Capital One, ING Defend Merger (Dealbook)
Capital One and ING Direct USA mounted a defense of their proposed $9 billion merger, which consumer groups claim would create another “too big to fail” bank. The hearing came about during the Federal Reserve conference today, when Representative Barney Frank asked the Fed to gauge the potential pitfalls of the deal.
Consumer Groups Concerned With Pharmacy Benefits Merger (WSJ)
A quintet of consumer advocacy groups sent a letter to the U.S. Federal Trade Commission on Tuesday, expressing concerns that a merger of Express Scripts Inc. and Medco Health Solutions Inc. – two of the three largest pharmacy benefits managers – would restrict patient choice and increase costs.
FTC Investigates Valeant, Skin Care (Reuters)
Valeant Pharmaceuticals International said the Federal Trade Commission (FTC) had requested more information regarding its two pending acquisitions of Johnson & Johnson and Sanofi skincare units. Valeant bought the skin-care units of both companies last July and expect to close the deal by the end of the year.
Gulf Keystone Petroleum To Dump Kurdish Oil (Businessweek)
Gulf Keystone Petroleum intends to divest its 20% interest in the Akri-Bijeel block, located in the Kurdistan Region of Iraq. MOL, the operator of the block and owner of 80% interest, has estimated significant reserves of gross petroleum.
Jazz Jumps With Azur Merger (MarketWatch)
Jazz Pharmaceuticals Inc.’s stock price jumped nearly 7% Tuesday after it said it would merge with the Irish drug maker, Azur Pharma Ltd., in an all stock deal. Both companies develop and manufacture drugs focused on the central nervous system.