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Raytheon CEO to become chairman as well

Raytheon Technologies chief executive Greg Hayes
Raytheon Technologies chief executive Greg HayesAlex Brandon/Associated Press


Raytheon CEO to become chairman as well

Raytheon Technologies chief executive Greg Hayes is adding the chairman’s role to his job title now that executive chairman Tom Kennedy has announced his retirement from the company as of June 1. The announcement, made by the company on Monday, comes roughly one year after the merger of Raytheon Co. and United Technologies Corp. UTC relocated its headquarters to Waltham from Connecticut as a result of the merger, and adopted the Raytheon name. Kennedy, 65, joined Raytheon in 1983 and he had been running it at the time of the merger, while Hayes, 60, was in charge of UTC. Hayes transformed UTC from a much broader industrial conglomerate into a more focused aerospace and defense company by orchestrating the Raytheon merger, as well as selling off the Sikorsky helicopter division, acquiring Rockwell Collins, and spinning off the Otis elevator business and the Carrier Corp. heating-and-cooling division. — JON CHESTO



Now it’s cheaper to buy a new house than a previously owned one

For the first time in more than 15 years, it’s cheaper to buy a new house than a previously owned dwelling. The premium for newly built homes vanished last month as low supply fueled price increases in the broader market and erased the discount traditionally associated with older properties. The median sales price of a previously owned single-family home rose to $334,500 in March, the latest National Association of Realtors data show. Meanwhile, new properties sold for a median $330,800, according to a government report, marking a reversal in the differential for the first time since June 2005. — BLOOMBERG NEWS


Beyonce and Aretha join Rodgers & Hammerstein under the same roof

Concord Music Group is acquiring more than 145,000 music copyrights from Downtown Music Holdings, bringing songs by Beyoncé and Aretha Franklin under the same umbrella as Rodgers & Hammerstein and Kidz Bop. The deal combines two of the largest independent music catalogs in the world. Concord already represents more than 400,000 songs and has acquired more than a dozen smaller companies over the past decade. Financial terms of the transaction, announced Monday, weren’t disclosed. The soaring value of music copyrights has brought a flurry of transactions in the past couple of years. Individual artists such as Bob Dylan and Stevie Nicks have cashed in by selling their catalogs, as have midsize music companies. — BLOOMBERG NEWS



Kimberly-Clark settles suit over flushable wipes

Kimberly-Clark has reached a settlement over its so-called “flushable” wipes that will include better labeling, manufacturing improvements, and two years of testing — a win for US cities and counties that say the products have sparked a rise in costly sewer blockages. As part of the proposed settlement with the water management system of Charleston, S.C., the maker of Scott toilet paper has agreed that its Cottonelle wipes labeled as “flushable” will meet the wastewater industry’s standards by May 2022. The lawsuit against Kimberly-Clark and other wipes manufacturers and retailers accuses the companies of selling “flushable” products that fail to disintegrate like toilet paper. Kimberly-Clark isn’t admitting any fault or wrongdoing under the settlement, a copy of which was sent to Bloomberg News by the Charleston Water System. Litigation against other companies in the lawsuit continues, including Costco, Procter & Gamble, CVS, Target, Walgreens, and Walmart. — BLOOMBERG NEWS


Nestle in talks to buy Nature’s Bounty

After ditching big chunks of its chocolate and ice cream businesses, Nestle chief executive Mark Schneider is embracing healthier living by bulking up on vitamins and supplements. The world’s largest food company on Monday confirmed it’s in discussions to acquire vitamin maker Bountiful Co., whose brands include Nature’s Bounty. Owner KKR & Co. was said to have been planning an IPO valuing the firm at more than $6 billion, though an acquisition by Nestle could preempt the initial public offering, a person familiar with the matter said. — BLOOMBERG NEWS



Thoma Bravo to buy Proofpoint

Thoma Bravo, the software-focused buyout firm, agreed to acquire cybersecurity and compliance firm Proofpoint in a deal it said values the business at about $12.3 billion. The private equity firm is offering $176 per share in cash, representing a 34 percent premium to Proofpoint’s Friday closing price, according to a statement Monday. Proofpoint’s board has unanimously approved the deal, which still needs approval from shareholders as well as regulatory clearance. Proofpoint offers cloud-based threat detection, data archiving, and information protection services to corporate customers. — BLOOMBERG NEWS


Citigroup said it declined 11 transactions related to coal power or mining last year as it revamped its policies for financing such activities. The firm walked away from the deals after it promised that it would stop providing financial services to thermal coal-mining companies by 2030. Citigroup has also vowed it will not provide acquisition financing or advisory services related to coal-fired power plants or bring on new clients who get 20 percent or more of their power from such plants after this year. — BLOOMBERG NEWS


Copper soars as global recovery ramps up

Copper climbed to the highest in almost a decade as the global recovery from the pandemic extended a rally in metals markets. Aluminum is surging and iron ore jumped to a fresh high as commodities advance toward the highs of the last supercycle. Metals are benefiting as the world’s largest economies announce programs to build back greener from the coronavirus shock. The US recovery is accelerating and President Biden’s $2.25 trillion infrastructure plan will highlight sectors like electric cars, driving further gains in commodities critical to the green-energy transition. — BLOOMBERG NEWS



Jessica Alba’s brand files for IPO

The Honest Co. and its shareholders are seeking as much as $439 million in its US initial public offering. The personal care brand, co-founded by actress Jessica Alba, will offer 6.5 million shares, while existing investors will sell 19.4 million, according to a Monday filing with the US Securities and Exchange Commission. The shares are being offered at $14 to $17 each. — BLOOMBERG NEWS


Roku customers could lose access to YouTube TV app

Roku has begun notifying customers that they may lose access to the YouTube TV app, marking the latest standoff between the popular connected-TV platform and a streaming service. In an e-mail sent Monday to its YouTube TV users, Roku said that recent negotiations with Google to carry the app “have broken down because Roku cannot accept Google’s unfair terms as we believe they could harm our users.”


France creates fund to retrain workers who make traditional auto parts

France unveiled a 50 million-euro ($60.5 million) fund to retrain workers making cast-metal auto parts whose jobs are at risk as the industry shifts to electric vehicles. The government will contribute three fifths of the fund and French rival carmakers Renault and Stellantis will pay for the rest, he said. The move is a sign of growing anxiety among European governments about the transformation of the auto industry, which employs millions of workers across the region. — BLOOMBERG NEWS