Cigna’s $54 Billion Buy Seen as ‘Best Case’ for Drug Middleman thumbnail
Business

Cigna’s $54 Billion Buy Seen as ‘Best Case’ for Drug Middleman

Cigna Corp.’s $54-billion purchase of Express Scripts Holding Co. is being called the “best case scenario” for the pharmacy-benefits manager’s beleaguered investors. The deal is “clearly a positive turn of events” for Express Scripts, Evercore ISI’s Ross Muken wrote. The company’s role as a middleman hired by insurers and employers to negotiate discounts from drugmakers…

Cigna Agrees to Buy Express Scripts in $54 Billion Deal thumbnail
Business

Cigna Agrees to Buy Express Scripts in $54 Billion Deal

Cigna Corp. agreed to buy Express Scripts Holding Co. for $54 billion in cash and stock, another move toward consolidation between U.S. health insurers and the companies that oversee patients’ drug benefits. The price includes $48.75 in cash and 0.2434 shares of stock of the combined company per Express Scripts share, the companies said in…

Big Tesla Shareholders Back Musk’s $2.6 Billion Pay Package thumbnail
Business

Big Tesla Shareholders Back Musk’s $2.6 Billion Pay Package

Two of Tesla Inc.’s largest shareholders are supporting a plan to award Elon Musk a compensation package valued at $2.6 billion, a show of confidence in the electric-car maker’s bid to keep its visionary CEO around for the long haul. Baillie Gifford & Co. and T. Rowe Price Group Inc., which combined own about 14…

CVS Starts Jumbo Debt Sale to Fund $68 Billion Aetna Deal thumbnail
Business

CVS Starts Jumbo Debt Sale to Fund $68 Billion Aetna Deal

CVS Health Corp. kicked off what’s likely to be one of the largest corporate-debt financings ever as it seeks to fund its $67.5 billion acquisition of Aetna Inc. The blockbuster deal comes as investment-grade bonds have had their worst start to the year in decades. Yields on high-grade bonds have risen half a percentage point…

Carlyle Co-Founder Says Guns Are Off-Limits for His $195 Billion Fund thumbnail
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Carlyle Co-Founder Says Guns Are Off-Limits for His $195 Billion Fund

As some of Wall Street’s largest investors reconsider their relationships to the firearms industry, one titan says he never had one to begin with.  David Rubenstein’s $195 billion private equity firm, Carlyle Group LP, has never invested in guns or tobacco, Rubenstein said in an interview on Monday with Freakonomics Radio. “When I set up the firm…

Axa Plunges After Agreeing to Buy XL Group for $15.3 Billion thumbnail
Business

Axa Plunges After Agreeing to Buy XL Group for $15.3 Billion

Axa SA agreed to buy XL Group Ltd. for $15.3 billion in cash, the biggest-ever European acquisition of a U.S. insurer, sending its shares plunging. The French firm fell the most since June 2016, with analyst Daniel Bischof of Baader Helvea AG saying the deal has a sound logic but the price is at the…

Noble Paid Its Co-CEO $20 Million as Losses Hit $5 Billion thumbnail
Business

Noble Paid Its Co-CEO $20 Million as Losses Hit $5 Billion

Noble Group Ltd. handed its outgoing co-Chief Executive Officer Jeff Frase a remuneration package worth about $20 million last year, even as the commodity trader slumped to a record loss of almost $5 billion. The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternation as the embattled…

Siemens Plans Healthineers IPO Valuing Unit at About $38 Billion thumbnail
Business

Siemens Plans Healthineers IPO Valuing Unit at About $38 Billion

By Siemens AG will press ahead with an initial public offering of its health-care unit, as Chief Executive Officer Joe Kaeser unloads another key business at Europe’s largest engineering company. Photographer: Simon Dawson/BloombergThe IPO of a 15 percent stake in Siemens Healthineers is planned for March 16, the Munich-based company said in a statement on…

GE's Losing Streak Reaches 12 Months With $135 Billion Wiped Out thumbnail
Business

GE’s Losing Streak Reaches 12 Months With $135 Billion Wiped Out

Talk about a year to forget for General Electric Co. The beleaguered manufacturer is on pace to clinch its 12th consecutive monthly decline with shares closing out February below where they started. The S&P’s 500 Index rose in 10 of those months. The year-long decline is the longest losing streak on record, according to data…

Comcast Takes on Fox, Disney With $31 Billion Bid for Sky thumbnail
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Comcast Takes on Fox, Disney With $31 Billion Bid for Sky

Comcast jumped into the fray for Sky Plc, challenging Rupert Murdoch’s 21 Century Fox Inc. and Walt Disney Co. with a cash offer valuing the business at 22.1 billion pounds ($31 billion) and opening the possibility of a bidding contest for the U.K.’s biggest pay-TV company. After months spent scoping out Sky’s technology platform and content…