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Tuesday, August 5, 2008

ENERGY

Massey Gives Its Employees Gas Money

Massey Energy, a Richmond-based coal mine operator, is giving employees $80 a month for gasoline. During a conference call with analysts, chief executive Don Blankenship, left, said Massey was also setting work schedules a year in advance and had awarded two raises in 2008 to ward off labor shortages at mines in West Virginia, Virginia and Kentucky.

Earlier, Massey began offering guaranteed three-year contracts to individual miners. Blankenship said the turnover rate at underground mines was down 10 percent compared with a year earlier.

MORTGAGE FINANCE

Demand for Freddie Notes Grows

Freddie Mac, the second-largest U.S. mortgage-finance company, sold $2 billion of short-term notes in a weekly auction, paying higher yields over benchmarks while generating better demand from investors than last week.

Freddie Mac sold $1 billion of three-month notes at a yield of 2.4 percent, the McLean company said. That's 74 basis points more than similar-maturity U.S. Treasurys and 38 basis points less the three-month London interbank offered rate, according to Stone & McCarthy Research Associates. The spreads from last week's sale were 72 basis points more than Treasurys and 38 basis points less than Libor.

MERGERS & ACQUISITIONS

Wrigley Sets Meeting to Approve Mars Deal

Chewing-gum maker Wm. Wrigley Jr. set a shareholder meeting to approve its sale to candymaker Mars. The meeting will take place Sept. 25 in Chicago.

The proposed deal with McLean-based Mars requires approval by two-thirds of Wrigley's outstanding shares of stock.

EXECUTIVES

Sucampo's CFO Resigns

Sucampo Pharmaceuticals said Chief Financial Officer Mariam E. Morris resigned, effective Aug. 1. Chief Accounting Officer Jan Smilek will serve as acting finance chief.

Morris will serve as a part-time consultant to the Bethesda company during the transition. The company did not provide a reason for the resignation.

CACI's Chief Returns After Bypass Surgery

Government contractor CACI International said its president and chief executive, Paul Cofoni, resumed full-time leadership and management of the Arlington company. Cofoni had heart-bypass surgery in June.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.


© 2008 The Washington Post Company

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