The week that was: West Penn, under new ownership

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Under new ownership

After nearly 18 months of scrutinizing the deal, the state Department of Insurance granted conditional approval for Highmark to acquire West Penn Allegheny Health System, setting the stage for Highmark to establish one of the nation's largest integrated health care delivery systems. The state insurance commissioner determined that the region's health care market would have been worse off if the purchase were not approved.

Under new ownership, part 2

Pittsburgh's favorite ketchup maker and one of the world's most well-known publicly traded companies soon will go private now that shareholders in the H.J. Heinz Co. voted to sell the company to 3G Capital and Berkshire Hathaway. The $23 billion deal will pay investors $72.50 a share, which translates to a 20 percent premium from the closing price the day before the deal was announced in February.

Cash machine

Some 75,000 customers of Citizens Bank across Pennsylvania will collect a share of the $1.4 million in restitution the bank must pay to settle allegations that it deceptively marketed its overdraft and checking rewards programs. Customers eligible for refunds do not have to take any action. The bank also will pay $5 million in civil penalties.

Leaving work one way...

Financial experts warn against postponing saving for retirement because the odds of staying in today's workforce well past age 70 are not in most people's favor. The U.S. Bureau of Labor Statistics reported in 2011 that only 32.3 percent of men and 18.7 percent of women age 70 or older were still listed on employer payrolls. Older workers often must leave jobs before they planned due to failing health, layoffs and family issues.

... or another

The seasonally adjusted unemployment rate for Pittsburgh and surrounding counties fell to 7.3 percent in March from 7.5 percent in February, according to the state Department of Labor and Industry. The region's unemployment rate has gone back to where it stood for the last six months of 2012. The national rate for April was the lowest it had been in more than four years at 7.5 percent.

businessnews

Tim Grant: tgrant@post-gazette.com or 412-263-1591.


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