Drugmakers To Merge, ING To Eliminate Jobs

Pfizer Inc. is the world's largest pharmaceutical company. It could soon become bigger: Pfizer announced a deal to buy drugmaker Wyeth for $68 billion in cash and stock. If the deal goes through, it'll be one of the biggest pharmaceutical mergers in the last decade.

In the banking industry, Dutch financial company ING says it's eliminating 7,000 jobs, more than 5 percent of its total work force. ING lost more than $1 billion last year. The bank has decided to accept loan guarantees from the Dutch government. Its chief executive also will step down.



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