Bid & Ask

Art Market

An Edouard Manet self-portrait sold for $33.2 million at a Sotheby's (BID) auction in London—an auction record for the artist. The 1878 canvas, Self-Portrait with a Palette, went to New York-based dealer Frank Giraud. The previous owner bought the painting for $18.7 million in 1997.

Energy: $2.5bn

The price Norway's Acergy (ACGY) agreed to pay for another oil services provider, Subsea 7. The goal of the merger, to be completed by the end of this year or in the first quarter of 2011, is to establish a global leader in seabed-to-surface engineering and construction.


A porcelain sign that once marked the intersection of Wall and Broad streets, near the New York Stock Exchange, sold for $116,500 at Christie's in Manhattan. Marks on the two enamel plaques, which are set crosswise and framed by cast iron, indicate that the sign may have survived the 1920 bombing in New York City's financial district that killed 38 people.

Food: $1.2bn

The price St. Louis-based Ralcorp (RAH) agreed to pay for American Italian Pasta, the biggest maker of dry pasta in North America. Ralcorp, which provides cereal and other products that retail chains sell as their own store brands, has purchased more than 20 companies in the past decade.


Biovail, Canada's largest publicly traded drugmaker, will merge with Aliso Viejo (Calif.)-based Valeant Pharmaceuticals (VRX) International, establishing a company with annual sales of $1.75 billion. The combined businesses will focus on treatments for central nervous system illnesses and skin ailments, as well as branded generic medicines for developing countries, according to a joint statement. The deal is expected to close by yearend.


Belgian textile heiress, art historian, and licensed passenger-ship captain Ineke Bruynooghe is selling the S S Delphine—the last operational steam-powered superyacht afloat. The yacht, where Roosevelt,Churchill, and Stalin supposedly met to prepare the Yalta Convention at the close of World War II, will go on sale with an asking price of $47 million.


John Lennon's handwritten lyrics for the Beatles masterpiece A Day in the Life sold for $1.2 million at a Sotheby's (BID) auction in New York. The double-sided document features crossed-out words, corrections, and additions written in different colors, as well as Lennon's signature.

Chemicals: $3.8bn

The price BASF, the world's largest chemicals producer, paid for German food- and cosmetics-ingredients maker Cognis. Buying Cognis will add about $3.2 billion in sales and reduce BASF's reliance on plastics and chemicals that Middle East competitors manufacture more cheaply.

Box Office

Toy Story 3 grossed $109 million in ticket sales during its debut weekend, a record for Pixar, which produced the film. The first 3D sequel of the animated series is Pixar's 11th box office debut at No. 1. The Toy Story 3 opening is the second-highest for an animated feature, falling between Shrek The Third ($121.6 million) and Shrek 2 ($108 million). Pixar is owned by Walt Disney (DIS).

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