National business briefs

Grace reports asbestos-claim settlement W.R. Grace & Co. said Monday it has reached an agreement to resolve current and future asbestos claims against the company, which would allow it to emerge from bankruptcy without further obligations for asbestos injury. Attorneys for the plaintiffs valued the agreement at $3 billion in cash and equity. "The victims of asbestos poisoning and asbestos cancer have walked a long path to reach justice," said John D. Cooney, an attorney for the plaintiffs and a member of the committee that negotiated the agreement. In Libby, Mont., asbestos contamination from a former W.R. Grace vermiculite mine has been blamed for sickening hundreds of people, some fatally.

WaMu said to be near $5 billion cash infusion Washington Mutual Inc., the country's largest savings and loan, is close to landing a $5 billion cash infusion from private equity group TPG and other investors, a person familiar with the matter said Monday. Wall Street cheered news that WaMu may join a growing list of battered financial institutions that have secured much-needed cash since the credit crisis began last summer. Shares jumped 29.3 percent, or $2.98, to close at $13.15 Monday.

Motorola avoids proxy fight with Icahn Motorola Inc. headed off a proxy battle with billionaire investor Carl Icahn on Monday by agreeing to seat four of his nominees on its board of directors. While the mobile phone maker remains in steep descent, the move avoids a second annual-meeting showdown with Icahn and silences -- for now -- his attacks in the media and in court on its managers and their decisions. Schaumberg, Ill.-based Motorola named Keith Meister, a managing director of Icahn investment funds, to its board and said it will nominate both him and fellow Icahn nominee William Hambrecht for director slots. That virtually assures both will be elected at the company's May 5 shareholder meeting.

Chipmaker AMD warns of lower sales Battered by product delays and acquisition costs, beleaguered chipmaker Advanced Micro Devices Inc. said Monday that it will jettison 10 percent of its workforce and warned investors that first-quarter sales were lower than expected across all business lines. The Sunnyvale, Calif.-based company's job cuts, more than 1,600 workers out of 16,800 worldwide, were expected. The cuts are to start this month. AMD shares fell 14 cents, or 2 percent, to $6.20 in after-hours trading. The stock had closed at $6.34 before the layoffs and sales warning were released.

Red Bull to offer a high-energy cola Red Bull GmbH, the Austrian company that made the energy drink a global sensation, is launching Red Bull Cola in seven countries over the next several months -- including in the United States in June. The new soda, which comes in a slender blue, silver and red aluminum can resembling that of the company's energy drink, contains natural ingredients including kola nut and coca leaf; has more caffeine, at 45 milligrams per 12-ounce can, than Coca-Cola or Pepsi-Cola; and will bear a suggested retail price of about $1.49 for a 12-ounce can. The idea of a premium-price cola is intriguing, say some beverage experts. But although U.S. cola sales have been shrinking for nearly a decade., attempts by other companies to puncture the dominance of Coca-Cola Co. and PepsiCo Inc. in the U.S. have failed.