Financial News

LONDON — Unilever's offer to shed some of its bar soap business to win United Kingdom competition approval for its acquisition of hair and personal care products manufacturer Alberto Culver was accepted by the U.K. Office of Fair Trading.

"Following a consultation, and having carefully assessed the financial position and commitment of the purchaser, Lornamead, we are satisfied that this divestment will ensure there continues to be effective competition in this market," said Ali Nikpay, OFT senior director for U.K. Office of Fair Trading.

DUBLIN, Ohio and ST. PAUL, Minn. — A healthcare services company will continue to serve as the primary pharmaceutical supply chain partner for a pharmacy benefit manager's mail-order business.

WASHINGTON — An investment group that holds approximately 3 million shares of Rite Aid stock is calling for an overhaul of the retail pharmacy chain’s board ahead of its annual stockholders meeting next Thursday.

In a letter to Rite Aid’s board of directors, the CtW Investment Group, which works with pension funds sponsored by unions affiliated with the nonprofit group Change to Win, said its analysis found that only 4-of-the-11 nominees named in Rite Aid’s May 13th proxy statement were sufficiently independent to represent public shareholders.

SCARSDALE, N.Y. — Natural food retailer Mrs. Green's Natural Market confirmed its acquisition of seven Superfresh grocery locations in Maryland and one Superfresh location in Washington, D.C., from the Great Atlantic and Pacific Tea Co.

BRUSSELS — GlaxoSmithKline has garnered strong interest in its portfolio of legacy brands that were placed on the sales block earlier this year, according to a Reuters report published Tuesday. And that interest is likely to pick up in the coming months, GSK CEO Andrew Witty told reporters during a meeting of pharmaceutical industry executives.

The interest is coming from both established consumer healthcare companies, as well as private equity houses, the report noted.

WASHINGTON — Retail spending for the month of May experienced a slight drop of 0.2% to $387.1 billion, though the advanced estimates noted that May sales were 7.7% higher than the year-ago period, the U.S. Census Bureau said Tuesday.

The government agency also reported that total sales for the March through May period were up 7.5% from the same period a year ago.

ROCKVILLE, Md. — Catalyst Health Solutions on Monday announced it has completed its acquisition of Walgreens’ pharmacy benefit management subsidiary, Walgreens Health Initiatives.

“We have been pleased with the integration planning and are highly confident that the company will rapidly realize the many strategic and financial benefits of this transaction,” stated David Blair, Catalyst CEO.

AMSTERDAM — Sales for Dutch supermarket operator Royal Ahold increased 5.9% to $13.3 billion in first quarter 2011, the company said.

This compared with first quarter 2010 sales of $12.6 billion at Ahold, which operates the Giant-Carlisle, Giant-Landover and Stop & Shop chains in the United States, as well as online grocer Peapod. Profits for the quarter were $419.1 million, a 6.2% increase over $394.6 million in 2010.

Sales for Ahold USA were $7.6 billion, a 7.4% increase over first quarter 2010. Same-store sales increased by 5% over last year.