IPOs will be a first for Burger King
Burger King’s parent company said Wednesday it plans to sell shares to the public for the first time in the fast-food chain’s 52-year history, as it tries to more effectively compete with McDonald’s and Wendy’s.
Because the Securities and Exchange Commission bars companies from touting their prospects before initial public offerings, Miami-based Burger King Holdings Inc. declined further comment beyond saying its IPO filing will be made in late February or early March.
The ratings agency Standard & Poor’s placed Burger King’s B-plus credit rating under review for a possible upgrade after the announcement, based on its estimated the IPO would raise at least $600 million.
Ford Motor Co.’s U.S. sales rose 2.7 percent in January on the strength of its new lineup of mid-size sedans. Japan’s Nissan Motor Co., meanwhile, reported flat sales for the month.
Ford, Lincoln and Mercury brand car sales rose 23 percent from last January. The No. 2 U.S. automaker said its trio of new sedans that went on sale last fall — the Ford Fusion, Mercury Milan and Lincoln Zephyr — saw sales jump 25 percent in January from the previous month. Ford’s truck sales fell 7 percent, dragged down by a 30 percent decline in sales of the supersized Ford Excursion sport utility vehicle.
Nissan said truck sales dragged down its overall performance.
Backed by abortion rights groups, three Massachusetts women sued Wal-Mart Stores Inc. on Wednesday, accusing the retail giant of violating a state regulation by failing to stock emergency contraception pills in its pharmacies.
The lawsuit, filed in state court, seeks to force the company to carry the morning-after pill in its 44 Wal-Marts and four Sam Club stores in Massachusetts.
The plaintiffs argued that state policy requires pharmacies to provide all “commonly prescribed medicines.”
Wal-Mart carries the morning-after pill in Illinois only, where it is required under state law, said Dan Fogleman, a spokesman for Bentonville, Ark.-based Wal-Mart.
Northwest Airlines Corp. does not want an outside mediator involved in its negotiations with the pilots union over concessions it says it needs to emerge from bankruptcy, a consultant for the carrier testified Wednesday.
The airline is seeking $1.4 billion in annual savings from its labor unions to help it emerge from bankruptcy.