FINANCIAL SECTOR

EU Approves J&J’s Pending Buy of Pfizer’s Consumer Business

The European Commission on Monday approved New Jersey-based Johnson & Johnson’s proposed $16.6 billion purchase of Pfizer Inc.’s consumer health business subject to certain conditions. The commission said the proposed transaction did raise some concerns about competition but that J&J has offered to divest either parts or whole businesses to address the EU’s issue’s with the deal. J&J spokesman Marc Monseau said the company is continuing to work with the U.S. regulators to close the deal, which is expected to be completed by the end of the year.

— Associated Press

Enron’s Skilling Heads to Low-Security Prison

WASECA, Minn. — The former Enron chief who once resided in a $4.7 million, Mediterranean-style mansion in Houston will spend most of the next quarter-century with three other prison inmates in a converted college dorm room. Jeffrey Skilling, the former chief executive officer of Enron, reports today to the Federal Correctional Institute here to serve his 24-year sentence on fraud and conspiracy charges. The low-security prison sits on the city limits of this town 75 miles south of Minneapolis.

— Associated Press

TECHNOLOGY

Hewlett-Packard CFO Announces Retirement

SAN FRANCISCO — Computer and printer maker Hewlett-Packard Co. said Monday that Bob Wayman, the company’s longtime chief financial officer who briefly served as interim CEO, plans to retire at the end of the year. Mr. Wayman, 61, joined HP in 1969 as a cost accountant and became CFO in 1984. Industry experts praised Mr. Wayman as a steady leader who guided the company through periods of intense turmoil between the 2005 ouster of Chief Executive Officer Carly Fiorina and the hiring of Mark Hurd.

— Associated Press

IN THE COURTS

NJ Drugstores Sued

New Jersey is suing Duane Reade International, claiming the drugstore chain violated a settlement with the state over the alleged sale of expired and mispriced products. The state Attorney General’s office said those inspections uncovered instances of the stores selling expired merchandise, failing to post a refund policy and charging more than the posted prices for some merchandise. The alleged actions violate the terms of a settlement reached by the state and Duane Reade in August. Under that agreement, the company paid $50,000 and agreed to comply with the state’s Consumer Fraud Act.

— Associated Press