Sept. 30 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, agreed to take on $1.4 billion of pension liabilities from Bristol-Myers Squibb Co. as the drugmaker works to limit retirement obligations.
The deal cuts Bristol-Myers pension obligation to $3.6 billion from $5 billion, Ken Dominski, a company spokesman, said by e-mail.
Bristol-Myers will purchase a group annuity to cover 8,000 U.S. retirees and their beneficiaries, the New York-based pharmaceutical company said today in a statement.
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