MERGERS & ACQUISITIONS
Chiron Rejects Novartis Offer
Chiron, a U.S. vaccine maker recovering from a manufacturing shutdown, rejected Novartis's $4.5 billion cash offer as "inadequate."
Switzerland-based Novartis, which owns 42.2 percent of Chiron, offered to buy the rest Sept. 1 to add treatments for flu and cancer.
Judge Approves Westar Settlement
A federal judge approved a $32.5 million settlement of a class-action suit brought by Westar Energy shareholders over a failed merger plan. Shareholders said they were not given details of the company's proposed merger with a New Mexico utility and a plan to spin off its unregulated affiliates. The Kansas Corporation Commission rejected the deal, and Westar Energy's stock price subsequently fell.
E.U., China Agree on Textiles
European and Chinese negotiators reached a deal to free Chinese-made garments held up at European ports. The deal would release about 75 million Chinese-made sweaters and other garments that were held at European ports after import limits agreed to in June by China and the European Union were reached. Under the deal, the imports will be counted against future quotas, E.U. Trade Commissioner Peter Mandelson said.
The agreement still requires approval by the 25-nation E.U.
Compiled from staff and news service reports