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DEBT AND EQUITIES
Otter Tail Corp., Fergus Falls, Minn., began a public offering of 5 million common shares. The company expects to grant the underwriters of the offering an option to buy up to an additional 750,000 shares to cover overallotments. Otter Tail intends to use the proceeds to finance construction of the Ashtabula Wind Center in Barnes County, N.D.; expansion of wind-tower manufacturing facilities in Tulsa, Okla., and West Fargo, N.D., and to fund working capital needs.
Xcel Energy, Minneapolis, closed its previously announced offering of 15 million common shares. The company has granted the underwriters a 30-day option to purchase up to 2.25 million additional shares to cover overallotments. The proceeds are expected to be used to repay commercial paper.
MERGERS AND ACQUISITIONSDairyland Healthcare Solutions, Glenwood, Minn., acquired Advanced Professional Software Inc., Waco, Texas, and changed its company name to Healthland.
U.S. Bancorp, Minneapolis, announced that its lead bank, U.S. Bank, has a definitive agreement with Zions Bank to assume leases of 49 full-service in-store banking locations in retailer Smith's Food & Drug Stores, a division of the Kroger Co. U.S. Bank will add 28 Smith's locations in Nevada and 21 in Utah.
NEW PRODUCTSMedtronic Inc., Fridley, began two new clinical trials of its Endeavor Resolute drug-coated heart stent, which was approved by the Food and Drug Administration in February. The U.S. trial will enroll 1,399 patients who will be followed for up to 5 years at up to 125 sites. The international trial will enroll up to 2,200 patients at 100 centers worldwide.
CodeWeavers, St. Paul, a developer of software products that transform Mac OS X and Linux into Windows-compatible operating systems, has extended the Google Chromium browser launch beyond Windows. CodeWeavers is releasing CrossOver Chromium for Mac and Linux, available now as a free download.
Recent Business stories
MGP Ingredients to reopen Illinois plant under joint venture, rehire up to 60 employees - September 15, 2008
MGP Ingredients to reopen Illinois plant under joint venture, rehire up to 60 employees - MGP Ingredients Inc. says it has entered a partnership that will allow it to reopen distillery operations at a plant in Pekin, Ill. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
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