ChicagoBusiness.com Breaking News

Motorola CEOs Brown, Jha saw pay drop in 2009

Fri, 12 Mar 2010 18:09:00 EST

(Crain's) — Motorola Inc. Co-CEOs Greg Brown and Sanjay Jha received total compensation of $12.2 million last year, according to the company’s proxy statement released Friday. Their pay packages dropped sharply from 2008, when they were fueled by one-time option and restricted-stock grants ...

Jewel parent Supervalu sees stock jump on takeover rumors

Fri, 12 Mar 2010 16:53:00 EST

(Reuters) — Shares of Supervalu Inc. gained as much as 11 percent in heavy trading Friday as rumors circulated that the second-largest U.S. supermarket operator could be poised for a leveraged buyout. The shares reached $17.89, their highest level since June, and finished the day up 6.6 ...

Gov. Quinn looks for someone to lend Illinois $4.7 billion

Fri, 12 Mar 2010 15:43:00 EST

(AP) — So, who can lend Illinois the $4.7 billion Gov. Pat Quinn wants to borrow to move the state closer to balancing the budget? Following Quinn's proposal to borrow the money, his budget director says the state can borrow from other state funds or from outside investors. David ...

Archer Daniels Midland tender offer totals $555M

Fri, 12 Mar 2010 14:59:00 EST

(AP) — Archer Daniels Midland Co. said Friday that debt holders have tendered more than $555 million in response to its tender offer, exceeding its initial cap of $500 million. The company said debt holders tendered $284.6 million out of $500 million of its 6.45 percent debentures due ...

Movie futures exchange looks for mid-year Chicago premiere

Fri, 12 Mar 2010 13:10:00 EST

(Crain's) — A new futures exchange that will let investors bet on contracts tied to soon-to-be-released movies is making its home in Chicago. Trend Exchange aims to open trading on the contracts by mid-year, allowing investors to wager on whether movies will be a hit or a flop based on box ...

Baxter reports flu vaccine results in clinical trial

Fri, 12 Mar 2010 13:23:00 EST

(AP) — Baxter International Inc. reported late-stage clinical trial data for its flu vaccine candidate Preflucel, saying the drug provided a 71 percent protection rate against all strains of the flu. Preflucel is designed to protect against swine flu, influenza B, and Hong Kong flu. Baxter ...

Bid-rigging at McCormick Place snares two men

Fri, 12 Mar 2010 11:17:00 EST

(Crain's) — Two suburban men, one with alleged mob ties, were arrested Friday morning on federal charges of rigging a 2006 contract bid at McCormick Place. Rudolph Carmen Fratto, 66, of Darien, and William Anthony Degironemo, 66, of Inverness, were charged with one count of mail ...

Kraft to be grilled by U.K. pols next week

Fri, 12 Mar 2010 10:22:00 EST

(Reuters) — Kraft Foods Inc. will be grilled by British parliamentarians next week amid claims the U.S. group backtracked on plans to keep a Cadbury plant open after its takeover of the British chocolatier. The closure plan is not the only controversy about the deal. The loss of one of ...

CF Industries seals $4.7 billion deal for Terra

Fri, 12 Mar 2010 10:32:00 EST

(AP) — After more than a year of bids and counterbids, CF Industries Holdings Inc. landed Terra Industries on Friday for $4.7 billion, creating a giant fertilizer company. The announcement came just hours after Norway's Yara International said it would not top the latest bid by ...

Exelon settles nuke-plant suits for $1.1M

Thu, 11 Mar 2010 18:41:00 EST

(Crain's) — Exelon Corp. agreed Thursday to pay more than $1.1 million to settle lawsuits connected to releases four years ago of radioactive tritium from the Braidwood nuclear plant in Will County and the Byron nuclear station in Ogle County. The payment settles suits filed by Illinois ...

CF Industries no longer target of Agrium bid

Thu, 11 Mar 2010 18:31:00 EST

(Reuters) — Agrium Inc. said on Thursday it will terminate its $5.4 billion offer to buy U.S. rival CF Industries later this month, ending a takeover battle that has lasted more than a year. Calgary, Alberta-based Agrium said in a statement it will allow its offer -- which values each CF ...

Boston Blackie's owner charged with check fraud

Thu, 11 Mar 2010 17:50:00 EST

(Crain's) — The owner of Boston Blackie’s, which is attempting to reorganize under Chapter 11 bankruptcy protection, was caught at a Canadian border crossing Thursday as fraud charges were levied against him, his son and an employee. Nick Giannis, his son Chris Giannis and Boston ...

Blagojevich's attorneys ask to postpone trial

Thu, 11 Mar 2010 17:46:00 EST

(AP) — Ousted Gov. Rod Blagojevich's attorneys asked a federal judge Thursday to postpone his corruption trial, saying so many uncertainties surround the charges it would be "playing Russian Roulette" with his future if the court went ahead with the June 3 start date. Blagojevich's attorneys ...

Ulta Salon's reports higher 4Q, 1Q forecast

Thu, 11 Mar 2010 17:32:00 EST

(Reuters) — Ulta Salon, Cosmetics & Fragrance Inc. posted a better-than-expected quarterly profit, helped by improved merchandise margins and tighter cost controls, and forecast first-quarter earnings above Wall Street view. The company said net income for the fourth quarter ended Jan.30 was ...

Hartmarx OKs creditors filing Chapter 11 exit plan

Thu, 11 Mar 2010 15:17:00 EST

(Crain’s) — Hartmarx Corp. has agreed to allow its creditors’ committee to file a Chapter 11 plan with the Bankruptcy Court when the suit maker’s exclusive right to propose a plan expires later this month. The once Chicago-based company has until March 22 to file, unless it is granted ...

Obama taps Boeing's McNerney to be co-leader of Export Council

Thu, 11 Mar 2010 14:01:00 EST

(AP) — President Barack Obama named Boeing Co. CEO James McNerney to lead a trade panel as the president seeks to put some detail behind his lofty drive to double U.S. exports over the next five years, calling the effort imperative to putting people back to work. Obama re-established the ...

Three charged with making $1 million in false work comp claims

Thu, 11 Mar 2010 13:08:00 EST

(Crain’s) — A physician, a chiropractor and a medical biller from a suburban clinic were indicted Thursday on federal fraud charges for allegedly submitting more than $1 million in false workers-compensation claims, U.S. Attorney Patrick Fitzgerald announced. Chiropractor Darwin Minnis, 54, ...

Northern Trust CEO scouting for acquisitions

Thu, 11 Mar 2010 12:32:00 EST

(Reuters) — Financial services company Northern Trust Corp. is interested in buying a fund administrator or asset manager, its chief executive said on Thursday, not long after rivals revealed a string of takeovers. At a time many banks are still eager to sell off some divisions and as several ...

Anheuser-Busch sues liquor commission for right to distribute beer in Illinois

Thu, 11 Mar 2010 11:30:00 EST

(Crain's) — Anheuser-Busch Cos. is suing the Illinois Liquor Control Commission over its decision to deny the beer giant a license to distribute in the state. Reporter David Sterrett explains the byzantine rules in Illinois St. Louis-based ...

Feds seek bids for up to seven local banks, including Amcore

Thu, 11 Mar 2010 11:23:00 EST

(Crain's) — Federal banking regulators are seeking bidders for as many as seven troubled local banks, including Rockford-based Amcore Bank. Bids for Amcore are due April 15 to the Federal Deposit Insurance Corp., Crain’s has learned. Amcore, which has been buried under mounting real ...