MERGERS AND ACQUISITIONSEcolab Inc., St. Paul, announced the results of the stock-cash merger consideration elections made by the shareholders of Nalco Holding Co. in accordance with the terms of the merger agreement between Ecolab and Nalco. Ecolab will pay about $1.6 billion in cash and issue about 68.3 million common shares pursuant to the merger. The company also said that it has acquired the InsetCenter pest elimination business in Brazil. Terms were not disclosed. Sales of the acquired business are about $6 million, and the business operations and staff will be integrated with Ecolab's existing Brazil Pest Elimination business.
NEW BUSINESSUnitedHealth Group, Minnetonka, has formed a partnership with Enterprise Community Investment Inc., Sante Fe, N.M., to provide up to $50 million to finance affordable-housing projects in targeted communities throughout the United States. The partnership will invest in projects that qualify for federal Low Income Housing Tax Credits or Historic Rehabilitation Tax Credits. The $50 million commitment by UnitedHealth Group will support efforts to strengthen the local community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs and the growing population of aging adults.
DEBT AND EQUITIESCapella Education Co., Minneapolis, said its board of directors has approved a $50 million increase to its share repurchase program. This increase is in addition to the $35 million that was remaining under the program as of Sept. 30.
Ecolab Inc., St. Paul, has completed its public offering of $3.75 billion aggregate principal amount of senior notes, consisting of $500 million of 2.375 percent notes due 2014, $1.25 billion of 3 percent notes due 2016, $1.25 billion of 4.35 percent notes due 2021 and $750 million of 5.5 percent notes due 2041. The company expects to use net proceeds from the offering to repay outstanding commercial paper borrowings, which were issued to finance a portion of the cash requirements relating to the acquisition of Nalco Holding Co., to refinance Nalco's outstanding senior notes, and for general corporate purposes.
C.H. Robinson Worldwide Inc., Eden Prairie, declared an increase to its regular quarterly cash dividend to 33 cents per share from 29 cents, payable Jan. 3 to shareholders of record on Dec. 20. As of Dec. 8, about 163.8 million shares were outstanding.
Medtronic Inc., Fridley, approved a cash dividend of 24.25 cents per common share, payable Jan. 27, 2012, to shareholders of record on Jan. 6.
