Global Update: New Polio Strains That Protect Vaccine Factory Workers

Scientists have created new strains of polio intended to protect workers in factories that make polio vaccine. The new strains have the same ability to invoke an immune reaction as the live viruses now used to make vaccine do, but there is virtually no risk anyone will get polio if one of the new strains somehow escapes.

The research team, at the State University of New York at Stony Brook, is led by Eckard A. F. Wimmer, a molecular geneticist who made headlines in 1991 when he synthesized polio virus in the lab from its chemical components, the first time a virus had been made outside of living cells.

The world is very close to eliminating polio, which is now endemic to only three countries: Afghanistan, Nigeria and Pakistan. But to be sure the disease is gone, children will have to be vaccinated for several years after the last detected case.

Currently, factories making the injectable Salk vaccine used in the United States and Europe start with the dangerous wild-type viruses known as Types 1, 2 and 3. After growing a large batch, vaccine makers “kill” the virus with formaldehyde and prepare it for syringes. The finished product is safe, but if the growing live viruses ever escaped “because of a leak, an explosion, an earthquake, a tsunami, a flood,” Dr. Wimmer said, “the spill could spread like wildfire.”

Right now, polio eradication depends on large sweeps by volunteers putting drops of the oral Sabin vaccine into children’s mouths. It is easy to give, and it produces better immunity because it reaches the intestines, which are lined with receptors for the virus.

The Sabin vaccine has drawbacks, however: it contains a still-live virus that was mutated long ago so that it is usually too weak to produce disease. In rare cases, it can mutate back into a dangerous form that paralyzes or kills. And the vaccine is risky in children with immune-system problems. For those reasons, the World Health Organization plans to eventually phase it out.

Once that happens, factories around the world will have to make millions more doses of the injectable version, so five years ago, the W.H.O. began looking for safer seed strains of virus.

Dr. Wimmer and colleagues took a part of the virus’s RNA that is crucial for growth, mutated it to weaken it, and inserted it in another stretch of RNA that controls how virulent the virus is. That renders the virus less lethal. “If it were to get into the brain, it doesn’t do any harm,” he said.

And, he explained, even if the virus evolved to defeat that virulence-lowering mutation, it would simultaneously cripple its own ability to reproduce.

Now Dr. Wimmer’s team is working with the Crucell vaccine company to prove that the safer strains grow well in Crucell’s proprietary human cell line. Ideally, he said, the new vaccine will eventually be mixed with others like those for measles and diphtheria, and all will be delivered together in one painless shot by a jet injector.

This article has been revised to reflect the following correction:

Correction: February 20, 2013

An earlier version of this article misstated the location of a university. It is in Stony Brook, not Stonybrook.

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Office Depot to buy OfficeMax

Office Depot to buy Office Max as an attempt to compete with Staples.

Office Depot Inc. and Office Max Inc. have agreed to merge in a $1.17 billion stock transfer, the companies announced Wednesday, ending nearly two hours of confusion about whether a deal had been reached.

Officials at Naperville-based OfficeMax and Office Depot declined to say who would lead the combined company nor where it would be located when the "merger of equals" is completed, likely by the end of the year.

After some confusion early Wednesday, when a draft press release was posted prematurely on the website of Boca Raton, Fla.-based Office Depot's, both companies issued a joint statement at around 8:30 a.m. CT announcing the planned merger. 

The combined entity's name, headquarters and CEO are all undecided, creating an unusual level of uncertainty that points to the integration challenge the companies face.

"During the appropriated times ... our board will make the right decision,"  OfficeMax President and CEO Ravi Saligram said of the location and leadership of the combined firm. "Now we're independent companies and we've got to go through lots of processes," he said.

On a conference call with analysts, Office Depot CEO Neil Austrian apologized for the announcement mishap on Wednesday morning.  "Our webcast provider inadvertently released our earnings in advance of schedule," he said.  We regret any inconvenience that this may have caused." 

Saligram and Austrian emphasized that the combination, which will create a company that will do roughly $18 billion in revenue, is a merger of equals.

"This [merger] will create a stronger, more global, more efficient competitor able to meet the growing challenges a rapidly changing industry," said Saligram. 

While Office Depot insisted the deal was a merger of equals and not an acquisition, its shareholders will get the larger part of the combined company. CEOs of both companies and outside candidates are being considered for the top job.

When combined, OfficeMax and Office Depot, the world's second and third largest office products companies by revenue, will still not eclipse the segment's largest business, Staples Inc.

