Akron mayor to receive award
Akron Mayor Don Plusquellic will receive this year’s H. Peter Burg Award at the 106th meeting of the Greater Akron Chamber on March 19. Plusquellic is the ninth recipient of the award, named for the late civic leader and chairman of Akron’s FirstEnergy Corp.
The Burg Business Leadership Award was created by the chamber and Akron Tomorrow trustees. The meeting will be at the John S. Knight Center, 77 E. Mill St.
The chamber will also salute 2012 accomplishments and elect new board members.
A reception will begin at 5 p.m., followed by dinner at 6. At the event, the chamber will present a silent auction. Proceeds will benefit the chamber’s educational programs.
To contribute an auction item, call Sarah Vojtek at 330-237-1254.
FirstMerit details offerings
FirstMerit Corp. on Tuesday announced details of two public offerings of stock, which the Akron-based bank will use in a pending acquisition. FirstMerit is more than doubling its number of branches in its largest acquisition ever for $912 million to acquire Flint, Mich.-based Citizens Republic Bancorp. The acquisition is expected to close in the second quarter. FirstMerit plans to use the net proceeds from the offerings and Citizens outstanding stock to repay Citizens’ obligations of about $345 million. The company said it expected to close the offerings on Feb. 4.
Chesapeake CEO to retire
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after details of his personal finances and a corporate cash crunch erased as much as 43 percent of its market value last year. McClendon will retire April 1 but serve until his successor is appointed, said Chesapeake, which has investments in Utica shale developments in Ohio. A plan that allowed McClendon to invest personally in the company’s wells came under renewed scrutiny last year,
Dow Jones nears 14,000
Pfizer helped keep the stock market rally alive Tuesday. The drug maker’s stock gained after posting strong earnings, pushing the Dow closer to 14,000.
The Dow Jones industrial average rose 73 points to close at 13,954.42 points, ending higher for the seventh day in eight. The Standard & Poor’s 500 index also rose, adding eight points to 1,507.84 points. The Nasdaq composite dropped less than a point to 3,153.66.
The Dow is 6.5 percent higher this month and the S&P 500 is up 5.7 percent. Both indexes are at their highest levels in more than five years.
Compiled from staff and wire reports