REFINERY SOLD: Tesoro Corp. has agreed to buy BP PLC’s oil refinery in Carson and the Arco brand of gas stations in the Southwest for $1.18 billion. The Carson plant will be the San Antonio company’s third plant in California and is next to the company’s Wilmington refinery. Tesoro estimates it can save $250 million a year by combining operations at the two facilities.
GOING PRIVATE: The board of Physicians Formula Holdings Inc. has agreed to take the company private by San Francisco private-equity firm Swander Pace Capital in a deal valued at about $65 million. Swander has agreed to pay shareholders of the
Azusa cosmetics company $4.25 a share, a 15 percent premium over the stock’s closing price the day before the deal was announced Aug. 15. The deal is expected to close later this year pending shareholder
IPO DELAY: CKE Inc., the owner of the Carl’s Jr. and Hardees fast-food chains, has postponed its initial public offering citing market conditions. The Carpinteria company had been expected to start trading Aug. 10 on the New York Stock Exchange. The company hopes to use part of the IPO proceeds to repay debt.
STRATEGIC BUY: Mandalay Digital Group Inc. has agreed to acquire assets of Logia Group, a mobile technology company. Mandalay is an L.A. company that offers technology for mobile operators and third-party publishers. Terms of the deal were not disclosed.
BIOTECH FUNDING: Arrowhead Research Corp. has entered a securities purchase agreement with institutional and individual investors to raise about $6.2 million. The placement included 2.3 million shares of common stock and warrants to purchase an additional 1.7 million shares. The warrants have an exercise price of $3.25 with a term of four years from the date of issuance.
CONTRACTS: Jacobs Engineering Group Inc. announced two overseas contracts, including a $406 million consulting and project management contract with Qatar Railways Co. for a planned $36 billion metro project in Qatar’s capital city of Doha. The Pasadena company also signed a five-year agreement with Shell Global Solutions International B.V. to provide services to Shell assets in Europe and potentially later in the Middle East and Africa. The value of that contract was not disclosed.
EARNINGS: Hot Topic Inc. reported a second quarter net loss of $768,000, 87 percent less than in the same period a year. The City of Industry operator of Hot Topic and Torrid mall stores said sales rose nearly 5 percent to nearly $158 million.
SETTLEMENT: A federal judge in Louisville, Ky., tentatively approved a $40 million settlement between Skechers USA Inc. and customers who bought the Manhattan Beach company’s toning shoes. The class action, which combined more than 70 lawsuits from across the country, alleged that the company’s ads made unfounded claims that the footwear would help people lose weight and strengthen muscles. The settlement comes three months after Skechers reached a deal with the Federal Trade Commission over the ads.
PORT ACTIVITY: The Port of Los Angeles reported July’s traffic was up 5.5 percent compared with the same month last year. The uptick was driven by increased imports and a big jump in the number of empty containers headed back to Asia. The Port of Long Beach reported its cargo traffic fell 8.8 percent in July compared with the same month last year, with big drops in both imports and empty container moves.
IRISH INVESTMENT: Kennedy-Wilson Holdings Inc. has formed a partnership with Germany’s Deutsche Bank AG to acquire an Irish real estate loan portfolio with an unpaid principal balance of $449 million. Most of the assets are commercial properties and located in Dublin. The Beverly Hills real estate investment company had previously announced an initiative for partnership acquisitions of at least $2.5 billion in European real estate loans.
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