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Global Investing Roundups
S&P Slashes RBS Rating; Dendreon’s Big Boost; Eli Lilly Comes Out Ahead on ImClone; AgFeed’s Hungry For Its Own Shares; Bank of America Surprises with Loss; Paulson Taps Another Goldman Exec.
- Standard & Poor’s yesterday (Monday) reduced the credit rating of Royal Bank of Scotland PLC (ADR: RBS), lowering the rating of both the Edinburgh-based bank’s long-term and short-term debt. “The rating actions reflect Standard & Poor’s expectation that RBS’s financial profile may continue to weaken,” the analysts said, citing a “combination of mixed earnings prospects, deteriorating credit risk in its key geographies, and difficult market conditions” in which to shore up its…
Monsanto Sells Off Controversial Milk-Hormone Unit to Focus on Seed Product Lines
Monsanto Co. (MON), the world’s largest seed producer, is selling off its rights to a synthetic milk-producing hormone in order to focus its attention more closely on its core business of developing genetically modified seeds and pesticides.
U.S. pharmaceutical company Eli Lilly & Co. (LLY) will pay Monsanto $300 million for Posilac, the brand name for recombinant bovine somatotropin or rBST. The deal includes the global sale rights and a Georgia-based manufacturing plant.
Lilly has been distributing Posilac, which has been on the market since 1994, for Monsanto under an exclusive agreement and hopes this deal will enable it to expand…
21Aug2008 | Money Morning | Comments Off | Continued
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