ENERGY
Orange County was hit by rolling blackouts for the first time early last week as warm weather caused a spike in demand The state electrical grid operator said power companies withheld supplies to drive up prices last year, resulting in up to $6.3 billion in overcharges AES Corp. said it could get two mothballed units at its Huntington Beach plant back on line by summer if the city waives its 13-hour-per-day limit on construction work state Sen. Joe Dunn, D-Santa Ana, was appointed chairman of a special committee to probe the increase in power prices in the state.
TOP STORIES
Bergen Brunswig Corp., Orange, agreed to be acquired by Valley Forge, Pa.-based AmeriSource Corp. for $2.3 billion in stock and the assumption of Bergen’s $1.3 billion debt; the combined company will be called AmeriSource-Bergen Inc. with AmeriSource CEO R. David Yost continuing in that role and Bergen CEO Robert Martini becoming chairman; consolidation layoffs are expected Allergan Inc., Irvine, received FDA approvals to market its glaucoma drug Lumigan and its next-generation Alphagan P drug for lowering fluid pressure in the eye Broadcom Corp., Irvine, said it will change how it accounts for warrants issued to customers by companies it has acquired and restated its 2000 results to reflect the change, lowering fourth-quarter sales by 10% and its third quarter net loss by 3 cents a share Mexican President Vicente Fox visited Santa Ana to open his country’s first trade center in the U.S.
TECHNOLOGY
Intersil Holding Corp., Irvine, completed the sale of its power-chip unit to South Portland, Maine-based Fairchild Semiconductor International Inc. Compass Aerospace Corp., Santa Ana, sold its U.K.-based Trim Engineering unit to a British group for $44 million Sage Software Inc., Irvine, acquired Ohio-based Haitek Solutions QLogic Corp., Aliso Viejo, received a contract to supply adapters and drivers to Compaq Computer Corp. Sea Launch, Long Beach, placed a five-ton satellite into orbit for XM Satellite Radio Holdings Inc. EPace Software, Newport Beach, was acquired by Wolters Kluwer North America Powerwave Technologies Inc., Irvine, warned it expects to post a first-quarter loss on lower revenue and its shares fell 9% to 12 15/16 on the news Trident Systems International, Newport Beach, acquired the Futronix Inc. unit of Salient Cybertech Inc. Mcglen Internet Group Inc., Tustin, said it already has met performance conditions included in its pending acquisition by Lan Plus Corp.
GOVERNMENT
The state Supreme Court rejected an appeal by South County cities of a lower court ruling allowing the county to expand the James A. Musick Branch Jail OC prosecutors decided to seek a new trial of former assistant county treasurer Matthew R. Raabe on charges stemming from the 1994 county bankruptcy; Raabe’s convictions on the original charges were voided by an appellate court The Air Line Pilots Association said the layout of the runways at the former El Toro base could mean a proposed airport there would be closed several days a year in high winds Gov. Gray Davis named Donald R. Sheetz, president of Newport Beach-based Street Asset Management and Sheetz Realty Group and principal of Sheetz Consulting, to the state Board of Corrections.
HEALTHCARE
ICN Pharmaceuticals Inc., Costa Mesa, filed documents in London and Hungary to spin off and sell up to 40% of its international unit to the public Beckman Coulter Inc., Fullerton, extended a supply contract with Novation for two years at an estimated $144 million Bergen Brunswig Corp., Orange, received a three-year supply contract worth up to $60 million from Owens Healthcare Pharmachem Laboratories Inc., Kearny, N.J., agreed to acquire the American Ingredients Inc., unit of Orange-based Global Health Sciences Inc. NeoTherapeutics Inc., Irvine, signed a deal to license technology to Pfizer Inc. for up to $12 million and it shares rose 60% to 6 3/16 on the news I-Flow Corp., Lake Forest, received a contract to supply infusion pump management services to Regence BlueCross BlueShield of Oregon Biomerica Inc., Newport Beach, will market its prostate-cancer test in Japan through a unit of Schering AG Nexell Therapeutics Inc., Irvine, will seek FDA approval for a trial of its stem-cell therapy for chronic granulomatous disease, which affects the immune system.
FINANCE
Shareholders of BYL Bancorp, Orange, approved its $39 million acquisition by PBOC Holdings Inc., Los Angeles A bankruptcy judge barred the American Association of Retired Persons from suing bankrupt Irvine-based First Alliance Corp. The FTC moved to shut down Tim Cho Investment Corp., Irvine, alleging false and deceptive advertising; meanwhile, principal Timothy Cho was appointed to the national Republican Business Advisory Council, which advises GOP leaders.
REAL ESTATE
Donald Bren is seeking Newport Beach’s approval to build a 7,200-square-foot home on Harbor Island Cable & Wireless USA Inc. leased a 101,760-square-foot Santa Ana warehouse formerly occupied by Avon Products Inc. from The Irvine Company for 15 years for use as a data center; the lease was valued at $20 million Pacific Gulf Properties Inc., Newport Beach, was hit with a shareholder suit over its liquidation.
WHAT ELSE IS NEWS
The U.S. Supreme Court ruled in favor of TrafFix Devices Inc., San Clemente, in a trade-dress suit brought by Marketing Displays Inc., Farmington Hills, Mich. Varco International, Orange, acquired Canada’s Chimo Equipment Ltd. for $18 million Irvine BMW acquired a 7-acre parcel in the Irvine Spectrum from The Irvine Company and will move its dealership there this week The fourth-quarter earnings of Wet Seal Inc., Foothill Ranch, beat analysts’ expectations, but its shares fell 17% to 23 15/16 on the report because the company also said its sales were off in the first two weeks of March Shares of Pacific Sunwear of California Inc., Anaheim, were upgraded by three analysts and rose 17% to 29 1/8 on the news Directors of Troy Group Inc., Santa Ana, approved a $4 million share-repurchase program The HireCheck unit of Santa Ana-based First American Corp. launched a service to search courthouse records and compile background reports on individuals for $40 via the Internet The OC office of Stanton Crenshaw Communications was selected to provide PR services for Microsoft Corp.’s automotive business unit Esquire Communications Ltd., Santa Ana, ceased operations and filed for bankruptcy liquidation.