The pair had combined revenue of about $18.5 billion in the last fiscal year. They expect to save about $400 million to $600 million per year within three years through layoffs, streamlining of back-office functions and combined advertising. They didn't provide details on how many workers would lose their jobs or the fate of OfficeMax's Naperville headquarters.

After days of speculation that a deal was close, a draft of a press release announcing the news was posted prematurely on Office Depot's website early Wednesday morning. More than an hour after it came out, there was still no mention of the merger on either company's website nor on the SEC or other investor websites. Sources cited by the New York Times Wednesday morning said negotiations were ongoing.

Thomson Reuters Corporate Services, which operates various investor relations websites including Office Depot's, took responsibility for the early publication.

"Unfortunately, Thomson Reuters incorrectly posted this morning's announcement of Office Depot's intention to merge with Office Max prior to its intended release," Lemuel Brewster, PR director - investors at Thomson Reuters, said Wednesday afternoon in an email response to an inquiry. "We regret this error and are taking all steps necessary to enhance our processes and controls to ensure this does not happen again."

Office Depot will issue 2.69 new shares of common stock for each outstanding common share of OfficeMax. At Tuesday's closing prices, the deal is valued at $13.50 per share, or $1.17 billion, based on 86.7 million shares outstanding as of Oct. 26.

After the merger is completed, Office Depot's board will consist of an equal number of directors chosen by that company and OfficeMax.

Although the actual announcement didn’t go as planned, the deal has been rumored for years as the struggling office supply sector deals with fickle consumers and businesses that are conserving costs and doing more online.

Analysts say they expect far less pushback from antitrust authorities for this deal than what Office Depot faced in the 1990s, when it tried to merge with Staples, given the changes in the office supply market since then.

Underscoring how tough that business has become, Office Depot reported a fourth-quarter net loss, hurt by a 6 percent decrease in comparable sales at its North American stores and a revenue drop at its unit that serves North American businesses.

Office supply retailers, which are often seen as reflecting overall economic health, have suffered as demand for their products fell in the years after the last U.S. recession led companies to cut spending.

They also face strong competition from the likes of Amazon and Wal-Mart Stores Inc in selling everything from pens and notebooks to furniture and break room supplies to government, businesses and individuals.

SMALL PREMIUM

The offer represented a premium of just under 4 percent to OfficeMax's $13 close. It was not immediately clear if that was enough to satisfy one of the company's largest shareholders, Neuberger Berman, which said earlier this week it would support a deal depending on the terms.

OfficeMax shares rose 9.2 percent to $14.20 in premarket trading. Office Depot was up 10 percent at $5.52, meaning that OfficeMax was still trading below the value of the bid.

The deal, considered long overdue by many on Wall Street, will also give Office Depot and OfficeMax a chance to save hundreds of millions of dollars by closing stores, cutting advertising costs and streamlining their supply chain.

Industry experts have long hoped Office Depot would join hands with OfficeMax to take on Staples, which boosted its international business and clout with suppliers by buying Dutch rival Corporate Express in 2008.

BB&T Capital Markets analyst Anthony Chukumba said the Office Depot-OfficeMax combination would help Staples, however.

"Clearly, you can't make this deal work unless you close a bunch of stores," he said. "Store rationalization is long overdue, and Staples will clearly benefit from just having fewer stores to compete with."

Staples has 39.9 percent of the U.S. office supply market, Office Depot 19.2 percent and OfficeMax holds 15.7 percent, according to Euromonitor International.

Tribune reporter Samantha Bomkamp and Reuters contributed.

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Cubs to improve seventh-inning stretch, modernize music at Wrigley

MESA, Ariz. – The seventh-inning stretch has been a polarizing part of Chicago Cubs games since the introduction of guest conductors in 1998, the year Harry Caray died.

Some fans love it, while others wish the tradition would end and the celebrities there to promote themselves would just go away.

Cubs in-game programming director Jim Oboikowitch said Tuesday there will be some changes to the stretch this year after listening to what fans had to say.

“I think we definitely want to focus on former Cubs players, people that are Chicago natives, people who know baseball and who are Cubs fans,” he said. “I do think we want to get ‘A-listers,’ so if there is that celebrity in a movie ...  But we want them to understand what they’re coming to do -- not just come into the booth and say, ‘My movie hits theaters tonight,’ or ‘My book is in stores.’

