Burger King’s profits and sales dropped
The boss of Burger King described 2010 as “one of the toughest operating environments in history” as the fast-food chain posted a drop in quarterly earnings. Comparable sales were negative 0.7% compared to negative 2.4% in the same period last year.
“In fiscal year 2010, we faced sustained levels of high unemployment and a fragile global economy that combined made this one of the toughest operating environments in recent history,” said chairman and chief executive John Chidsey. (Digital Look)
HP makes $1.6bn bid for 3Par
Hewlett-Packard has made a $1.6bn bid for California-based data storage provider 3Par, topping an $18 per share offer from Dell.
“HP’s proposal offers superior value to 3Par’s shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3Par,” said Dave Donatelli, general manager of HP’s Enterprise Servers, Storage and Networking unit. (Digital Look)
PotashCorp puts BHP snub in writing
Potash Corporation of Saskatchewan has formally rejected the hostile $40bn (£26bn) offer made by Anglo-Australian miner BHP Billiton last week.
“The PotashCorp board of directors is unanimous in its belief that the BHP Billiton offer substantially undervalues PotashCorp and fails to reflect both the value of our premier position in a strategically vital industry and our unparalleled future growth prospects,” said the Canadian firm’s chief executive Bill Doyle.
Bosses have been working on a range of “strategic alternatives” to enhance shareholder value since BHP’s initial contact on 12 August, including approaches by “a number of third parties”. (Digital Look)
