Biz Bits

Monday, May 12, 2014 6:40 PM
Last updated 9:22 PM
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Pfizer makes case for deal in UK filings

LONDON — Pfizer Inc. wants to allay concerns over its proposed $106 billion takeover offer of pharmaceuticals firm AstraZeneca, insisting that its promises will be legally binding.

In a memo Monday to two U.K. parliamentary committees studying the proposed deal, the U.S. drugmaker laid out its vision ahead of testimony before government committees.

Crucially, it sought to ease worries that British jobs will be lost and that the nation’s science base eroded by the potential merger.

The deal has become politically fraught, with much of the debate centering on whether Pfizer can be trusted to honor promises in what would be the biggest foreign takeover of a British business.

Chrysler sales climb; merger hits earnings

DETROIT — Chrysler Group saw big sales gains in the first quarter thanks to the new Jeep Cherokee and Ram pickup, but it lost money because of charges related to its merger with Italian automaker Fiat SpA.

Chrysler posted a loss of $690 million for the January-March period. Without one-time costs of $1.2 billion, the company’s net income more than doubled to $486 million.

In January, Fiat paid $3.65 billion to a union-run health care trust to acquire Chrysler’s remaining shares. A merger is in progress.

Chrysler’s worldwide vehicle sales jumped 10 percent to 621,000. In the U.S., sales rose 11 percent, far outpacing the 1 percent average gain for the industry.


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