BP to buy back
$8B in shares
Oil company BP plans to buy back $8 billion in shares after completing a complex deal to sell its 50 percent interest in TNK-BP, Russia’s third-largest oil producer. BP invested $8 billion in cash, shares and assets when it formed TNK-BP in 2003 and received a total of $19 billion in dividends over the next decade.
PepsiCo: No plans
PepsiCo Inc. said it doesn’t see the need for any major acquisitions after a newspaper report suggested activist investor Nelson Peltz could push for a merger of the soda giant with Oreo cookie maker Mondelez. The Telegraph of London said Peltz has taken stakes in both companies.
Tiffany 4Q net
Tiffany said its fourth-quarter net income edged up less than 1 percent to $179.6 million, or $1.40 per share. Revenue rose 4 percent to $1.24 billion. The company, which operates an outlet at City Creek Center, expects its first-quarter earnings from operations to fall 15 percent to 20 percent as a result of profitability pressures and higher marketing costs.
An Internet video that shows a meat company employee shooting a horse in the head highlights the increasing emotional debate over whether a southeastern New Mexico plant should be allowed to resume domestic horse slaughter. Valley Meat has been fighting the U.S. Department of Agriculture for more than a year for approval to convert its former cattle slaughter operation into a horse slaughterhouse.
Darden Restaurants’ third-quarter net income dropped 18 percent. The company said sales at its Olive Garden, Red Lobster and LongHorn Steakhouse restaurants open at least a year fell a combined 4.6 percent. For the three months ended Feb. 24, Darden earned $134.4 million, or $1.02 per share, down from $164.1 million, or $1.25 per share, a year ago.Next Page >
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