Deals wrap: Novartis sweetens the deal

December 15, 2010

A general view shows the production plant of the pharmaceutical company Novartis in Schweizerhalle near Basel July 21, 2008. Picture taken July 21, 2008.  REUTERS/Christian Hartmann Novartis has wrapped up its long-awaited buyout of the remainder of U.S.-listed Alcon for $12.9 billion, after sweetening its original offer with cash.

Power producer Dynegy agreed to be bought by Icahn Enterprises, a firm controlled by billionaire investor Carl Icahn, for $665 million in cash. The deal comes after Dynegy rejected Blackstone Group’s $602 million bid in November.

General Electric Chief Executive Jeffrey Immelt’s problems have changed an awful lot in the past two years. Worry about a hidden time bomb in its financial arm has been replaced with concerns the company has built up too much cash.

If Conde Nast is smart, it’ll restrict itself to taking minority stakes in companies where it can be strategically helpful. Otherwise, it’s liable to end up looking like News Corp with MySpace, writes Felix Salmon.

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