Business briefs [Telegraph-Herald (Dubuque, IA)]
(Telegraph-Herald (Dubuque, IA) Via Acquire Media NewsEdge) Darden plans to sell Red Lobster
NEW YORK - Darden is setting Red Lobster adrift, but betting that it can still turn around Olive Garden's fortunes.
The company said Friday that it would sell its seafood chain and the accompanying real estate to investment firm Golden Gate Capital in a $2.1 billion cash deal.
The announcement came despite objections from some shareholders to the plan to separate Red Lobster.
Both chains have been losing customers in recent years, even as they changed their menus and marketing campaigns to win back business.
Abbott to purchase Latin drugmaker
NORTH CHICAGO, Ill. - Abbott Laboratories will spend about $2.9 billion to broaden its reach in Latin America with the acquisition of branded generic drugmaker CFR Pharmaceuticals.
Abbott makes infant formula like Similac as well as medical devices and drugs. The North Chicago, Ill., company said Friday the deal will expand its presence in several fast-growing markets, especially with branded generic drugs.
An Abbott spokesman said generic drugs with brand names are preferred in many developing markets due to their reputation for quality and consistent supply.
CFR Pharmaceuticals, based in Chile, sells more than 1,000 products in 15 Latin American markets. Abbott expects the deal to add about $900 million in revenue in 2015.
German official mulls breaking up Google
BERLIN - A senior German official has warned that Google might have such a dominant market position that a breakup of the company should be considered.
Such a move - which would be difficult to enforce because Google is based in the United States - could be a last resort for countries seeking to prevent it from crowding out competitors.
Google has faced criticism for years over its dominant position in Europe. But the comments by Sigmar Gabriel, Germany's economy minister and vice chancellor, reflect a new sense of urgency that the continent's Internet industry risks being smothered by American rivals.
On Thursday, some 400 companies - including major German and French publishers - announced they were submitting a new anti-trust complaint against Google.
After rough winter, many set to travel
NEW YORK - A strong case of cabin fever and a little more money to spend should inspire a greater number of Americans to hit the road this Memorial Day weekend.
Auto club AAA said Friday that it expects a total of 36.1 million people to travel 50 miles or more. If that estimate holds true, it would be the largest amount of people traveling during the holiday weekend since 2005.
Most will drive to their vacation spots, but more people are expected to fly or take a cruise or train this year compared with a year ago, AAA said.
The Associated Press
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