Cardinal to buy Cordis from J&J for $1.94B
Cardinal Health Inc. agreed to buy Johnson & Johnson's Cordis business for $1.94 billion in cash, bulking up the medical distributor's device-making capabilities. The purchase, financed with a combination of $1 billion in new senior unsecured notes and existing cash, gives Cardinal a global manufacturer of cardiology and endovascular devices. Cardinal will have a more powerful competitor to cardiovascular device companies like Abbott Laboratories, Boston Scientific Corp. and Medtronic PLC, said Larry Biegelsen, an analyst at Wells Fargo & Co. in New York. Based in Fremont, Calif., Cordis had annual sales of about $780 million last year, split almost evenly between cardiology and endovascular products.
Google plans to offer cellphone service
Google Inc. will soon be offering cellular network plans in a bid to bridge the gap between the realms of Internet services and mobile device software it dominates. Vice President Sundar Pichai said Google, the leading Internet search engine and mobile software provider, is working with unnamed network operators on developing a cellular plan. "You will see us announce it in the coming months," he said at the Mobile World Congress wireless show in Barcelona. "I think we are at a stage where it is important to think about hardware, software and connectability together." Pichai called Google's plan to offer cellular services "a project" and insisted that the Internet company isn't a threat to traditional telephone and Internet service providers.
HP to buy Aruba Networks for $2.7 billion
Hewlett-Packard Co. is buying wireless networking company Aruba Networks for about $2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011. Aruba, based in Sunnyvale, Calif., makes Wi-Fi networking systems for shopping malls, corporate campuses, hotels and universities. Its business has grown as more people are using mobile devices at work, school and elsewhere. Aruba may help HP capitalize on that trend, which has cut into sales of traditional HP products such as desktop computers.
Lumber Liquidators defends its flooring
Lumber Liquidators is disputing a "60 Minutes" report that raised health concerns about some of its laminate flooring products and pushed its stock price to its lowest level in more than two years. In a filing with the Securities and Exchange Commission, Lumber Liquidators said all of its laminate flooring meets the safety standards set by regulators throughout the U.S. The defense came the day after "60 Minutes" aired findings that some of Lumber Liquidators' flooring made in China had high levels of formaldehyde, a carcinogen. The tests by three certified labs concluded the amounts of formaldehyde failed to meet California's emissions standards. Lumber Liquidators' stock plunged $13.03, or 25 percent, to close Monday at $38.83.
Prices down for third month in eurozone
Prices fell in February in Europe for the third straight month, adding to worries about possible deflation. The jobless rate, though, declined to its lowest since 2012, providing a welcome glimmer of hope that the economy might be picking up steam. Consumer prices in the eurozone, the 19-nation euro currency bloc, fell 0.3 percent in February from a year earlier, said Eurostat, the statistical agency of the European Union. Prices had fallen 0.6 percent in January and 0.2 percent in December. A separate report from the agency, based in Luxembourg, showed the jobless rate in the eurozone edged down to 11.2 percent in January, its best level since April 2012, from a revised 11.3 percent in December.
Danish protests results in canceled flights
Scandinavian Airlines canceled some 50 flights to and from Denmark after a four-day protest strike by 1,300 cabin crew members in Denmark, but most had returned to work by the evening, the airline said. Group spokesman Henrik Edstrom said some flights would still be disrupted on Tuesday with full SAS service expected to resume by the following day. Crews had walked off the job on Friday to protest the airline's plans to transfer employees to a domestic airline acquired by SAS last year, forcing the cancellation of some 150 flights.
Tinder adds features, for a monthly price
Tinder Plus, the dating app's first attempt at converting its millions of users into paid subscribers, launched Monday. An update to the Tinder app adds buttons for two of the paid features. When either is clicked, most U.S. users are prompted to pay $9.99 a month. Pricing varies by country and by user's age. For example, users in some developing countries pay about $2.99 a month while people 30 and older in the United States are charged $19.99 a month. With Tinder Plus, users get to "rewind" if they accidentally reject someone and receive a "passport" to search for people outside their region.
Ohio sues BP for $33M over tank cleanup
Ohio is suing oil and gas company BP for more than $33 million, alleging it double-dipped by taking state funds and money from insurers to clean up accidental leaks from underground storage tanks at hundreds of its gas stations around the state. The state's attorney general and the Ohio Petroleum Underground Storage Tank Release Compensation Board filed the lawsuit Monday.