Business Briefs: 4/29/14

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Mylan bid rejected by Meda

For the second time this month, Swedish drug company Meda said Monday that its board had rejected a bid by Cecil-based Mylan Inc. to merge. The board has a “strong belief in the continued potential of Meda as a stand-alone company,” Meda said in brief statement. Mylan’s bid, which reportedly was revised upwards to $6.7 billion from an earlier offer, also “lacks sufficient support from Meda’s largest sharehholder,” the statement said. Sweden’s billionaire Olsson family owns a 23 percent stake in Meda.

Range Resources posts first-quarter profit

Range Resources Corp. reported net income of $33 million, or 20 cents per share, for the first quarter, compared to a $76 million net loss in the same quarter last year. Revenue was $457 million, up from $319 million last year. The Texas company with regional headquarters at Southpointe has scheduled an earnings call with investors today. The oil and gas company drilled 44 wells between Jan. 1 and March 31 and brought 14 Marcellus wells online, including 13 in the Southern Marcellus Shale Division. That division produced an average of 800 million cubic feet of gas per day, an increase of 34 percent over the previous year.

U.S. pending home sales rise in March for 1st gain in 9 months

Pending home sales rose in March as the national housing market showed signs of life at the start of the spring buying season. The 3.4 percent jump from February marked the first increase in nine months, the National Association of Realtors said Monday. The trade group’s pending-sales index covers contracts signed but not closed. Lawrence Yun, the group’s chief economist, said a gain was to be expected after severe weather across much of the nation depressed sales in past months.

Toyota to move 4,000 jobs as U.S. headquarters shifts to Texas

Toyota Motor Corp. said it will move 3,000 jobs from Torrance, Calif., to Plano, Texas, in the next three years as it shifts its North American headquarters to there. Toyota also will shutter its engineering and manufacturing office in Erlanger, Ky. — near the Cincinnati-area airport — with the personnel being distributed to a tech center in Ann Arbor, Mich.; the new Plano headquarters; and a new facility at the automaker’s Georgetown, Ky., factory. Altogether, the moves will affect approximately 4,000 employees nationally. The shift is part of a corporate strategy to locate the employees running its engineering and manufacturing, sales and marketing, financial services, and certain corporate functions all on one complex.

New Venture Outdoors chief

Joey-Linn Ulrich has been named executive director of Venture Outdoors effective in late May. The nonprofit promotes outdoor recreation in the Pittsburgh region. She was formerly a regional vice president with Girl Scouts of Western Pennsylvania.

Toyota to move 4,000 jobs in HQ shift

Toyota Motor Corp. said it will move 3,000 jobs from Torrance, Calif., to Plano, Texas, in the next three years as it shifts its North American headquarters to there. Toyota also will shutter its engineering and manufacturing office in Erlanger, Ky. — near the Cincinnati-area airport — with the personnel being distributed to a tech center in Ann Arbor, Mich.; the new Plano headquarters; and a new facility at the automaker’s Georgetown, Ky., factory. Altogether, the moves will affect approximately 4,000 employees nationally. The shift is part of a corporate strategy to locate the employees running its engineering and manufacturing, sales and marketing, financial services, and certain corporate functions all on one complex.

BofA tumbles after stress-test error halts dividend increase

Bank of America Corp. fell the most since November 2012 after suspending plans for a dividend increase and $4 billion of share repurchases because of an error in its stress-test submission to the Federal Reserve. The lender will resubmit its proposal after finding botched accounting on structured notes issued by Merrill Lynch, the Charlotte, N.C., company said. The stock tumbled 6.3 percent to $14.95 in New York, erasing a gain for 2014. Chief executive officer Brian T. Moynihan had been set to quintuple the quarterly payout to 5 cents a share, five years after the second-biggest U.S. bank cut the dividend to a token amount during the financial crisis.

From staff and wire reports


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