FINANCE

Rite Aid agrees to pay $2.1 million for prescription overcharges

BY Staff Writer

Camp Hill, Pa. — Rite Aid Corp. has agreed to pay $2.1 million to Massachusetts towns to settle alleged prescription drug overcharges under the workers’ compensation insurance system.

Massachusetts Attorney General Martha Coakley said Wednesday that Rite Aid has overcharged state agencies and at least 100 cities and towns to fill prescriptions for people receiving workers’ compensation since 2002.

The company did not admit wrongdoing in the settlement, which entails a payment of $1.05 million to the state and $1 million to cities and towns.

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FINANCE

Wal-Mart Founders Charity donates $50 million to Teach for America

BY Staff Writer

Bentonville, Ark. — The Walton Family Foundation revealed Wednesday that it will donate $50 million to Teach For America, a commitment that stands to nearly double the size of the organization’s teaching ranks.

The charity that was created by the founder of Wal-Mart Stores will mete out half of the funds over a three-year period, and will increase the number of teachers to 15,000 by 2015. The remaining half of the donation will support the training of existing Teach for America instructors in seven communities.

Teach for America was founded in 1990 by Wendy Kopp, who proposed the idea in her undergraduate thesis at Princeton University. The organization is based in New York City.

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OPERATIONS

Delhaize completes Delta Maxi acquisition

BY Staff Writer

Brussels, Belgium — Belgian supermarket retailer Delhaize Group said Wednesday that it has completed the previously announced acquisition of Serbian retailer Delta Maxi.

Combined with its existing operations in Greece and Romania, Delhaize is now, with this transaction, considered a leading retail force in Southeastern Europe.

"This transaction fits perfectly in our New Game Plan, our strategic plan focused on accelerating profitable revenue growth,” said Pierre-Olivier Beckers, president and CEO of Delhaize Group. “The addition of Delta Maxi combined with our existing businesses in Romania and Greece makes Delhaize Group into a leading player in the region. We are looking forward to growing our business in this promising part of Europe."

Delhaize acquired Delta Maxi for approximately $1.35 billion. In Serbia, Delta Maxi operates 350 stores and is the largest food retailer, and its store count in a five-country region is expected to total about 500 by year-end 2011.

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