 | Wed. Jan. 04, 2012 Conn. set to review NStar, Northeast Utilities combination, possibly derailing proposed merger
Connecticut regulators today said they will launch a review of the proposed merger between Boston’s NStar and Hartford-based Northeast Utilities, a move that reverses and earlier ruling and could jeopardize the plan to create a $17.5 billion combined company.In a draft decision, expected to be finalized in two weeks, the Connecticut Public Utilities Regulatory Authority said it would reassert authority over the merger in part because of concerns that Massachusetts officials could impose conditions, such as buying power from Cape Wind, that would affect Connecticut customers. RI lawmakers propose casino at Quonset Point
While Massachusetts debates where to place a casino, two lawmakers in Rhode Island say they have a perfect spot for one in the Ocean State: Quonset Point. Representative John Carnevale says building a casino at the former naval base in North Kingstown would help Rhode Island’s economy and create a new tourist draw. He notes that the Quonset peninsula boasts nearby highways, an airport, and a deep-water port that can accommodate cruise ships. Sonesta stockholders approve merger
Sonesta International Hotels Corp. said today that its sale to a Newton real estate investment trust was approved by Sonesta stockholders in a Dec. 30 meeting. Sonesta added that it expects the closing of the transaction to occur on or before Jan. 31. In November, it was announced that Boston-based Sonesta was being sold for $174 million to an affiliate of Hospitality Properties Trust, a Newton REIT. Plans call for the Sonesta name and its management team to remain in place. TJX replaces head of Europe division
TJX Cos. said today that it is replacing its head of TJX Europe and making other management shifts, effective in fiscal 2013, which begins at the end of this month. Michael MacMillan, 55, previously senior executive vice president of the company’s MarMaxx Group, which includes the T.J. Maxx and Marshalls chains, will head TJX Europe. MacMillan joined TJX in 1985 and has served in several finance and executive roles. He replaces Paul Sweetenham, who left the company. Margaret H. Marshall, former SJC chief justice, to restart law practice at Choate Hall & Stewart
A year after stepping down as chief justice of the Supreme Judicial Court, Margaret H. Marshall is returning to private practice in Boston as senior counsel at Choate Hall & Stewart. Marshall, who wrote the landmark 2003 decision that made Massachusetts the first state to legalize gay marriage, will work part-time beginning this week. The schedule allows her to continue to spend time with her husband, former New York Times columnist Anthony Lewis, who has Parkinson’s disease. Conn. abandons hands-off stance on utility deal
Connecticut regulators have yielded to the state’s top consumer advocate and dropped a hands-off stance to Northeast Utilities’ proposed $4.72 billion purchase of a Massachusetts power company. The Public Utilities Regulatory Authority said today that the Office of Consumer Counsel raised new issues last month related to the revamped executive leadership of the merger with NStar, which is in Boston. Community Builders has new CEO
The Community Builders Inc., a Boston-based nonprofit developer of mixed-income housing, said that Bart Mitchell took over as its new president and chief executive on Jan. 1. Mitchell, who previously served as the developer’s chief operating officer, replaced Pat Clancy, who retired in December after 36 years with the company. The company, which refers to itself as TCB, has developed 25,000 units of affordable and mixed-income housing at 320 properties in 15 states, including more than 6,500 units in Boston. Satcon to cut workforce by 35 percent, or 140 jobs
Satcon Technology Corp., a Boston company that makes equipment to convert or store power, said it will reduce its workforce by 140 employees worldwide, or by about 35 percent. Calls to the company seeking additional details were not immediateley returned. The company has scheduled a conference call for later this morning. In a press release, Satcon said that the workforce reduction, combined with the closure of a Canadian facility, will result in charges of approximately $2.8 million to $3.0 million. KnowledgeVision secures additional $2m in venture financing
KnowledgeVision Systems, a Concord company that provides cloud-based tools and services for creating online multimedia presentations, said it has closed an additional $2 million in Series A financing. The round was led by GrandBanks Capital, which invests in early stage companies located primarily in the eastern part of the United States and Canada. GrandBanks Capital has offices in Wellesley. Dunkin’ Brands says new distribution agreement will help accelerate US expansion
Dunkin’ Brands Inc., the parent company of the Dunkin’ Donuts and the Baskin-Robbins chains, said it has signed an agreement that makes National DCP LLC the exclusive supply chain provider for all Dunkin’ Donuts restaurants in the continental United States. According to Canton-based Dunkin’ Brands, the agreement will enable it to accelerate its ambitious US expansion plans. National DCP is a cooperative that is owned and operated by the franchisees of the Dunkin’ Brands system. Pinnacle Advisory Group downgrades projections for local hotel revenues
Pinnacle Advisory Group, a hospitality consulting firm, is downgrading its projections to a 9.5 percent increase in revenue per available room from earlier estimates of a 10.4 percent rise in 2012. Pinnacle’s revisions are due to the tumultuous economic situation in Europe, and the inability of hotels to raise corporate rates as much as planned. In addition, the hotel market’s performance last year appears stronger than first thought, making it harder to post bigger percentage increases on top of higher revenues. |
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