Investor flight could derail Chrysler-Fiat merger plan

Chrysler remained on the comeback trail with a 22 percent second-quarter profit increase, but U.S. investors may not get a chance to buy shares of the company if a planned merger with Fiat gets scuttled.

Shareholders of Fiat, the majority owner of Chrysler, overwhelmingly voted last week to merge the two companies. But on Wednesday, Fiat shares fell 5.5 percent in Italy due to concerns that the merger could be derailed by investor flight.

The merger would move the new company’s tax headquarters to London and list its shares on the New York Stock Exchange. It could be completed by mid-October.

Pfizer will pay $35 million to resolve drug allegations

Pfizer will pay $35 million to resolve allegations by 42 states that its subsidiary, Wyeth Pharmaceuticals, illegally marketed an organ transplant drug for unapproved uses.

The states’ attorneys general said Wednesday that Wyeth, which Pfizer bought in 2009, trained sales representatives to encourage doctors to prescribe Rapamune for uses other than preventing rejection of transplanted kidneys.

Rapamune was approved in 1999 for use in kidney transplant patients. Promoting drugs for uses not cleared by the Food and Drug Administration is illegal.

Target Corp. comes out in support of gay marriage

Target Corp. is adding its name to a legal defense of gay marriage, joining other large companies that are taking a stand, just four years after the retailer came under criticism for supporting a strident opponent of same-sex unions.

Target said it has signed a court brief backing marriage equality in a pending court case and publicly declared its support of gay marriage, a move similar to those taken by Starbucks, Intel and Apple.

– From news service reports