Financial News

PARSIPPANY, N.J. – The Federal Trade Commission has voted to approve Watson Pharmaceutical's acquisition of Switzerland-based generic drug maker Actavis.

The unanimous vote in support of the merger follows Watson's agreement to divest a number of marketed and pipeline products to Par Pharmaceutical and Sandoz as a condition to obtaining FTC approval.

LOS ANGELES, Calif. — More than half of consumers say they plan to spend $500 or more on gifts this holiday season, slightly more than what they planned on spending in 2011, according to PriceGrabber’s winter holiday shopping survey.

The survey of online shopping consumers, conducted from Aug. 31 to Sept. 12, revealed that 75% planned to shop with online retailers, 74% said they’d shop at discount stores and 49% planned to shop at traditional department stores.

WASHINGTON, D.C. — There’s good news for the upcoming holiday selling season. The National Retail Federation said September retail sales — excluding automobiles, gas stations and restaurants — increased 0.4%, seasonally adjusted from August and 2.1% unadjusted year-over-year.

PLEASANTON, Calif. — Safeway's approach to multichannel retailing — a shopping app fielding personalized, targeted promotions to members of its growing Just for U loyalty program — represents the foundation for future growth, executives noted during a conference call with analysts Thursday morning.  

CINCINNATI — Kroger has launched its annual hunger awareness campaign, which is expected to generate $4 million in cash and food donations this year.

The Bringing Hope to the Table campaign, which kicked off Sunday and will run for two weeks, is designed to assist 80 local food banks — which are members of Feeding America — in communities where Kroger's customers and associates live and work. Since 2006, Kroger has contributed $30 million in food and funds to local food banks through the annual campaign.

ISSAQUAH, Wash. — Costco reported net sales of nearly $21.9 billion for the third quarter, an 8% increase over sales of about $20.2 billion for the same period last year.

Comparable-club sales for the quarter increased 5%, which consisted of a 5% increase in the United States and a 5% increase internationally. Excluding the impact of fuel, total comps were still up 5%, however U.S. comps were 4% and international comps were 8% when adjusted for gasoline inflation.

TORONTO — Canadian retailer Shoppers Drug Mart is looking to acquire 19 retail pharmacies and three central fill pharmacies located in British Columbia, Alberta and Manitoba from Paragon for about $75 million in cash.

The completion of the transaction is subject to the approval of Paragon's shareholders, acceptance by the TSX Venture Exchange and certain other customary closing conditions. The transaction is expected to close in third quarter 2012.

OMAHA, Neb. — In an effort to grow its presence in private-label foods, ConAgra Foods has acquired the pita chip business of Kangaroo Brands.

The acquisition includes a manufacturing facility located in Milwaukee, Wis., and approximately 50 employees who joined ConAgra Foods from Kangaroo Brands. Kangaroo Brands will continue to own and market its pita bread and frozen sandwiches. Financial terms of the transaction were not disclosed.