Heinz officials ordered to turn over documents related to sale
A federal judge in Pittsburgh has ordered H.J. Heinz directors and others to turn over documents related to the proposed $28 billion buyout of the company to shareholders seeking to stop the sale. U.S. District Court Judge David S. Cercone ordered the Heinz officials as well as Berkshire Hathaway and 3G Capital, which want to acquire Heinz, to turn over the material by April 11. He ruled that Heinz chairman, president and CEO William Johnson, director Thomas J. Usher, and other people involved in the negotiations must be available for depositions beginning a week after the documents are provided. Heinz shareholders are scheduled to vote on the $72.50 per share buyout April 30.
Consol faces questions on political contributions, climate
Consol Energy Chairman and CEO J. Brett Harvey received compensation valued at $17.7 million last year, up 3 percent from 2011. The total did not include $9.2 million Mr. Harvey realized from exercising stock options awarded in previous years and $5.5 million in restricted stock awarded in previous years that vested in 2012. His pay was disclosed in a proxy statement sent to shareholders in advance of the May 8 shareholder meeting at the Hyatt Regency Pittsburgh International Airport. At the meeting, shareholders could be asked to vote on a resolution filed by New York state treasurer Thomas P. DiNapoli asking Consol to disclose its political contributions. A resolution filed by the As You Sow Foundation seeks a report on the company's plans to address concerns about climate change. Consol opposes both resolutions.
MSA executive's salary released ahead of meeting
MSA President and CEO William M. Lambert's 2012 pay package was valued at $5.2 million, up 16 percent from 2011. His compensation included a $703,500 salary and stock awards valued at $1.8 million. The pay figures were disclosed in a proxy statement prepared for the Cranberry safety products company's shareholder meeting, scheduled for May 7 in Cranberry.
Local architecture firm receives award for good design
Architecture, design and planning firm Bohlin Cywinski Jackson received the Good Design is Good Business Lifetime Achievement Architecture Award from Architectural Record.
Consumer spending makes biggest jump in five months
Consumer spending rose 0.7 percent in February from January, the Commerce Department said Friday. It was the biggest gain in five months and followed a revised 0.4 percent rise in January, which was double the initial estimate. Americans were able to spend more because their income rose 1.1 percent last month. The saving rate increased to 2.6 percent of after-tax income, up from 2.2 percent in January.
Facebook to announce plans for Android partnership
Facebook plans to unveil what it calls its "new home on Android" at the company's Menlo Park, Calif., headquarters Thursday. Facebook isn't providing further details but tech blog TechCrunch says the company will launch a modified version of Android that embeds Facebook deeply into the operating system, on a phone made by HTC Corp.businessnews