The numbers for July 29, 2013: Crossing borders
Perrigo, the largest maker of generic over-the-counter medications like store-brand aspirin, says it will be buy the Irish drugmaker Elan for $8.6 billion. Perrigo gets royalties from Elan’s best-selling treatment for multiple sclerosis. Perrigo also gets a new address for its tax returns. Currently based in Allegan, Mich., Perrigo will officially move to Ireland, where corporate tax rates are lower. (WSJ)
BMW unveiled its first mass production all-electric car: The i3. The sticker price of the car will be $42,000, before collecting any tax breaks for which you may be eligible. For a few thousands dollars more, BMW will include a “range extender.” What helps extend your range? A car engine that uses gas. (BMW)
Saks is moving north — the Great, White North to be exact. The U.S. luxury retailer Saks agreed to sell itself to Hudson’s Bay, the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion. Hudson’s Bay is looking to grow its footprint in the U.S., now that Target and other major U.S. companies are targetting Canadian markets. (Bloomberg)
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