Hines Horticulture files for bankruptcy

Nursery firm petitions for bankruptcy

Hines Horticulture Inc., an operator of commercial nurseries, sought bankruptcy protection from creditors to sell its assets.

The company, based in Irvine, listed debt of as much as $500 million and assets of less than $50,000 in Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Del.

Hines said it would seek court approval to enter into a so-called stalking-horse purchase agreement with a unit of Black Diamond Capital Management, which would act as the lead bidder for its assets.

AGRICULTURE

Lilly to buy milk hormone

Drug maker Eli Lilly & Co. agreed to pay at least $300 million for Monsanto Co.'s Posilac, a synthetic hormone used to boost milk production in cows.

The agreement will expand Lilly's veterinary operations and enable St. Louis-based Monsanto to focus on genetically modified crops.

Lilly, based in Indianapolis, gains the U.S. sales force for Posilac and the manufacturing plant in Augusta, Ga. It also inherits opposition to the hormone from consumer advocates and some dairy processors.

COMPENSATION

Oracle CEO's earnings up 38%

Software maker Oracle Corp. reported $48.4 million in annual compensation for Chief Executive Larry Ellison, a 38% increase.

His salary stayed at $1 million for the 12 months that ended in May, Oracle said in a regulatory filing. His compensation, calculated under Securities and Exchange Commission rules, included $35.2 million in stock option awards, up 47% from a year earlier.

ENTERTAINMENT

NBC Universal to buy Carnival Film

General Electric Co.'s NBC Universal agreed to buy Carnival Film & Television Ltd., the producer of "Hotel Babylon" for British Broadcasting Corp. and "Midnight Man" for ITV.

The acquisition includes the library rights to Carnival titles, NBC Universal said. A purchase price wasn't disclosed.

EA's Take-Two plan clears hurdle

U.S. antitrust authorities dropped a probe of Electronic Arts Inc.'s proposed purchase of Take-Two Interactive Software Inc., a step that may let the video game makers move forward with talks.

The Federal Trade Commission closed an investigation into whether a combination would be anti-competitive, the agency said.

AUTOS

Bill for noisier green cars passes

Electric and hybrid vehicles may be better for the environment, but the California Legislature says they're bad for the blind.

It has passed a bill to ensure that the vehicles make enough noise to be heard by visually impaired people about to cross a street. The measure would establish a committee to recommend ways the vehicles could make more noise.

REAL ESTATE

LandCap acquires Wachovia loans

Wachovia Corp. sold land and construction loans secured by 2,900 housing lots for $40 million to a joint venture headed by residential land company LandCap Partners of Los Angeles, a person with knowledge of the deal said.

From Times Wire Services