Kodak may sell Sterling Drug
Eastman Kodak Co.'s stock price jumped 7.8 percent yesterday amid reports that the photography giant might sell or spin off its Sterling Drug unit.
Kodak said it will make a "significant" announcement at 7:30 a.m. today.
Analysts said Sterling could be a candidate for sale, especially after a sharp rise in drug stocks propelled by news yesterday that Roche Holding Ltd. bid $5.3 billion for Syntex Corp. Kodak acquired Sterling in 1988 for $5.1 billion.
Kodak's share price rose $3.25, to $44.75, on heavy trading volume.
Denver airport opening delayed
The opening of Denver's new international airport will be delayed indefinitely because the computerized baggage system "does not meet the requirements of the city or the airlines," Mayor Wellington Webb said yesterday.
Mr. Webb said at a news conference here that "the short-term consequences would be unpleasant at best." But he said a premature opening "would be disastrous."
The city says the cost of delaying the airport's opening is expected to create a shortfall of $16 million to $17 million a month for the city.
vTC The airport originally was scheduled for opening in October. It had been delayed three times previously, to Dec. 19, then March 9 and May 15.
Md. firm cannot buy vaccine
The Federal Trade Commission has shut out Beltsville-based North American Vaccine Inc. from the rabies vaccine business.
The commission, in a 3-2 decision Friday, said French pharmaceutical producer Pasteur Merieux S. A. will not have to sell U.S. vaccine rights to one of the two rabies vaccines it owns. The finding ensured that the French company will be able to keep a tight grip on the rabies vaccine market. Merieux is owned by pharmaceutical company Rhone-Poulenc.
The FTC decision granted Merieux a waiver to a decree that requires it to sell or lease rights to a rabies vaccine developed by Canadian pharmaceutical company Connaught BioSciences, which Merieux bought in 1990. In a release, the commission said it granted the waiver because Merieux had not been able to find an appropriate bidder.
Kmart to sell shares of units
Kmart Corp. plans to sell shares in its four specialty divisions by late fall, company executives said yesterday, though they declined to say how much money Kmart hopes to raise from the sale.
Kmart's plan is to sell shares representing 20 percent to 30 percent of each of the four divisions, the Troy, Mich.-based retailer's top executives said at a New York news conference.
Kmart announced in February its plans to sell shares of Borders-Walden, which operates Borders Books and Music stores and the Waldenbooks chain; Builders Square, a home-improvement products chain; OfficeMax, a chain of office products stores; and The Sports Authority sporting goods chain.