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Consumer Corner: Foreclosure settlement no magic bullet for economy
SOUTH SAN FRANCISCO, Calif., Aug. 14 (UPI) -- Swiss pharmaceutical behemoth Roche will have to dig deeper into its pockets if it wants to own all of Genentech Inc., which rejected its $43.7 billion offer.
Analysts said that's exactly what they expect Roche to do after the South San Francisco company turned down its $89-a-share tender Wednesday, The New York Times reported.
One analyst, Mark Schoenebaum of Deutsche Bank, advised his clients that Genentech's tone in rejecting the offer "appears friendly." That, he said, indicates there will be negotiations and "consummation of a deal continues to seem likely."
Genentech's shares closed the day at $98.37 and some analysts now think Roche, which owns just under 56 percent of Genentech, may have to pay in the $100-$105 range, the Times reported. However, a Roche spokeswoman said the company still thinks its initial offer is "fair and generous."
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PORTLAND, Maine, Feb. 13 (UPI) --
So-called tar sands oil from Canada is "much, much worse" for the environment than conventional crude oil, a Maine environmental advocate said.
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SAN DIEGO, Feb. 13 (UPI) --
Northrop Grumman reports it will work on the second phase of the U.S. Navy project to deploy new tactical computing network systems aboard ships.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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