Business Highlights

The Richmond, Va.-based energy provider said that the 556-megawatt facility in Carlton, Wis., is expected to stop producing power in the second quarter of 2013 and move to safe shutdown status. Dominion plans to record an after-tax $281 million charge in the third quarter related to the closing and decommissioning of the station.

The company had announced plans in April 2011 to sell the facility it purchased from Wisconsin Public Service Corp. and Wisconsin Power & Light Co. in 2005 for $220 million, as part of a strategic review of its assets. Dominion had previously planned to buy more plants and build a business around that portfolio.

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ADM bids for Australia's GrainCorp in $2.77B deal

NEW YORK (AP) ⿿ Archer Daniels Midland Co. has offered to buy Australian grain handler GrainCorp for about $2.77 billion.

GrainCorp says it is considering the non-binding offer, which values it at 11.75 Australian dollars ($12.13) per share. That comes to AU$2.68 billion, based on the company's 228.2 million shares outstanding according to data provider FactSet. ADM already owns 14.9 percent of GrainCorp.

ADM, an agribusiness conglomerate, says it looks forward to continuing to discuss the deal with GrainCorp directly.

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Pfizer will buy NextWave Pharma for up to $700 million

NEW YORK (AP) ⿿ Pfizer said Monday that it will buy NextWave Pharmaceuticals Inc., a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million.

The Food and Drug Administration approved NextWave's drug Quillivant XR in September, and the once-per-day drug is expected to be in pharmacies in January.

Pfizer made a $20 million option payment to Cupertino, Calif.-based NextWave in the second quarter to establish a merger agreement. The company will pay $255 million when the deal closes, and agreed to pay NextWave another $425 million based on sales milestones.

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