Microsoft Corp. will pay shareholders a quarterly dividend of 13 cents, the same as last quarter. In a statement released late Wednesday, Microsoft said the dividend is payable Sept. 10 to stockholders of record as of Aug. 20. Microsoft also said its board has proposed to let shareholders representing a quarter of the company’s stock call special meetings. For this to occur, shareholders would have to approve amendments to Microsoft’s bylaws at the company’s November meeting.
GM reportedly in Saab sale talks
General Motors Corp. is nearing a deal to sell its Saab unit, but nothing has been finalized, a person briefed on the negotiations said Thursday. The news came as Swedish broadcaster SVT reported that Swedish luxury sports car maker Koenigsegg Automotive AB and Norwegian investors are planning to buy Saab. The person would not identify the final bidders for Saab but said news could come “shortly,” perhaps as early as Friday. “The process is well along,” said the person, who spoke on condition of anonymity because the negotiations are private. Citing unnamed sources, SVT said Koenigsegg and the unidentified investors have signed a declaration of intent to buy Saab.
Ford may sell additional stock
Ford Motor Co. will likely trade more of its debt for equity, and sell more common stock, so it can improve its balance sheet until the company can become profitable in 2011, CEO Alan Mulally said Thursday. Speaking at an event to show Ford employees the company’s new Taurus sedan, Mulally said the automaker will need to take its own actions to reduce debt and raise cash. General Motors Corp. and Chrysler Group LLC were able to slash their debt and borrow billions of dollars as part of their government-backed filings for bankruptcy protection. Ford raised $1.6 billion last month when it sold 345 million shares of common stock in a public offering. Earlier this year, the company completed tender offers that reduced its debt by more than one-third, retiring $9.9 billion in securities.
Biotechs seek 14-year protection
The biotechnology industry’s demand for up to 14 years of competition-free marketing before cheaper copies of their drugs can be launched is unnecessary and would discourage development of new treatments, the Federal Trade Commission told lawmakers Thursday. As the administration accelerates its push to reform U.S. health care, Congress again is taking up an effort to create generic competition for expensive biotech drugs, which cost the nation $40 billion per year. Efforts to give the Food and Drug Administration power to approve generic biotech drugs have been delayed for years by disagreements between the biotech and generic-drug industries, and their respective allies on Capitol Hill.
From Herald news services
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