Noteworthy expenditures of the week
1. ProLogis (PLD) and AMB Property, the two biggest industrial real estate trusts in the U.S., announced a $16.5 billion merger. The combined company will manage some $46 billion in assets.
2. Massey Energy, whose Upper Big Branch Mine in West Virginia was the site in April of the worst U.S. coal mining disaster in 40 years, sold itself to Alpha Natural Resources (ANR) for $7.1 billion.
3. Ivory Coast defaulted on $2.3 billion in Eurobonds. The African nation has been in a political stalemate since incumbent President Laurent Gbagbo and his rival Alassane Ouattara both claimed victory in November elections.
4. Verizon Communications (VZ) will pay $1.4 billion for Terremark Worldwide (TMRK), a Miami company that runs data centers in the U.S., Europe, and Latin America.
5. Satellite TV provider Dish Network (DISH) is buying DBSD North America out of bankruptcy for about $1 billion, to compete better against rival DirecTV (DTV).
6. Honeywell, based in Morris Township, N.J., (HON) is selling its car care division, which makes Fram oil filters and Autolite spark plugs, to New Zealand's Rank (PTV) Group for $950 million.
7. Hearst made an $889 million cash offer for the international magazine portfolio of French publishing group Lagardère, which counts the American edition of Elle and Car and Driver among its titles.
8. China's largest offshore oil producer, CNOOC (CEO), is paying $570 million for a one-third stake in Chesapeake Energy's (CHK) Niobrara shale project, which straddles Colorado and Wyoming.
9. Host Hotels & Resorts (HST) bought the 775-room New York Helmsley Hotel in midtown Manhattan for $313.5 million and plans to turn it into a Westin.
10. A large-scale Titian canvas titled A Sacra Coversazione fetched $16.9 million at a Sotheby's (BID) sale in New York, setting an auction record for the artist.