Bid for Indiana utility withdrawnA months-long battle for...

BUSINESS DIGEST

August 24, 1993

Bid for Indiana utility withdrawn

A months-long battle for control of Indiana's largest electric utility ended with IPALCO Enterprises Inc.'s withdrawal of its $1.7 billion bid for PSI Resources Inc.

IPALCO said yesterday that it failed to secure the proxy votes needed to elect a slate of candidates to the PSI board. The decision clears the way for PSI to continue its planned friendly merger with Cincinnati Gas & Electric Co.

Delta offers early retirement

Delta Air Lines, in the latest of several moves to rebound from a prolonged financial slump, said it was offering early retirement to 3,000 employees.

Though the program is expected to save the Atlanta-based airline money in the long run, each worker who accepts the early retirement offer will cost Delta $70,000, the company said yesterday. If all the eligible workers participate, that would amount to $210 million.

GM expands value-pricing program

In a bid to bolster its sagging market share, General Motors Corp. said yesterday it is expanding the number of vehicles for sale with value pricing in the 1994 model year and even offered to buy out existing car loans. The programs, revealed in separate news conferences in California and Michigan, are aimed at attracting younger buyers to GM's products, particularly in import-dominated California.

Vitalink agrees to buy Propac

Manor Care Inc.'s Vitalink pharmacy services unit said it agreed to buy privately held White, Mack & Wart, which does business as Propac pharmacy. Terms were not disclosed.

Propac is based in Portland, Ore., and has $6 million of annual revenues, Vitalink said.

Russia bans alcohol, tobacco ads

Russian lawmakers hoping to make the country more healthy have banned nearly all alcohol and tobacco advertising.

The ITAR-Tass news agency reported yesterday that a law banning the ads on radio, television, newspapers and magazines quietly went into effect last week as part of a health-care package approved by Russia's standing legislature.

Respivir to get FDA review

The Food and Drug Administration said its blood-products advisory committee will meet Sept. 23 to review the application to market Gaithersburg-based MedImmune Inc.'s drug Respivir for the treatment of respiratory syncytial virus, or RSV. RSV is a condition that causes bronchial infection and pneumonia in infants and young children.

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