Briefcase

SAP to pay $1.3 billion for theft of secrets

SAN FRANCISCO – A federal jury on Tuesday ordered SAP AG to pay $1.3 billion to its archenemy, Oracle Corp., for stealing customer-support documents and software in a scheme to siphon off customers.

Oracle had been demanding billions of dollars from SAP for the theft. SAP, which is based in Walldorf, Germany, admitted that a subsidiary stole the documents and argued it owed just $40 million.

The jury, in U.S. District Court in the Northern District of California, sided with Oracle’s argument that the value of the stolen intellectual property was vast.

Associated Press

Nation’s increase in jobs best in five months

WASHINGTON – Businesses and other employers added jobs in 41 states in October, the best showing in five months, the Labor Department said Tuesday.

The figures indicate the job market is picking up a bit in most parts of the country. Even the nation’s hardest-hit states – Nevada and Michigan – showed declines in their unemployment rates.

The Labor Department said the jobless rate fell last month in 19 states, remained the same in 17 and rose in 14. Unemployment can rise when jobs are created if more people begin searching for work.

Associated Press

J. Crew OKs deal to be taken private for $3B

NEW YORK – Preppy fashion retailer J. Crew Group Inc. on Tuesday agreed to be taken private in a $3 billion deal.

Under the deal as proposed, J. Crew shareholders would receive $43.50 per share from private equity firms TPG Capital and Leonard Green & Partners. That is a 16 percent premium to the stock’s closing price Monday of $37.65.

Associated Press

Dynegy rejects bid from Blackstone affliate

HOUSTON – Dynegy Inc. said Tuesday that its shareholders rejected a $603 million takeover bid from an affiliate of private equity firm the Blackstone Group.

The power-plant owner said it expects to start seeking bids from other potential buyers and to review other restructuring options.

Associated Press

Earnings roundup

• Campbell Soup Co.’s first-quarter net income fell 8 percent to 82 cents per share, while revenue dipped 1 percent to $2.17 billion. This missed analysts’ expectations for earnings of 83 cents per share on revenue of $2.2 billion.

• Hormel, the maker of Spam, Dinty Moore canned beef stew and other prepared foods, said its net income for the quarter was $121.1 million, or 90 cents a share, compared with $103.9 million, or 77 cents a share, during the same period last year.

• Hewlett-Packard Co.’s net income rose 5 percent and revenue rose 8 percent in the period ending Oct. 31.

• Medtronic’s fiscal second-quarter net income fell 35 percent as legal and other costs outpaced weak gains in medical device sales, but adjusted results met Wall Street expectations.

Associated Press