Here's a quick look at a few of the headlines making news this afternoon.
Norway rejects cigarette appeal
Philip Morris (NYSE: PM) has lost a legal challenge of Norway's ban on displaying tobacco products in stores. Philip Morris had argued that the ban interfered with the free flow of goods and violated international agreements, according to an Associated Press report. The court concluded that "the display ban is necessary and that there aren't other, less invasive methods which could give similar results," reported the AP.
Management shuffle
Health Care REIT (NYSE: HCN) plans to sell the management business of Sunrise Senior Living for $130 million, Reuters is reporting. The buyers are three private equity firms. Health Care REIT will turn around and buy a 20% interest in the new management business, according to Reuters. Health Care REIT is in the process of acquiring Sunrise Senior Living.
Teva animal health division finds buyer
Bayer HealthCare will acquire Teva Pharmaceutical's (NYSE: TEVA) U.S.-based animal health business for up to $145 million, the companies announced today. The purchase price includes an upfront payment of $60 million plus a total of $85 million in milestone payments. If regulatory hurdles are cleared, the companies expect to close the sale in 2013. It involves a manufacturing site in Missouri and about 300 employees.
NYSE pays for data-feed disparity
The New York Stock Exchange will pay $5 million to settle federal charges that it provided select traders with data ahead of the rest of the public. The matter involved data feeds and the disparities in data release times ranged from single-digit milliseconds to multiple seconds, according to an SEC press release. This marks "the first-ever SEC financial penalty against an exchange," according to the press release.
