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Market Update : 
Novartis to Buy Chiron for $5B
Author: Elena Todorova
123jump.com
Last Update: 9:44 AM EST October 31 2005


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Asian-Pacific markets surged with the Nikkei in the lead, rising 2%, followed by markets in Australia, South Korea, and Hong Kong. European stocks also traded higher, boosted by merger-and-acquisition news. Novartis has agreed to acquire all the remaining public shares of Chiron for $5.1 billion. PMC-Sierra Inc. is buying Agilent Technologies for $425 million.

 
Valero Energy Corp. (VLO: chart), refining and marketing of environmentally clean products company, announced that Q3 net income rose to $4.37 a share, up from $1.57 a share in the same period last year, topping analysts’ forecasts of $4.23 a share. Including a $621 million pretax charge related to inventory valuation, net income came in at $2.94 a share.
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