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By Cristina Lindblad

March 31, 2011 at 9:00 PM UTC

This article is for subscribers only.

BusinessWeek Cover Image (11_15, portrait)

This article is part of the April 4, 2011 issue of businessweek.

1. Canada's Valent Pharmaceuticals (VRX) launched a $5.7 billion hostile bid for Cephalon (CEPH), a Pennsylvania maker of sleep and pain drugs, after friendly overtures were rebuffed.

2. General Electric (GE) is paying $3.2 billion for most of Converteam. The French company's gear converts electricity from renewable sources into "grid quality" power. GE has spent $11 billion on energy deals since October.