Manufacturing

United Technologies will split into 3 firms

Industrial conglomerate United Technologies is planning to break itself into three independent companies now that it has sealed its $23 billion acquisition of aviation electronics maker Rockwell Collins. The company based in Farmington, Conn., scheduled a call with investors for Tuesday that it said is to announce its intention to separate into three companies. The Wall Street Journal reported the new companies will house United Technology's aerospace, building systems operations and Otis, a maker of elevators, escalators and moving walkways. The building systems business includes the Carrier air conditioning and heating brand. On Friday, United Technologies said it received final regulatory approval for its deal for Rockwell Collins, a Cedar Rapids, Iowa-based maker of flight deck avionics, cabin electronics and cabin interiors.

Food and Drink

Campbell Soup will add two to its board

Campbell Soup Co. said Monday that it will add two members to its board in a compromise with an activist investor. The new directors on the 14-member board are backed by Third Point, a New York investment firm that owns 7 percent of Campbell's shares. Third Point waged a monthslong campaign against the 149-year-old company and its leadership, including three descendants of Campbell's founder who sit on the board. Campbell's U.S. soup sales were down 8 percent in its 2018 fiscal year as customers have sought fresher alternatives. The change will give Third Point more input in Campbell's current CEO search. In exchange, Third Point will withdraw its slate of five board candidates and halt its campaign for 12 months.

Banking

Houston-area ATM dispenses $100 bills

An ATM in the Houston area has been shut down and was temporarily guarded by law officers after mistakenly dispensing $100 bills instead of $10s and word of the glitch got out on social media. Some Harris County sheriff's deputies protected the outdoor ATM after Sunday night's incident and notified Bank of America. A bank statement Monday said a vendor incorrectly loaded $100 bills in place of $10 bills. Bank of America also said customers will be able to keep the additional dispensed money. Officials with North Carolina-based Bank of America didn't say how much cash was wrongly dispensed.

Energy

Venezuela to keep U.S. Citgo refineries

Venezuela will hold onto its U.S.-based Citgo refineries, settling a longstanding dispute that threw ownership of the crisis-racked country's prized assets into peril as its massive debt mounts. Venezuela on Friday began paying off $1.4 billion that an arbitration panel said was owed to the Canadian mining firm Crystallex, following a disputed takeover of the company nearly a decade ago by the late-President Hugo Chavez. The initial payment of $425 million enables it to hold onto the refineries. Russ Dallen, a broker at Miami-based Caracas Capital Markets, said Monday that the payment shows Venezuela's changing tactics — from fighting creditors to striking deals. But it's unclear whether Venezuela can continue making good on the debt owed to Crystallex and a long list of others who are now lining up to collect.

Pharmaceuticals

Venezuela to keep U.S. Citgo refineries

Shares of CVS Health and Aetna rose Monday with the companies now saying they expect to close their $69 billion tie-up later this week. The companies said in regulatory filings that they have the final regulatory approval needed and expect to close on or around Wednesday. CVS Health Corp. had told investors earlier this month that it expected to close the deal for the nation's third-largest health insurer before Thanksgiving. But its shares slipped last week after the drugstore chain and pharmacy benefit manager said it still lacked approval from two states. The companies plan to dive deeper into providing care with help from CVS's nearly 10,000 locations.

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