Business
6:58 am
Tue May 28, 2013

Bausch + Lomb Sold; Investors Seek To Buy Club Med

Transcript

DAVID GREENE, HOST:

NPR's business news starts with corporate sell-offs.

(SOUNDBITE OF MUSIC)

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.

Related Program