Roundup: Johnson & Johnson to buy Vogue International for about $3.3B; more
| Thursday, June 2, 2016, 11:00 p.m.
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Updated 54 minutes ago
Johnson & Johnson to pay $3.3B for Vogue International
Johnson & Johnson will buy hair and personal care products maker Vogue International for about $3.3 billion.
Vogue’s hair care products are sold in the United States and 38 other countries.
The acquisition will give Johnson & Johnson the OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX hair styling product line and the Proganix and Maui Moisture hair care lines. The deal is expected to close in the third quarter.
Tribune board elected in possible blow to Gannett bid
Tribune Publishing Co. said shareholders voted to re-elect the company’s board nominees at its annual meeting Thursday as the newspaper owner announced plans to change its name.
The publisher of the Chicago Tribune and Los Angeles Times didn’t give the breakdown of the vote or an indication of how much support Gannett Co. garnered for its “withhold” campaign. Gannett was encouraging shareholders to withhold their votes for the board as a symbolic gesture of no confidence and support for Gannett’s takeover attempt.
Gannett said it is “reviewing whether to proceed” with its takeover offer.
Tribune also announced it would change its name to tronc Inc. and launch a new site, www.tronc.com, as part of a rebranding strategy. Tronc.com will curate content across Tribune’s brands. The name change, short for Tribune online content, is slated to take effect June 20.
Wal-Mart tests using drones to manage inventory
Wal-Mart Stores Inc. is testing drones that it says will help it manage its warehouse inventory more efficiently. The company said Thursday that the devices could be rolled out in the next six to nine months across its distribution centers.
The move is another sign of how the nation’s largest retailer is trying to compete with online leader Amazon.com, which is testing drones to deliver packages.
During a tour at a distribution center, Wal-Mart offered a peek at a drone that flies around the enormous center, captures images in real time and flags misplaced items. Wal-Mart said using drones enables it to check inventory in a day or less, instead of the month that it takes employees.
Jobless aid applications down
Fewer Americans applied for jobless aid last week, the third consecutive decline and a sign that the job market remains healthy despite a recent slowdown in hiring.
Weekly applications for unemployment aid dipped 1,000 to a seasonally adjusted 267,000, the Labor Department said Thursday. The four-week average, a less volatile measure, fell to 276,750.
Applications are a proxy for layoffs, so the decline in jobless aid suggests companies are confident enough to hold onto their workers. When layoffs are low, hiring usually is steady.
U.S. companies added 173K jobs in May, survey shows
American businesses added 173,000 jobs last month, lifted by strong gains in services industries, according to a private survey.
Payroll processor ADP said Thursday that construction firms hired more workers while manufacturers shed jobs. There were large job gains in retail, shipping and at utility companies, as well as in professional services such as accounting and engineering. The figures nearly matched a gain of 166,000 in April. That suggests hiring has slowed from an average of about 210,000 a month during the previous six months, according to ADP. Still, last month’s job gains, if sustained, are enough to lower the unemployment rate over time.
Dutch investigators raid firms linked to global fraud
Dutch prosecutors raided a string of locations and seized cash and hundreds of thousands of fraudulent letters in an investigation into worldwide mail scams that U.S. law enforcement authorities said Thursday defrauded “elderly and vulnerable” Americans out of tens of millions of dollars.
The scams involved sending letters to people around the world telling them they had won or could win prizes and could collect their winnings by sending a processing fee or buying goods or services.
Ringleaders of the fraud are suspected of mailing millions of letters to people in the United States, Britain, France and Japan.
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