Report: Burger King in talks to be acquired Burger King Holdings Inc. is in advanced talks to sell itself to 3G Capital, a little-known investment firm backed by wealthy Brazilian dealmakers who also control a large stake in the world's largest brewer, in the latest sign of Brazil's ascendance in the corporate world. A deal is expected to be struck as early as Thursday morning for more than $2.7 billion, the New York Times reported, citing unnamed sources involved in the deal.
Allergan to pay $600M to settle Botox claims Allergan Inc., the maker of wrinkle-smoothing Botox, has agreed to pay $600 million to settle a yearslong federal investigation into its marketing of the top-selling, botulin-based drug. The Justice Department and the company said Allergan will plead guilty to one misdemeanor charge of "misbranding," in which the company's marketing led physicians to use Botox for unapproved uses. Those included the treatment of headache, pain, spasticity and cerebral palsy in children.
Canada's Couche-Tard raises bid for Casey's Convenience-store operator Alimentation Couche-Tard Inc. raised its bid for Casey's General Stores by almost 5 percent in its latest effort to win over shareholders. The Canadian company, which owns the Circle K brand in the U.S., is now offering $38.50 per share for Casey's, which is based in Ankeny, Iowa. That is up 4.8 percent from its previous offer of $36.75 per share, an amount that Casey's said was too low. Casey's advised its shareholders against taking any immediate action on the revised offer. Casey's shares rose $1.03, or 2.7 percent, to $38.65.
Russian drought pushes up global food prices International food prices have risen to their highest level in two years, fueled in part by a drought in Russia that lifted the cost of wheat, a U.N. agency said. The Rome-based U.N. Food and Agriculture Organization said its food price index shot up 5 percent between July and August. But that was still 38 percent down from its peak in June 2008. Drought in Russia -- and the country's subsequent restrictions on wheat exports -- forced a sudden sharp rise in wheat prices, the agency said.
Music magazine Paste will go online-only The music monthly Paste has printed its last magazine after struggling financially for more than a year. Editor-in-chief Josh Jackson said the publication, based in suburban Atlanta, will keep its popular website going but will no longer send print copies to its more than 200,000 subscribers. The entire staff of nine employees was cut. The three main managers -- including Jackson -- are staying on for now to run the website.
China imposes import tariff on U.S. chicken China has imposed anti-subsidy duties for five years on imports of U.S. chicken products after concluding producers received improper support, the Commerce Ministry said, amid a string of trade spats with Washington. Importers must pay tariff rates ranging from 4 percent to 30.3 percent on U.S. broiler or chicken products, starting Aug. 30, the ministry announced. The ministry said producers benefited from government subsidies that lowered feed prices and hurt Chinese competitors.
Buffett's Berkshire seeks to buy rest of Wesco Berkshire Hathaway Inc. has made a formal offer to buy the roughly 1.4 million shares it doesn't already own of subsidiary Wesco Financial Corp. Berkshire CEO Warren Buffett said in documents filed with the Securities and Exchange Commission that a proposal was delivered to Wesco's board. If most of Wesco's independent board members and shareholders agree, Berkshire will acquire the remaining 19.9 percent of the Pasadena, Calif., company.
FCC seeks public comment on wireless access Federal regulators are seeking public input on what rules should apply to wireless Internet access and specialized services that aren't part of the Internet but are delivered over wired broadband connections. The move by the Federal Communications Commission marks the next step in the agency's long-running effort to adopt so-called "network neutrality" regulations to prevent broadband providers from discriminating against traffic flowing over their lines.
FROM NEWS SERVICES
