GlaxoSmithKline was handed the largest-ever corporate fine in China. A Chinese court found the drug maker’s local subsidy guilty of bribery and fined it nearly $500 million. The court said its subsidies to doctors and hospitals to get them to use its products amounted to thinly veiled bribes. Despite that shares were up a fraction to $47.38.
Shares of Caterpillar took a hit in today’s session. It reported dealer sales fell ten percent globally in the three months ending in August, weighed down by a sharp sales decline in Latin America. The mining equipment maker has struggled recently with weak demand for its machinery, it has had to close plants and layoff workers. The stock fell almost two percent to $102.51.
Siemens & Dresser Rand
Germany’s Siemens reportedly plans to offer more than $6 billion for Dresser Rand, the American compressor and turbine maker. Earlier this week, the Swiss company Sulzer said it was in talks with Dresser Rand about a possible deal, so this new bid could derail that merger. Shares of Dresser Rand surged about 9.5 percent to $79.91.
SAP & Concur Technologies
SAP, another German company is buying Concur technologies in a deal worth more than $7 billion. Concur makes software to help employees manage their expense accounts. The deal will allow SAP, a huge software company, to expand into this travel-related software for hotels and tourism services. Shares of SAP fell more than four percent to $73.97. Concur spiked more than 17 percent to $126.82.