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Updated: Apr. 10, 2012 | 9:53 a.m.
Wynn Resorts dividend will earn CEO at least $88.6 million
Wynn Resorts Ltd. will pay its shareholders a $4-per-share dividend on Dec. 3, which will earn Steve Wynn, the casino operator's founder and largest shareholder, a payment of at least $88.6 million.
The company's board of directors authorized the special cash payment for shareholders of record as of Nov. 19.
According to filings with the Securities and Exchange Commission, Wynn, the chairman and chief executive officer, holds more than 22.15 million of the company's 123.11 million outstanding shares.
The company, which operates Wynn Las Vegas, Encore, Wynn Macau, and is building the $650 million Encore at Wynn Macau, announced it was starting a regular cash dividend program next year. It expects to pay 20 cents per share dividend in the first quarter.
The one-time $4 payment will cost Wynn Resorts more than $492 million.
NEW YORK
Kraft Foods' bid for Cadbury turns hostile; struggle expected
Kraft Foods has gone hostile in its bid to buy Cadbury but didn't sweeten its first bid, drawing an immediate rejection from the British candy maker in what is likely to be a lengthy takeover struggle.
Taking the same offer directly to Cadbury shareholders likely means that Kraft is betting no competing bids will emerge for the maker of Dairy Milk and Creme Eggs. The early gambit also leaves the company room to take the bid higher.
Kraft made the offer, worth about $16.4 billion, just hours before a Monday deadline imposed by Britain's takeover law that required the company to make a formal offer or back off for six months.
NEW YORK
Gold prices push past $1,100 an ounce as dollar weakens
Gold prices climbed to another new high Monday as the U.S. dollar sank to a 15-month low.
Gold for December delivery soared as high as $1,111.70 on the New York Mercantile Exchange before settling at $1,100.80 an ounce, up $5.70.
The gains came as the ICE Futures US dollar index, which measures the dollar against other currencies, dropped more than 1 percent to its lowest level since August 2008.
The dollar weakened after finance ministers from the Group of 20 countries pledged over the weekend to maintain their stimulus efforts and keep interest rates low to further a global economic recovery.
TRENTON, N.J.
Pfizer to close two research facilities, consolidate others
Less than a month after buying Wyeth, drug giant Pfizer Inc. has mapped out a new structure for its research and development operations.
The plan, announced Monday, will bring the closure of six of the two companies' 20 research facilities, reorganize and consolidate others, and cut the jobs of up to 2,000 scientists and laboratory technicians.
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