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BUSINESS A25
Wednesday 16 September
Mylan opens $27.14 billion hostile bid for Perrigo
NEW YORK (AP) — Shares of the-counter drug market. offer was announced. la, and it says the two com- that cash-and-stock offer
Mylan are edging up be- Perrigo’s board had re- panies would have about wasn’t worth as much as
fore the opening bell after jected several offers from Shares of Mylan N.V. rose $15 billion in combined an- Mylan said.
the pharmaceutical com- Mylan and has said it is nual revenue. At the time Mylan’s stock
pany went ahead with its confident its shareholders 28 cents to $49.34 in pre- Mylan shareholders voted price was elevated as an
hostile, $27.14 billion bid for would reject Mylan’s offer. in favor of the acquisition even larger generic drug
Perrigo. Mylan is offering Perrigo market trading Tuesday. last month and Europe- company, Teva Pharma-
With the cash and stock shareholders $75 in cash an Union regulators have ceutical Industries Ltd., was
offer made directly to Per- and 2.3 shares of Mylan Perrigo shares finished the cleared it. trying to buy Mylan.
rigo’s shareholders, a bid stock for every Perrigo Mylan offered to buy Per- Mylan fended off Teva,
first announced last week, share they hold. day Monday at $181.26. rigo for $205 per share in which decided to buy
Mylan is maneuvering to That’s a premium of about April and later increased its Allergan PLC’s generic
consolidate its position in 4 percent, based on Per- Dutch drugmaker Mylan offer to $232.23 per share, drug business for $40.5 bil-
the prescription and over- rigo’s value just before the or $34.1 billion. Perrigo said lion instead. q
wants to combine its
prescription generic
drug business with Irish
drugmaker’sbusiness in
over-the-counter products
like vitamins, nutritional
products and infant formu-
UPS will hire up to 95,000 holiday season workers
MARLEY JAY pany will hire package United Parcel Service driver Richard Trzcinski, right, coordinates with fellow driver Daniel Petranck
AP Business Writer handlers, drivers and driv- before heading out on deliveries from the company’s sorting facility in Roswell, Ga. UPS on Tues-
NEW YORK (AP) — UPS said er-helpers to work full-time day, Sept. 15, 2015 said it will hire 90,000 to 95,000 employees — about the same as last year — to
Tuesday it will hire 90,000 to and part-time at locations help handle shipping and deliveries over the holiday season.
95,000 employees — about around the U.S. The sea-
the same as last year — to sonal jobs will last from No- (AP Photo/David Goldman)
help handle shipping and vember to January. UPS
deliveries over the holiday said seasonal jobs can be- an increase in last-minute weather contributing to the not recovered their losses.
season. come permanent jobs in online shopping as retail- delays. UPS had about 435,000
The company has strug- some cases. As a federal ers enticed consumers with The late hiring in 2013 and employees at the end of
gled to handle a crush of contractor UPS will pay a free shipping for their gifts. the cost of improvements in 2014, a total that doesn’t
online shipping over the minimum wage of $10.10 In 2013 the company initial- 2014 both hurt UPS’ profits. count seasonal hires. It has
past two years, particular- an hour, and some driving ly hired 55,000 people, then Citing those costs, UPS cut 360,000 hourly employees
ly during the last, frenzied jobs will pay about $30 an added another 30,000. its annual profit outlook in and almost half of them
days of the shopping sea- hour.The company said Even with the additional late January and its shares work part-time. Some em-
son, when retailers entice applications must be sub- help, some last-minute or- fell 10 percent. They were ployees in management
people into buying last- mitted online. ders were not delivered un- trading around all-time positions also work part-
minute gifts by offering free UPS said it expects U.S. on- til after Christmas, with bad highs before that and have time. q
shipping. Millions of pack- line sales to almost double
ages arrived late in 2013 by 2020. In response it is hir-
and 2014. UPS said it is bet- ing more staff, buying new
ter-prepared this year be- vehicles and trailers, using
cause it is reaching out to more aircraft, updating its
more customers, including website and investing $1
smaller retailers, to get esti- billion in facility and equip-
mates of how many orders ment improvements. It has
they expect to receive. The automated more of its op-
company says it is getting erations so it can process
more updates on those fig- more orders using fewer
ures. people.
“We know those things are United Parcel Service Inc.
coming now where once hired between 90,000 and
upon a time we may not 95,000 people for the 2014
have expected them,” holiday season. That was
said executive Tammy far more than it had hired
Caldwell. the year before, when it
The Atlanta-based com- was caught off-guard by
US business stockpiles up slight 0.1 percent in July
M. CRUTSINGER The July gain was the small- that will support economic winter, labor disruptions at In a separate report Tues-
AP Economics Writer est since a 0.1 percent growth in the second half West Coast ports and oth- day, the government said
WASHINGTON (AP) — increase in March. Sales of the year. However, they er factors that dampened that retail sales increased
U.S. businesses boosted were also up 0.1 percent think a brief slowdown in re- growth. 0.2 percent in August after
their stockpiles by a tiny in July after a 0.3 percent stocking will dampen eco- GDP rebounded to a 3.7 a 0.7 percent rise in July. The
amount in July while sales rise in June. Sales had fallen nomic growth in the current percent growth rate in August advance was bol-
also showed a slight gain. for seven straight months July-September quarter. the April-June quarter and stered by increased spend-
Business inventories in- through February and have Overall economic growth, analysts believe growth ing on cars and clothing.
creased 0.1 percent in July been posting modest in- as measured by the gross will hold steady at around Economists believe spend-
compared to June when creases since that time. domestic product, slowed 2.5 percent in the second ing will remain strong in the
stockpiles were up 0.7 per- Economists are forecast- to an anemic 0.6 percent half of this year, helped by second half of the year, re-
cent, the Commerce De- ing that sales will keep ris- annual rate in the first quar- stronger consumer spend- flecting continued solid job
partment said Tuesday. ing in coming months and ter, reflecting the harsh ing. gains. q
