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Pfizer one step closer to completing King acquisition

BY Alaric DeArment

NEW YORK — Pfizer has cleared one of the main legal hurdles in its effort to purchase drug maker King Pharmaceuticals, Pfizer said Friday.

Pfizer, the world’s largest drug company, said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 had been terminated, one of the conditions necessary for the completion of Pfizer’s tender offer for King.

Pfizer announced plans in October to purchase Bristol, Tenn.-based King for $3.6 billion, or $14.25 per share.

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Mac Naughton rises to top as Walmart’s chief merchant

BY Allison Cerra

BENTONVILLE, Ark. — In a swift move by Walmart, Duncan Mac Naughton has been appointed the retailer’s chief merchandising officer for its U.S. division, less than three months after being named the company’s merchandising EVP.

Mac Naughton, who joined Walmart in October, was part of the big-box retailer’s restructuring of the merchandising department, which involved divvying the responsibilities among four EVPs, directly reporting to Walmart U.S. president and CEO Bill Simon. Mac Naughton oversaw the consumables, health-and-wellness and Walmart.com businesses.

Prior to joining Walmart U.S., Mac Naughton served as chief merchandising officer for Walmart Canada.

“We are fortunate to have outstanding, seasoned leadership across our merchant organization. Duncan has distinguished himself with a proven record of success in every organization that he has worked in, including Walmart in the United States and Canada,” Simon said. “He is a strong steward of our culture, and he understands that merchandising is at the very core of our business. Duncan is committed to giving our customers a breadth of assortment, national brands and everyday low prices.”

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Weis declares quarterly dividend

BY DSN STAFF

SUNBURY, Pa. — Weis’ board of directors declared a quarterly dividend of 29 cents per share on Friday.

The dividend will be paid to shareholders of record as of Feb. 7, payable on Feb. 21.

Weis operates 164 stores in five states.

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