Citigroup losses mollify Wall Street
Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected. For more on Citigroup and Wall Street, see Page D-4
Generic drug maker to purchase rival
Teva Pharmaceutical said Friday that it will buy rival generic drug maker Barr Pharmaceuticals for nearly $7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drug maker. Israel-based Teva Pharmaceutical Industries Ltd. said acquiring Montvale, N.J.-based Barr Pharmaceuticals Inc., the world's No. 4 generic drug maker, will expand its presence in U.S. and other key markets, from Russia to Eastern and Central Europe.
Venture investment steady in quarter
The pace of U.S. venture capital investments remained steady at $7.4 billion during the second quarter despite a wobbly stock market that has made it increasingly difficult for the financiers of new ideas to cash out of startups. The amount of money spread across 990 deals in the April-June period was unchanged from the same time last year, according to figures released Saturday by the National Venture Capital Association, PricewaterhouseCoopers and Thomson Reuters. But just five startups funded by venture capitalists have completed IPOs so far this year, and none of them made their stock market debut in the second quarter. It's the first time in 30 years that an entire quarter has passed without at least one IPO by a venture-backed startup.
Garbage hauler's buy offer rejected
The trash talking has begun. In a stinging letter Friday, garbage hauler Republic Services Inc. rejected an unsolicited $6.19 billion cash offer from larger rival Waste Management Inc., saying the proposal "seriously undervalues" its company. Republic, the nation's third-largest waste collector, instead wants to stick with its own deal announced last month to buy No. 2 Allied Waste Industries Inc. The all-stock agreement was worth about $6.07 billion at the time.
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