Roundup: Ford recalls nearly 423K vehicles for power steering problem; FNB acquires five Bank of America branches; more
Ford recalls 423K vehicles for problem with power steering
Under pressure from federal safety regulators, Ford is recalling nearly 423,000 cars and SUVs in North America because the power-assisted steering can fail while they're being driven.
The recall covers certain Ford Flex and Taurus vehicles, as well as the Lincoln MKS and MKT from the 2011 through 2013 model years. Also covered are the Ford Fusion and Lincoln MKZ from 2011 through 2012 and some 2011 Mercury Milans.
Ford says an intermittent electrical connection can cause the power steering to stop. That sends the steering into manual mode, making the vehicles harder to control. The company said it knows of four crashes because of the problem but no injuries.
FNB acquires 5 branches from Bank of America
The parent company of First National Bank of Pennsylvania is expanding again with the acquisitions of five Bank of America branches.
The deal announced Wednesday morning would give North Side-based FNB Corp. $280 million in deposits and new locations in Eastern Pennsylvania. It follows other recent acquisitions, including two Maryland banks last year — OBA Financial Services and BCSB Bancorp Inc.
The most recent deal gives First National two branches in Berks County, two in Lancaster County and one in Chester County.
FNB intends to retain all employees and branch customers will receive information about the transfer of their accounts in the next few months, the bank said.
The deal is expected to close in the third quarter. First National has more than 280 banking offices throughout Pennsylvania, Maryland, Ohio and West Virginia.
Teva acquires about 1.35% stake in Mylan, filing shows
Teva Pharmaceutical Industries Ltd. bought a 1.35 percent stake in acquisition target Mylan NV by purchasing stock at market prices, according to a filing.
“Acquiring shares of Mylan underscores our commitment to consummating a transaction as soon as possible, and demonstrates our confidence in the strategic, financial and cultural merits of a Teva-Mylan combination,” Teva said in a statement Wednesday.
Teva, the No. 1 generic drug maker, has made an unsolicited $43 billion bid for Mylan. Mylan is trying to buy Perrigo Co Plc, which has rebuffed its offer.
McDonald's to stop reporting monthly sales figures
McDonald's said it will stop reporting its monthly sales results as the company works to fix its struggling business.
Steve Easterbrook, who became CEO of McDonald's Corp. on March 1, noted the change during a presentation for analysts at the Bernstein's Strategic Decisions Conference in New York. Easterbrook laid out the initial steps for turning around the company's performance earlier this month.
During the presentation, Easterbrook detailed some of the changes the company is making to improve business. In the United States, for instance, he said the company is toasting buns longer to improve the taste of its burgers. He said the company is working on speeding up wait times at the drive-thru, which accounts for about 70 percent of sales.
— Staff and wire reports
