Bausch + Lomb Sold; Investors Seek To Buy Club Med

Valeant Pharmaceuticals says it will pay $8.7 billion to buy Bausch + Lomb, one of the world's best-known makers of contact lenses. And Club Med has received a $700 million buyout offer from Chinese investors.

Copyright © 2013 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

DAVID GREENE, HOST:

NPR's business news starts with corporate sell-offs.

(SOUNDBITE OF MUSIC)

GREENE: Bausch + Lomb has been sold. The drug maker Valeant Pharmaceuticals is buying the 160-year-old eye care company for $8.7 billion.

RENEE MONTAGNE, HOST:

Valeant - which is a Canadian company - has been on a buying spree recently, as it moves to become a bigger player in the global pharmaceutical market.

Bausch + Lomb employs 12,000 people worldwide, including 1,600 at its headquarters in Rochester, New York. It's not clear yet how or if the sale will affect the company's staffing.

GREENE: And another famous brand is up for sale. Club Med, the French holiday resort company famous for blending escapist fun with some French style, has received a $700 million buyout offer. The bid is led by a major Chinese conglomerate, Fosun International.

MONTAGNE: Analysts say the buyout will help Club Med expand into emerging markets - especially China, where the tourism industry is growing rapidly. On a recent visit to China, France's president encouraged Chinese businesses to invest in his country, which has been suffering from economic stagnation for several years.

Copyright © 2013 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: