Kimco sells a Mexico property
New Hyde Park-based shopping center owner Kimco Realty Corp. said Monday it has completed the sale of a nine-property Mexican shopping center portfolio to a local real estate operator for $227 million. The buyer is also assuming $47 million of mortgage debt in the deal. Kimco held a 47.6 percent interest in the portfolio, which included 2.6 million square feet and was 91 percent occupied. Its share of the proceeds was about $93 million, and it said it realized a gain on the sale of about $26 million. With the sale of the nine properties, Kimco said its remaining Mexican shopping center portfolio includes 47 properties totaling 9.4 million square feet.
Kids make pitches to Buffett
Billionaire Warren Buffett spent his day Monday listening to business pitches from a select group of kids, but the ideas aren't likely to generate new acquisitions for Buffett's Berkshire Hathaway conglomerate. The kids, ages 7 to 16, are finalists in a contest tied to "The Secret Millionaire's Club," a cartoon narrated by Buffett that teaches kids about finance. The cartoon airs on the Hub cable network and online at smckids.com. Five kids and three teams were flown to Omaha, Neb., to present their ideas to Buffett and the judges. Winners receive $5,000; runners-up get $500.
Actavis to buy Warner Chilcott
Actavis is buying Dublin-based Warner Chilcott in an all-stock transaction valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the United States. The announcement Monday comes after the two companies said earlier this month they were in talks about a possible combination. It also follows reports that Parsippany, N.J.-based Actavis rebuffed takeover bids from companies including Mylan Inc. and Canadian drugmaker Valeant Pharmaceuticals International Inc. and that Swiss drugmaker Novartis AG was considering a bid. Actavis was formed last fall through a $5.6-billion combination of Watson Pharmaceuticals of New Jersey and Actavis of Switzerland. It sells versions of deep vein thrombosis treatment Lovenox, asthma medication Xopenex, attention deficit hyperactivity disorder drugs Adderall XR and Concerta, and cholesterol fighter Lipitor.
High court rules on cell towers
The Supreme Court has affirmed the authority of federal regulators to try to speed local government decisions on proposals to build or expand cellphone towers. The court voted 6-3 Monday to uphold an appeals court ruling in favor of the Federal Communications Commission. The case involves complaints to the FCC by telecommunications companies and the wireless industry that local authorities are delaying placement and construction of wireless service facilities. The FCC said local jurisdictions generally should act on applications within three months for existing structures and five months for new towers. Several cities challenged the FCC's authority.
Death sentence in China scheme
A businesswoman in southern China has been sentenced to death on charges of defrauding investors as the government tightens controls on informal financing that is widely used by entrepreneurs. Lin Haiyan was convicted of "illegal fundraising" for collecting $104 million from investors by promising high returns and low risk, according to a statement by the Intermediate People's Court in Wenzhou, a center for private-sector business. It said the scheme collapsed in October 2011 and $70 million could not be recovered. The case highlighted potential abuses in largely unregulated informal lending that supports entrepreneurs who generate China's new jobs and wealth but often cannot get loans from the state-owned banking industry. -- AP