Tue May 28, 2013
Bausch + Lomb Sold; Investors Seek To Buy Club Med
DAVID GREENE, HOST:
NPR's business news starts with corporate sell-offs.
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GREENE: Bausch + Lomb has been sold. The drug maker Valeant Pharmaceuticals is buying the 160-year-old eye care company for $8.7 billion.
RENEE MONTAGNE, HOST:
Valeant - which is a Canadian company - has been on a buying spree recently, as it moves to become a bigger player in the global pharmaceutical market.
Bausch + Lomb employs 12,000 people worldwide, including 1,600 at its headquarters in Rochester, New York. It's not clear yet how or if the sale will affect the company's staffing.
GREENE: And another famous brand is up for sale. Club Med, the French holiday resort company famous for blending escapist fun with some French style, has received a $700 million buyout offer. The bid is led by a major Chinese conglomerate, Fosun International.
MONTAGNE: Analysts say the buyout will help Club Med expand into emerging markets - especially China, where the tourism industry is growing rapidly. On a recent visit to China, France's president encouraged Chinese businesses to invest in his country, which has been suffering from economic stagnation for several years. Transcript provided by NPR, Copyright NPR.