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General Electric Co., the world's largest company by market value, agreed to buy Ionics Inc. for $1.1 billion in cash to tap rising demand for water purification and treatment in developing countries. Ionic investors will get $44 a share, a 48 percent premium.

Computer Associates International is giving its new chief executive, John Swainson, a pay package that totals more than $8.6 million in salary, signing bonuses and stock. The package includes a $2.5 million cash signing bonus, a $1 million base salary and a stock grant of 100,000 shares for signing.

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