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Warner-Lambert Agrees To Buy Agouron
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Business New Haven
2/8/1999
By: Kristine Hansen
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MORRIS PLAINS, N.J. - Warner-Lambert Co. (NYSE: WLA) has agreed to purchase Agouron Phamaceuticals (NASDAQ: AGPH) in a deal worth $2.1 billion. Each Agouron share will exchange for about $60 worth of Warner stock. The acquisition will enhance Warner's new product development, especially in the anti-viral and cancer treatment areas. Even if the deal does not complete Warner retains an option to buy up to 19.9 percent of the common stock of Agouron.
Webster's 46th Consecutive Dividend
WATERBURY - Webster Financial Corp. (NASDAQ: WBST) announced its 46th consecutive quarterly dividend since its first dividend paid in 1987. The 11-per-share dividend is payable February 22.
Q1 Results for Connecticut Energy
BRIDGEPORT - Connecticut Energy Corp. (NYSE: CNE) reported operating revenues of $61.5 million for its first quarter ended December 31, compared to $76.5 million for the previous year's comparable quarter. Net income of $6.1 million or 59 cents per share compared to $6.2 million (64 cents per share) for the comparable 1997 period. A dividend of 33.5 cents per share was declared by the board of directors to be payable March 31, 1999 for shareholders of record March 19.
No Wait for Illinois Tool in Trident Acquisition
GLENVIEW, Ill. - Illinois Tool Works Inc. (NYSE: ITW) said that with regard to its proposed purchase of Trident International (NASDAQ: TRDT) it has been notified that the waiting period under Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been terminated earlier than expected.
First Half Quarter Difficult for Zygo
MIDDLEFIELD - Zygo Corporation (NASDAQ: ZIGO) cited weakness in data-storage and semiconductor markets as well as Asian economic conditions as factors effecting its performance for the second quarter and first half of the fiscal year. For the second quarter ended December 31, the company reported net sales of $16.0 million and a net loss of $336,000 or (three cents per share diluted) compared to net sales of $27.3 million and net income of $3.7 million (30 cents per diluted share) for the comparable 1997 period. Also, the company reported net sales of $31.4 million and a net loss of $1.4 million or (13 cents per share diluted) for the first half ended December 31. This compares to net sales of $51.6 million and net income of $5.4 million (44 cents per diluted share) for the comparable prior year period.
Alexion Inks Agreement With Proctor & Gamble
NEW HAVEN - In an agreement with Proctor & Gamble Corp. (NYSE: PG), Alexion Pharmaceuticals Inc. (NYSE: ALXN) will transfer development and marketing rights of its heart drug known as 5G1.1SC to P&G. In return Alexion will receive $95 million from P&G and will retain rights for manufacturing and co-promotion in the U.S. The deal will allow Alexion to accelerate development and commercialization of the drug.
Preferred Shareholders Approve eLottery Inc. Spinoff
MILFORD - Preferred shareholders of Executone Information Systems Inc. (NASDAQ: XTON) unanimously approved the spinoff of the company's eLottery Inc., previously known as Unistar Gaming Corp. The company thus avoids the necessity of a special meeting and proxy to accomplish the transaction. In a separate announcement, the company said that it had selected Jefferies & Co. Inc. to assist with the proposed spinoff.
U.S. Surgical Commences Tender Offer for Notes
NORWALK - United States Surgical Corp., now a subsidiary of Tyco International Ltd. (NYSE: TYC), announced that it has commenced a tender offer for all outstanding 7 1/4 percent senior notes due 2008. The offer was set to expire February 5.
CIGNA Healthcare South of the Border
PHILADELPHIA - CIGNA International, a part of CIGNA Corp. (NYSE: CI) announced its acquisition of a 45-percent interest in Planes de Salud Integral, S.A. de C.V., also known as Mediplan, an HMO based in Guadalajara, Mexico. CIGNA will use this equity investment as its introduction into the Mexican health care market.
NU Plans to Sell Massachusetts Plants
WEST SPRINGFIELD, Mass. - Northeast Utilities (NYSE: NU) announced that its subsidiary, Western Massachusetts Electric Co. (WMECO), plans to sell five hydroelectric plants, three internal combustion jet turbines and an oil- and gas-fired plant to Consolidated Edison Energy, which is a White Plains, N.Y.-based unit of Consolidated Edison Inc. (NYSE: ED), for $47 million.
Advest Announces First Quarter Results
HARTFORD - The Advest Group Inc. (NYSE: ADV) announced revenues of $85.8 million for the quarter ended December 31, representing a ten-percent increase compared to $77.9 million for the 1997 first quarter. Net income for the quarter was $4.7 million, or 51 cents per diluted share - a 17-percent increase over the prior year's first quarter net income of $4.0 million, or 43 cents per diluted share.
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