General Growth Properties Inc. plans to back a revised bankruptcy exit plan proposed by Brookfield Asset Management Inc. over
a competing offer by Simon Property Group Inc.
Some retail tenants of outlet malls are concerned about Simon gaining too much market power should its acquisition of Prime
Outlets be approved.
Funds from operations fell to $325.6 million, or 94 cents a share, from $476.8 million, or $1.61 a year earlier, the Indianapolis-based
shopping mall giant said Friday morning.
Simon Property Group and Blackstone Group LP are in “ongoing discussions” for an investment in General Growth after the mall
operator turned down a $10 billion takeover bid from Simon in February, CEO David Simon said.
A federal judge has rejected Guidant Corp.'s guilty plea to charges it hid defects in heart defibrillators, after some
doctors and patients complained about the $296 million deal.
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process
will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon
Property Group.
U.S. corn farmers may have planted more acres last week than in any week ever as dry weather
and more-productive equipment sped up fieldwork.
Simon Property Group Inc. added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge
from bankruptcy, increasing the plan’s total investment by $1.1 billion.
Former director says he saw employees give passing scores to students who had failed entrance exams, raise their grades and
alter their attendance records so they would continue to receive U.S. financial aid.
Investors who had challenged the bankruptcy sale, including the Indiana State Police Pension Trust, had argued that Treasury
Secretary Timothy Geithner violated the Constitution by using TARP money to finance the sale, and had their arguments overruled
in the appeals court.
Insurers like WellPoint Inc. should be required to get U.S. approval to increase premiums, Sens. Diane Feinstein and Tom Harkin
say.
Bid to invest in General Growth Properties would give Simon too much control over its biggest competitor, said
fund manager Bruce Berkowitz, who’s backing a rival plan.
Eli Lilly and Co. will repurchase rights to develop and market antidepressant Cymbalta outside the U.S. and Japan from European
partner Boehringer Ingelheim for an initial payment of $400 million.
General Growth Properties Inc. is seeking a higher price, fewer stock warrants or both from Brookfield Asset Management Inc.
after its bankruptcy exit plan was matched by Simon Property Group Inc.
Indianapolis-based WellPoint “reclassified” more than half a billion dollars of administrative expenses as medical
expenses when it was defining its medical-loss ratio, according to a report released by U.S. Senator Jay Rockefeller’s
office.
Shares of ITT Educational Services rose 9.6 percent Tuesday, their biggest gain in seven months.
A U.S. mandate forcing insurers led by UnitedHealth Group Inc. and WellPoint Inc. to spend 85 percent of revenue from premiums
on medical care is the newest front in the battle between the Obama administration and companies over industry profits.
Shares in General Growth Properties Inc., the second-biggest U.S. mall owner, fell as much as 6.7 percent Monday morning after
a newsletter report that Simon Property Group Inc. may abandon a takeover bid for its smaller rival.
Bank of America Corp. is arranging a five-year loan that will be sold at a discount of 98 cents to 98.5 cents on the dollar,
according to a source who declined to be identified because the discussions are private.
Eli Lilly and Co. won a U.S. court ruling Wednesday that bars Teva Pharmaceutical Industries Ltd. from selling a generic version
of the cancer drug Gemzar until November.
