Highmark, Jefferson Regional pact official
Highmark Inc. and Jefferson Regional Medical Center are now officially partners, following the closing of the affiliation transaction between the South Hills hospital and the state's largest health insurer. The deal, announced last year, gives Highmark a controlling stake in the Jefferson board, while Jefferson gets millions toward debt and pension obligations and a capital expansion project, plus $75 million for the Jefferson Regional Medical Center Foundation.
Buffett touts purchase of Heinz in annual letter
Pittsburgh merited a mention in Warren Buffett's annual letter to Berkshire Hathaway investors. The message, released Friday, is one of Wall Street's most widely read pieces of prose. The Omaha, Neb., investor told shareholders his proposed $28 billion acquisition of H.J. Heinz with private equity firm 3G Capital represented a change of luck from 2012, when Berkshire did not make a major acquisition and failed to outperform the S&P 500 for only the ninth time in 48 years. Mr. Buffett said the $12 billion Berkshire will invest in Heinz accounts for most of what the holding company earned last year. But there's still enough cash left to make a big acquisition, he wrote.
Ansys repurchase program adds 3 million shares
Ansys, a Southpointe-based engineering simulation company, announced it has increased the authorized share repurchase program to 3 million shares. CEO Jim Cashman said the increase is a follow on to last year's increase.
Inquiry into Chesapeake becomes investigation
Chesapeake Energy Corp. said the Securities and Exchange Commission's informal inquiry into outgoing CEO Aubrey McClendon's private investments in company-owned wells has escalated into an investigation. Chesapeake was notified by the SEC that the probe had graduated to the next level Dec. 21, said the Oklahoma City-based natural gas producer in a public filing Friday. The board said on Feb. 20 that its probe of Mr. McClendon's private financial transactions found no intentional misconduct in his use of personal stakes in thousands of company-owned wells to obtain more than $800 million in loans.
Virtual consultation expanded by Rite Aid
Rite Aid Corp. has expanded a new drugstore clinic that allows customers to visit virtually with doctors who can diagnose conditions and prescribe medications based on a 10-minute consultation. The Camp Hill, Pa., company says its NowClinic Online Care services are available in 58 pharmacies in four cities: Baltimore, Boston, Philadelphia and Pittsburgh. The consultations cost $45.