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* Boston Scientific Corp. said it won Food and Drug Administration approval for its Nir heart stent, which is expected to be a powerful entry in the $1-billion U.S. market for stents, tiny devices used to prop open arteries. The company’s shares rose $2.06 to close at $74.38 on the NYSE.
* Pizza Hut Inc., the world’s largest chain of ready-to-eat-pizza outlets, said it sued Papa John’s International Inc. in a challenge to its smaller rival’s advertising claim of “better ingredients, better pizza.” Pizza Hut’s suit, filed in federal court in Dallas, charges that the ad campaign deceives customers into believing Papa John’s uses fresh ingredients when it does not. Pizza Hut, a unit of Louisville, Ky.-based Tricon Global Restaurants Inc., said it’s seeking injunctive relief and damages. A representative for Papa John’s could not be reached for comment.
* Mobil Corp. said it will appeal a decision by the U.S. District Court in Houston awarding Exxon Corp. $171 million in damages in a patent dispute over metallocene catalysts systems. Mobil also said it will buy back as much as $500 million of its shares, taking advantage of a decline in its stock price.
* PepsiCo Inc. said it will buy the remaining 80% of one of its largest U.S. bottlers for undisclosed terms, the soft drink maker’s first move to consolidate its domestic bottling and distribution business. Closely held Pepsi-Cola Allied Bottlers Inc. is based in Albany, N.J., and has annual sales of about $375 million.
* Britain’s Laura Ashley said its group chief executive, David Hoare, will be replaced by Deputy CEO Victoria Egan as part of a restructuring. The clothing and furnishings company also will cut its staff by 20% and said its finance director will leave later this year.
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