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BUSINESS BRIEFING
EUROPEAN UNION
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Ministers Shun Talk of Recession
The 15-nation euro zone economy isn't on the edge of recession and doesn't need a major spending program to boost growth, Luxembourg Prime Minister Jean-Claude Juncker said after leading talks between euro finance ministers.
Juncker said the economy's contraction in the second quarter took governments by surprise, but some relief is coming as the euro sinks and oil prices tumble.
"You shouldn't say that Europe is on the brink of recession: It's not true," Juncker said after the finance ministers met in Nice to discuss their slowing economy. "For months now we have ruled out a stimulus package."
MERGERS & ACQUISITIONS
Walgreen Makes Bid for Longs
Walgreen, the largest U.S. drugstore chain, offered to buy Longs Drug Stores for $3 billion in an attempt to scuttle CVS/Caremark's agreement to buy Longs. Walgreen's $75-a-share cash offer is 4.9 percent, higher than CVS/Caremark's bid to buy Longs, Walgreen said.
The Walgreen offer, exactly one month after CVS's offer was made public, puts pressure on CVS to raise its bid or risk losing a chance to add pharmacies in two of the fastest-growing U.S. states, Nevada and Arizona.
Sale of Weather Channel Closes
Landmark Communications said it closed its $3.5 billion sale of The Weather Channel to NBC Universal, Blackstone Group and Bain Capital.
In addition to The Weather Channel, the deal includes several related assets such as weather services for newspapers and radio stations and the widely used Web site Weather.com. Landmark also sold its stake in Pelmorex, a Canadian weather company, as part of the deal.
LEGAL
Suit Challenges Texting Rates
Verizon Communications, AT&T, Sprint Nextel and T-Mobile USA, the four biggest U.S. phone companies, were sued by Illinois residents over claims that they conspired to raise text-messaging rates.
The proposed class-action lawsuit seeks to represent all U.S. customers who purchased text-messaging services since Jan. 1, 2005. The conspiracy led consumers to pay artificially inflated prices, according to the complaint filed in federal court in Chicago.
EXECUTIVES
Jos. A. Bank Chief to Retire
Men's clothing retailer Jos. A. Bank Clothiers of Hampstead, Md., said chief executive Robert Wildrick will retire from that post and become chairman of the board, effective Dec. 21. He will be replaced by R. Neal Black, who will also remain president. He has been chief merchandising officer since 2000. Andrew A. Giordano, will become chairman emeritus and remain lead independent director. James H. Ferstl and Henry Homes III have been elected to the board.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
