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Anheuser-Busch to Cut Benefits
Anheuser-Busch plans to cut pension and health-care benefits for its salaried employees as part of an effort to slash $1 billion in costs by the end of 2010 and fend off an unsolicited $46 billion bid from Belgian brewer InBev.
Anheuser-Busch said in a memo to salaried employees that their individual, lump-sum payouts under the pension plan would be reduced by approximately 5 to 6 percent in 2009 and approximately 15 percent by 2012. Workers also will make a bigger contribution to their health insurance, rising to 25 percent from approximately 21 percent of the cost beginning in 2009.
HP Deal Clears Antitrust Hurdle
Hewlett-Packard said it received U.S. antitrust approval for its planned purchase of Electronic Data Systems for $13.2 billion. The deal still requires European antitrust approval, the go-ahead from EDS shareholders and the satisfaction of other closing conditions.
TREASURY BILLS
T-Bill rates were mixed. The discount rate on three-month Treasury bills auctioned yesterday rose to 1.900 percent from 1.855 percent last week. Rates on six-month bills fell to 2.135 percent from 2.255 percent. The annualized return to investors is 1.936 percent for the three-month bills, with a $10,000 bill selling for $9,951.97, and 2.188 percent for a six-month bill selling for $9,891.47. Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 2.46 percent last week from 2.57 percent two weeks ago.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
