Valeant Pharmaceuticals says it will pay $8.7 billion to buy Bausch + Lomb, one of the world's best-known makers of contact lenses. And Club Med has received a $700 million buyout offer from Chinese investors.
DAVID GREENE, HOST: NPR's business news starts with corporate sell-offs.</s>DAVID GREENE, HOST: Bausch + Lomb has been sold. The drug maker Valeant Pharmaceuticals is buying the 160-year-old eye care company for $8.7 billion.</s>RENEE MONTAGNE, HOST: Valeant - which is a Canadian company - has been on a buying spree recently, as it moves to become a bigger player in the global pharmaceutical market.</s>RENEE MONTAGNE, HOST: Bausch + Lomb employs 12,000 people worldwide, including 1,600 at its headquarters in Rochester, New York. It's not clear yet how or if the sale will affect the company's staffing.</s>DAVID GREENE, HOST: And another famous brand is up for sale. Club Med, the French holiday resort company famous for blending escapist fun with some French style, has received a $700 million buyout offer. The bid is led by a major Chinese conglomerate, Fosun International.</s>RENEE MONTAGNE, HOST: Analysts say the buyout will help Club Med expand into emerging markets - especially China, where the tourism industry is growing rapidly. On a recent visit to China, France's president encouraged Chinese businesses to invest in his country, which has been suffering from economic stagnation for several years.