Va. Blues' merger plan scuttledBlue Cross and Blue Shield...

BUSINESS DIGEST

April 17, 1993

Va. Blues' merger plan scuttled

Blue Cross and Blue Shield of Virginia has said it has no intention of merging with or acquiring Group Hospitalization and Medical Services Inc., the parent of Blue Cross and Blue Shield of the National Capital Area.

The Virginia Blues plan had signed a letter of intent to integrate with the Washington-area Blues plan, whose subscribers include more than 400,000 Marylanders in Prince George's and Montgomery counties. But the offer to affiliate expired March 30.

Igene signs fish pigment pact

A Columbia company that holds the patent for a natural pigment that gives farm-raised salmon a pink coloring said yesterday it had signed a licensing agreement with Burns Philp Food Inc. of San Francisco to manufacture the product.

After further review, Burns Philp will decide whether to invest in manufacturing facility for the Igene Biotechnology Inc. product.

Media off limits for Lopez

Volkswagen AG's new head of purchasing and production, J.--Ignacio Lopez de Arriortua, has been barred contractually from talking to the media for the first 100 days of his employment with the German automaker.

Mr. Lopez defected to Volkswagen AG last month after flip-flopping on his decision to remain with General Motors Corp.'s North American operations. He joined Volkswagen's board March 16.

Comsat profits increase

Communications Satellite Corp., or Comsat, reported first-quarter profit from operations of $18.3 million, or 91 cents a share, compared with net income of $15.5 million, or 80 cents, a year earlier. The results exceeded expectations.

In the latest period, the telecommunications company reported gain of $1.3 million, or 6 cents a share, from an accounting change produced net income of $19.6 million, or 97 cents. The stock rose $1.75 yesterday, to $58.50.

Grace, Home Intensive gain accord

W. R. Grace & Co. and Home Intensive Care Inc. announced yesterday that they have entered into a definitive agreement under which Grace will acquire the outstanding shares of Home Intensive Care for $6.60 a share in cash.

Fed seeks data on 30-year bond

The Federal Reserve Board, investigating possible improprieties in the $2.7 billion government-bond market, is asking top securities firms for information on their holdings of the 30-year bond issued in February.

@

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.