Novartis, its profit up 14%, will shed some food lines

Article Abstract:

Novartis AG, which is based in Basel, Switzerland, is planning to combine its nutrition and over-the-counter drug divisions. It will also discard several nutritional brands that have suffered from slow sales. Novartis, which is the largest health care company in the world, will cut 380 jobs through the restructuring plan as it eliminates several units, including Wasa crisp bread, Roland snacks and US distributor Redline. The company will take a $81 million charge as part of its plan to restructure its nutrition division.

Comment:

Planning to combine its nutrition and over-the-counter drug divisions and discard several slow-selling nutritional brands

Switzerland, Company Planning/Goals, Chemicals & Allied Products, Chemical Manufacturing, Chemicals, Novartis AG

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Colonial buys unit of rival in Australia pension business

Article Abstract:

Prudential Corporation of Britain has agreed to sell its Australian and New Zealand insurance and asset management businesses to Melbourne-based Colonial Ltd. for $800 million (United States). The deal, which will make Colonial the fourth-largest fund manager in Australia, will be financed through new debt and the sale of $144.6 million worth of shares. Colonial, which is involved in insurance, fund management and banking, will have total assets of $38.5 billion following completion of the merger.

Comment:

Will buy Australian and New Zealand insurance and asset management businesses of Prudential Corp. of Britain for $800 mil

United Kingdom, Australia, Asset sales & divestitures, Foreign operations, Insurance, Insurance Carriers and Related Activities, Licensing/Sales Agreements, Colonial Ltd., Prudential Corporation of Britain

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Spanish digital TV services to merge after costly fight

Article Abstract:

Two of Spain's digital satellite television services have announced that they are planning to merge. One of the services, Canal Satelite, is owned by Grupo Prisa's Sogecable division. The other service, Via Digital, is owned by Telefonica. The announcement ended a yearlong fight that carried over into the national political picture. The terms of the merger were not revealed. Both firms promised to complete the merger by September 30, 1998.

Comment:

To merge with Canal Satelite

Satellite Telecommunications, Media Planning/Goals, Spain, Satellite TV Communications, Media Formation/Mergers, Satellite television, Canal Satelite, Via Digital

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