Express Scripts completes acquisition of Medco
NEW YORK (AP) -- Express Scripts Inc. said Monday that it completed its $29.1 billion acquisition of Medco Health Solutions Inc., creating the largest pharmacy benefits manager in the country by far.
The closing came after the Federal Trade Commission voted to close its investigation into the deal, clearing the last hurdle in its path. Express Scripts shares rose $1.32, or 2.44 percent, to $55.50 Monday.
The deal creates a pharmacy benefits manager so large that it will handle the prescriptions of about 135 million people, or more than one in three Americans.
Allegiant adds carry-on fee
DALLAS (AP) -- Allegiant Air will charge passengers $35 to carry their own bag on board the plane and stow it in an overhead bin.
The change starts with flights booked Wednesday, said spokesman Brian Davis. Passengers who pay online when they book travel will pay less, but the price hasn't been set, he said.
Each passenger will be allowed to carry one smaller bag -- such as a purse or briefcase that fits under a seat -- for free.
Allegiant ferries travelers from smaller cities to vacation spots such as Orlando, Fla., and Las Vegas. It touts low fares but, like many airlines, charges extra for services such as early boarding and checking bags.
GM to cut Volt production
DETROIT (AP) -- General Motors Co. will suspend production of the Chevrolet Volt for an extra week this summer as it tries to control the electric car's inventory.
But the company says sales picked up in March to a record of more than 2,000, and it may cancel the extra week if sales stay strong.
Most auto factories close for two weeks starting in early July to get updated for the new model year. GM added a third week at the Volt factory that straddles the border between Detroit and the small enclave of Hamtramck. The plant is already closed from March 19 through April 23, as the supply of Volts grew on dealer lots. About 1,300 workers at the factory have been idled.
Philly papers sold again
PHILADELPHIA (AP) -- A group of powerful local business leaders announced Monday that it had bought Philadelphia's two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.
It is the fifth time in six years the newspapers were sold.
The buyers, who include influential New Jersey Democrat George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. "Gerry" Lenfest, said they plan to keep the newspapers' tradition of strong journalism alive in the digital age.
The purchase price is less than 15 percent of the $515 million paid by a group of investors in 2006, and far less than the $139 million creditors paid at a 2010 bankruptcy auction.
The industry has been savaged for years by rising costs and declining advertising revenue as readers increasingly consume news online.
N.Y. City unveiling new cab
NEW YORK (AP) -- The new cabs hitting the streets of New York City next year will have charging ports for riders' electronics. They'll also have more leg room and a host of other features.
A prototype of the Nissan NV200 has arrived in the city and is making its official debut Tuesday. The model was selected from among three finalists in a city competition.
The car is a brighter yellow color than current taxis. It's also easier for passengers to move around, because it has a flat floor without the hump, and sliding doors.
The Nissan will be phased in starting October 2013.