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Bayer wins over Monsanto with improved $66 billion bid: source

NEW YORK/FRANKFURT (Reuters) – German drugs and crop chemicals company Bayer has won over U.S. seeds firm Monsanto with a takeover offer of around $66 billion, a source close to the matter said, ending months of wrangling after increasing its bid for a third time. The source said on Wednesday an agreement had been signed for Bayer to pay $128 per share, up from its previous offer of $127.50 a share. Bayer and Monsanto were not immediately available to comment.

The easiest thing to win at Rio Games? A ticket

By Joshua Schneyer NEW YORK (Reuters) – Over the past few weeks, one U.S. marketing executive's phone has been ringing hot with offers that many sports fans could only dream of: an all-expenses-paid trip to watch the Olympic Games in Rio de Janeiro next month. The marketing executive, speaking on condition of anonymity to avoid harming business relationships, said he had turned down Rio due to prior commitments. “And when you have a souring market, which Brazil has become, the concept of entertaining at a high-profile event can also go sour.” For the host city, corporate entertainment is an important part of its plan to recoup part of its $12 billion (9.15 billion pound) in Games investment.

Biotech Regeneron replaces Intel as sponsor of Science Talent Search

By Ransdell Pierson NEW YORK (Reuters) – Biotechnology company Regeneron Pharmaceuticals Inc on Thursday became the title sponsor of the most prestigious U.S. science competition for high school students, taking the baton from chipmaker Intel Corp. Regeneron pledged $100 million to support the Science Talent Search and related programs through 2026, and doubled awards for the top 300 scientists and their schools, to $2,000 each. Regeneron’s two top executives competed in the annual event during the 1970s and went on to build one of the world’s biggest biotech companies, with cutting-edge drugs for fighting macular degeneration, cancer and cholesterol. The fast-growing biotech company will take over as named sponsor from Intel, whose chips were helping build the personal computer industry in 1998 when it took over as sponsor from Westinghouse.

Anthem CEO expects U.S. regulatory decision in July

By Caroline Humer NEW YORK (Reuters) – Anthem Inc Chief Executive Officer Joseph Swedish said on Tuesday the health insurer was pushing for approval from antitrust regulators reviewing its $51 billion acquisition of Cigna Corp and expects to hear a decision in July. Anthem's bid for Cigna followed closely after Aetna Inc's proposed $34 billion purchase of Humana Inc last July. Swedish said antitrust regulators have asked many questions about how it and Cigna manage healthcare benefits for large employers, but that the overall review was moving forward as expected.

Despite Obamacare, gap health insurance market explodes

By Beth Pinsker NEW YORK (Reuters) – Despite the promise of coverage through the U.S. Affordable Care Act (ACA), the number of people applying for non-compliant, short-term health insurance policies was up more than 100 percent in 2014, according to new data available from companies who broker these policies. This type of health insurance is exactly the kind that the ACA, known commonly as Obamacare, was supposed to upgrade. The government does not count these gap plans as qualifying health insurance, so people who have them are subject to penalties for being uninsured.

U.S. bird flu causing egg squeeze, emergency measures

By P.J. Huffstutter and Bill Berkrot CHICAGO and NEW YORK (Reuters) – As a virulent avian influenza outbreak continues to spread across the Midwestern United States, some egg-dependent companies are contemplating drastic steps: importing eggs from overseas or looking to egg alternatives. A spokeswoman for grain giant Archer Daniels Midland Co said that, as egg supplies have tightened and prices risen, the company has received numerous inquiries from manufacturers about the plant-based egg substitutes it makes. “The U.S. has never imported any significant amount of eggs, because we’ve always been a very low-cost producer,” said Tom Elam of FarmEcon, an agricultural consulting company.

Exclusive: Sysco sees U.S. bird flu hurting egg supply up to 18 months

By Anjali Athavaley NEW YORK (Reuters) – Food distributor Sysco Corp said on Friday that a record U.S. outbreak of avian flu would limit its supply of eggs and chickens that lay them for nine to 18 months, based on information provided to the company by its suppliers. Sysco is the biggest U.S. food distributor, whose clients include restaurants, hotels and hospitals. The company is discussing options with its customers, including creating alternative menu items during the period, a Sysco spokesman said in an email. It is too soon to tell whether the supply squeeze will have a material impact on financial results, spokesman Charley Wilson said.