis SA agreed to buy Chattem (NASDAQ:CHTT) the maker of Gold Bond medicated body powder, for $1.9 billion to enter the U.S. consumer health care market. Sanofi will pay $93.50 per share in cash, which is 34 percent above Chattem’s closing price on December 18th. The purchase will create the world’s fifth largest consumer health company by revenue. The company plans to use the deal to convert its Allegra allergy drug to an over-the-counter medicine marketed by Chattem. -Bloomberg
The FBI is currently investigating a hacker attack on Citigroup (NYSE:C) that led to the theft of tens of millions of dollars, The Wall Street Journal reported today. Citing anonymous government officials, the Journal reported that the hackers were connected to a Russian cyber gang. Two other computer systems, at least one of connected to a U.S. government agency, were also attacked. Citigroup denied the report. "We had no breach of the system and there were no losses, no customer losses, no bank losses," said Joe Petro, managing director of Citigroup’s Security and Investigative services. "Any allegation that the FBI is working a case at Citigroup involving tens of millions of losses is just not true." -Daily Finance
Dubai Financial Market disclosed it will buy rival exchange operator Nasdaq Dubai for $121 million, after the bourse intended as a regional hub for foreign investors became the latest victim of the sheikdom’s economic crisis. The offer, which has been approved by DFM’s majority-owner Borse Dubai as well as Nasdaq OMX Group — which holds one-third of Nasdaq Dubai — comprises $102 million in cash and 40 million DFM shares. The deal is expected to complete within six weeks. -The Wall Street Journal
Apple (NASDAQ:AAPL) is wooing at least two television networks, CBS (NYSE:CBS) and Walt Disney (NYSE:DIS), to get involved in its initiative to offer online television subscriptions, the Wall Street Journal reported. Under the service, which is rumored to roll out at some point next year, Apple hopes to charge customers a monthly fee for access to shows from different networks. The paper says that the plan has potential to rattle the industry: “If Apple signs up enough networks to launch a viable service, it could ultimately alter the economics of the television business. The service could undermine the big bundles of channels that cable, satellite and telecommunications companies, including Comcast (NASDAQ:CMCSA) and DirecTV (NASDAQ:DTV), have traditionally sold in packages to subscribers.” -The Big Money
Filed under: 