Financial News

LONDON — The break-even forecast for the U.S. division of Tesco has been pushed back to early next year, the U.K. retail giant announced in its fiscal-year results.

LISLE, Ill. — SXC Health Solutions and Catalyst Health Solutions on Wednesday announced a merger agreement under which SXC and Catalyst will combine in a cash and stock transaction valued at approximately $4.4 billion. The announcement comes some three weeks after Express Scripts and Medco consummated their $29.1 billion merger.

BASEL, Switzerland — Roche has decided not to buy diagnostics firm Illumina, the drug maker said Wednesday.

Roche said it had decided not to extend its $51-per-share offer for Illumina following the reelection of Illumina's incumbent directors. Roche offered to buy Illumina for $44.50 per share in January, increasing the offer to $51 on March 29. The company took the offer directly to shareholders earlier this month after Illumina's board rejected it.

NEW YORK — Two weeks after Avon rejected Coty’s bid to snap up the company in a deal valued at $10 billion, Coty is reaffirming its interest in Avon and is urging Avon shareholders to push for the offer.

As previously reported, Coty submitted a nonbinding proposal to acquire Avon for $23.25 per share in cash. The proposal, valued at approximately $10 billion, represents a substantial premium of 27% over the three-month, volume-weighted average price for Avon shares, Coty stated.

WASHINGTON — An earlier Easter holiday and unseasonably warmer weather prompted U.S. retail sales to steadily climb in March, the U.S. Census Bureau reported Monday.

U.S. retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $411.1 billion, an increase of 0.8% from the previous month and 6.5% above the year-ago period. Retail trade sales were up 0.8% from last month and 6.5% above last year.

WHAT IT MEANS AND WHY IT'S IMPORTANT — Thursday's results marked the fifth consecutive quarter in which Rite Aid increased its same-store sales. And at the rate it's currently going, there's a good chance the country's third-largest retail pharmacy chain soon could become profitable, even though it expected to post losses in 2013, albeit even smaller losses than in 2012.

(THE NEWS: Rite Aid announces fourth quarter, fiscal year 2012 earnings. For the full story, click here.)

COCOA, Fla. — Sun and Skin Care Research, a manufacturer of branded and private-label sun care products that are sold under such brands as Ocean Potion and No-Ad, has announced that an investment group led by private equity firm Source Capital, and including the company's management, has acquired a majority interest in the company.

NEW YORK — Trading of Safeway shares on Nasdaq were up almost 75 cents in late morning trading on speculation that Safeway soon may be up for sale.

The speculation is borne out of a recent revision in the company’s change in control that would make retention of management easier and cheaper in a take-out, suggested Ed Kelly, Credit Suisse analyst, in a note published Friday morning. "While this is an interesting development, we do not believe it signals that Safeway is suddenly up for sale."