Members of the Business Roundtable—which includes some CEOs who head Minnesota companies—said they support “a balanced solution to the fiscal cliff and long-term deficit and debt issues,” adding that “no options should be precluded from a potential solution.”
Banking + Finance
The company recently bought Iowa-based Mason City Business Systems, Inc., which expands its presence in the state and marks the company’s biggest acquisition to date.
A Merrill Lynch analyst reportedly said that a Best Buy buyout is unlikely due to the difficulty of obtaining necessary financing; she also restored an “underperform” rating to Best Buy’s stock.
J.J. Taylor, which employs about 230 in Minnesota, is acquiring Chisago Lakes Distributing, a 35-employee distribution company located north of the Twin Cities.
Despite warnings from economists that the “fiscal cliff” could have dire consequences for the U.S. economy, more than half of those who responded to a recent poll indicated that it might be sensible to take the plunge.
According to Bloomberg, Cerberus Capital Management LP—which was previously considering making a bid for the company as a whole—might instead seek control of its two largest chains, Albertsons and Save-A-Lot.
U.S. Bancorp CEO Richard Davis anticipates “substantially lower” revenue growth next year, due to which the company plans to open fewer branches.
Wipfli has acquired Eikill & Schilling, a consulting and accounting firm with offices in Duluth and Cloquet.
The amended deal does not include Champion Technologies’ refinery unit, which Ecolab believes was the subject of government concern over potential anticompetitive issues.
Citing an unnamed “person familiar with the matter,” The Wall Street Journal said that private equity firm Cerberus Capital Management, LP, is considering a deal to buy Supervalu’s entire business and another to purchase just its Albertsons stores.
Steven Spiegel will replace Brent Moen, who has held the top financial post at Regis for less than two years.
Norwest Equity Partners sold Becker Underwood to German chemical company BASF.
The Bloomington-based glass products maker, which has increased its sales and revenue despite a slow-growth commercial real estate market, has seen its stock price more than double during the past year.
Separately, the company also opened its first office in Turkey last week.
The Minneapolis-based company said that the newly formed credit union will have about $500 million in assets; current Thrivent Financial Bank clients will become member-owners of the credit union.
The Minnetonka-based health insurer said that it expects to earn $5.25 to $5.50 per share in 2013, less than the $5.58 per share that analysts have predicted.
A study by the Tax Foundation estimates that a Minnesota household earning $87,319 would pay an estimated $4,382 more in taxes in 2013 than they did in 2011, if Congress is unable to avert the so-called “fiscal cliff.”
The Austin-based company is rumored to be eyeing Hillshire Brands Company, whose brands include Jimmy Dean sausages, Ball Park hot dogs, and Sara Lee.