Oshkosh Corp. stock rose the most since January 2014 in Wednesday trading after winning an initial contract in a $30 billion U.S. Army program for a truck to replace the Humvee.
The stock rose $2.59, or 6.7 percent, to close Wednesday at $41.11 in New York after advancing as much as 12 percent. It had fallen 21 percent this year through Tuesday.
The Army plans to buy about 55,000 of the multipurpose Joint Light Tactical Vehicles for its troops and the Marine Corps through 2040 as a better-armored replacement for the Humvee. The initial contract, including options, is valued at $6.75 billion for about 17,000 vehicles, the Army said in a statement Tuesday. The two competitors were Lockheed Martin Corp. and AM General, the Humvee's maker.
"Oshkosh has been building tactical vehicles for the Department of Defense for 90 years, so no other company understands the role that tactical vehicles play in our troops' lives better than Oshkosh," Charles Szews, the company's chief executive officer, said in a statement.
Monsanto withdraws offer for Syngenta
Monsanto Co. abandoned its latest effort to acquire Syngenta AG, the world's top maker of pesticides, after a sweetened bid valuing the Swiss company at $46.2 billion was rejected.
Monsanto raised its cash and stock offer on Aug. 18 to $496 a share from $474, based on stock prices at the time, the St. Louis-based company said Wednesday in a statement. Syngenta communicated that the bid didn't meet its financial expectations, Monsanto said.
The bid increased the cash component to $259 and raised the reverse breakup fee to $3 billion if regulators rejected the combination, Monsanto said Wednesday.
Monsanto Chief Executive Officer Hugh Grant was trying to create the largest global producer of seeds and crop chemicals to expand in Europe and emerging markets.
OPEC's Ecuador: Producing oil at a loss
Ecuador has revealed the financial stress inside OPEC created by low oil prices, becoming the first member of the group to say it's pumping at a loss.
President Rafael Correa said Tuesday that the South American nation is receiving as little as $30 a barrel for its crude, while production costs average about $39. The warning comes after several other members of the Organization of the Petroleum Exporting Countries, including Algeria and Libya, said the group should consider holding an emergency meeting to respond to the drop in oil prices.
"We are going through a very difficult year economically because the price of oil collapsed," Correa said in a speech in the central highland province of Cotopaxi.
'McWhopper' royally wrong, CEO says
McDonald's Corp. gave a cool reaction to Burger King's proposal to sell a hybrid "McWhopper" sandwich for charity, suggesting the two companies should aim higher in an attempt to "make a difference."
Burger King made the proposal Wednesday in an appeal to its rival, calling it a cease-fire treaty. The idea was to create a combination of each company's signature burger -- Big Mac and Whopper -- and sell it at a pop-up restaurant in Atlanta for one day. The proceeds from the McWhopper diplomacy would go to a charity that promotes world peace. Burger King said it was an attempt to set aside the burger wars for one day, for a good cause.
In a post on Facebook, McDonald's Chief Executive Officer Steve Easterbrook said his company would "be in touch" about Burger King's plan. But he indicated that the nation's two largest hamburger chains could do better than a sandwich.
"We love the intention but think our two brands could do something bigger to make a difference," he said. "We commit to raise awareness worldwide, perhaps you'll join us in a meaningful global effort?"
Burger King took out full-page advertisements Wednesday in The New York Times and Chicago Tribune to promote the idea.
Bronco, Ranger return said to draw look
SOUTHFIELD, Mich. -- Ford is considering a revival of the Bronco sport utility vehicle and Ranger small pickup in the United States, where truck demand is booming, said a person familiar with company's plans.
The two models would be built at a Wayne, Mich., factory that now makes small cars, said the person, who asked not to be identified discussing product plans. The move would help Ford preserve some U.S. union jobs amid contract talks. The company may assemble the Focus and C-Max in Mexico, a person familiar with the matter had said.
"It's a good move," John Wolkonowicz, a Boston-based independent analyst, said of reviving the SUV. "Gen Y has discovered the original Bronco. Ford has seen what the Mustang can do for them, and they are bringing back their iconic names."
The Bronco debuted in 1966. It has become popular with millennials in Southern California, said Wolkonowicz, a former product planner for Ford. The new Bronco would be will be a midsize SUV, built on a pickup frame. Ford made its last Bronco in 1996 and ended Ranger production in 2011.
-- The Associated Press
Louisiana regulators OK Entergy merger
BATON ROUGE -- Louisiana utility regulators agreed Wednesday to merge two subsidiaries of New Orleans-based Entergy Corp. into one company that provides electricity to more than 1 million customers around the state.
The Public Service Commission voted 4-1 for the consolidation of Entergy Louisiana and Entergy Gulf States Louisiana. The single utility company, with more than $16 billion in assets, will be called Entergy Louisiana when the merger takes effect in October.
Phillip May, president and chief executive of the two Entergy companies to be merged, said the combined utility will save customers at least $107 million over nine years. That's estimated to be between $10 and $11 in savings for an average customer over the first year, tapering off in later years.
The lower costs are expected to start showing up on customer bills on Dec. 1, May said.
-- The Associated Press
Business on 08/27/2015