Afternoon Market Update Charles River Laboratories (NYSE: CRL), WuXi PharmaTech (WX), Duke Energy (NYSE: DUK), PPL (NYSE: PPL), CKE Restaurants (NYSE: CKR)

Charles River has picked up WuXi PharmaTech. Charles River Laboratories (NYSE: CRL) has agreed to buy WuXi PharmaTech (Cayman) Inc (NYSE: WX) for $21.25 per share, representing a 28% premium to WX’s closing price as of April 23. The $1.6 billion deal is the largest foreign takeover of a Chinese company. The deal will enable CRL to expand in the Chinese market, where revenues from drug-testing services are growing by as much as 30% per annum. The deal also mirrors the consolidation trend in the US pharmaceutical industry as research contractors try to broaden the range of services offered to drug companies.

Duke set to buy E.ON assets. Duke Energy (NYSE: DUK) is said to have won the rights to buy US business of E.ON (OTC: EONGY.PK) in a deal valued around $6-$7 billion, according to several unidentified sources. However, some sources have commented that Duke is still a potential bidder and would be competing against PPL (NYSE: PPL) and a consortium including Australia's Macquarie Group for the assets. E.ON is shedding more than €10 billion in assets in an attempt to cut its debt by the end of the year.

CKE sells itself to Apollo. CKE Restaurants (NYSE: CKR) had announced that it is selling itself to Apollo Management Group for $694 million, or $12.55 per share. CKR took the decision after Thomas H Lee Partners failed to match Apollo's offer. Industry analysts believe that this deal will trigger the sales of a series of restaurant chains.

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