“They should know something about the Cubs. They should know the background of Harry Caray and what we are doing, and I think it will be a little more teaching them and exposing them. We do want the best guests, so we might come across that situation. But I think it’s all about preparing them so they’re not on with (broadcasters Len Kasper and Jim Deshaies) and talking about stuff while a big home run is being hit in the bottom of the seventh.”

One guest conductor came into the TV booth last year and bragged that he hated baseball. Not every guest will be invited into the booth this year.

“People really like the stretch guest,” Oboikowitch said. “It’s the interview that’s always been a little dicey, and I think people always remember the bad ones -- when a guy doesn’t know what he’s talking about or always interrupting the (broadcasters).”

The Cubs also will play more taped music before games and actually try to move into the new millennium instead of playing the best rock songs of the 1980s.

“We will try to upgrade the music a little,” he said. “(Organist) Gary Pressy is not going anywhere. That will stay the same, but some more updated music at different times.  We talked about cutting down some of the pregame (advertising announcements), so I think there will be more music playing pregame, adding a little more life in the stadium.

“It’s tough after a year when you lost 101 games. The year were won 51 home games (in 2008) it was the same music, but it felt a little better and seemed louder. We’ll play what fans want to hear, though we won’t have ‘Call Me Maybe’ on the list.”

New senior director of marketing Alison Miller said they are exploring whether to play the same song at the start of every game, as they did with Van Halen’s “Jump” in the '80s and '90s. They want something that says “Chicago,” though not it also has to get the crowd psyched for the game.

The Cubs played several different songs last year,  and there may be no real consensus on what the perfect introductory song should be at Wrigley Field.  If Cubs fans have any ideas, they’re free to send their suggestions to Miller or Oboikowitch at Wrigley Field.

psullivan@tribune.com

Twitter @PWSullivan

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Personal Health: Health Effects of Smoking for Women

The title of a recent report on smoking and health might well have paraphrased the popular ad campaign for Virginia Slims, introduced in 1968 by Philip Morris and aimed at young professional women: “You’ve come a long way, baby.”

Today that slogan should include: “. . . toward a shorter life.” Ten years shorter, in fact.

The new report is one of two rather shocking analyses of the hazards of smoking and the benefits of quitting published last month in The New England Journal of Medicine. The data show that “women who smoke like men die like men who smoke,” Dr. Steven A. Schroeder, a professor of health and health care at the University of California, San Francisco, wrote in an accompanying editorial.

That was not always the case. Half a century ago, the risk of death from lung cancer among men who smoked was five times higher than that among women smokers. But by the first decade of this century, that risk had equalized: for both men and women who smoked, the risk of death from lung cancer was 25 times greater than for nonsmokers, Dr. Michael J. Thun of the American Cancer Society and his colleagues reported.

Today, women who smoke are even more likely than men who smoke to die of lung cancer. According to a second study in the same journal, women smokers face a 17.8 times greater risk of dying of lung cancer, than women who do not smoke; men who smoke are at 14.6 times greater risk to die of lung cancer than men who don’t. Women who smoke now face a risk of death from lung cancer that is 50 percent higher than the estimates reported in the 1980s, according to Dr. Prabhat Jha of the Center for Global Health Research in Toronto and his colleagues.

After controlling for age, body weight, education level and alcohol use, the new analysis found something else: men and women who continue to smoke die on average more than 10 years sooner than those who never smoked.

Dramatic progress has been made in reducing the prevalence of smoking, which has fallen in the United States from 42 percent of adults in 1965 (the year after the first surgeon general’s report on smoking and health) to 19 percent in 2010. Yet smoking still results in nearly 200,000 deaths a year among people 35 to 69 years old in this country. A quarter of all deaths in this age group would not occur if smokers had the same risk of death as nonsmokers.

The risks are even greater among men 55 to 74 and women 60 to 74. More than two-thirds of all deaths among current smokers in these age groups are related to smoking. Over all, the death rate from all causes combined in these age groups “is now at least three times as high among current smokers as among those who have never smoked,” Dr. Thun’s team found.

While lung cancer is the most infamous hazard linked to smoking, the habit also raises the risk of death from heart disease, stroke, pulmonary disease and other cancers, including breast cancer.

Furthermore, changes in how cigarettes are manufactured may have increased the dangers of smoking. The use of perforated filters, tobacco blends that are less irritating, and paper that is more porous made it easier to inhale smoke and encouraged deeper inhalation to achieve satisfying blood levels of nicotine.

The result of deeper inhalation, Dr. Thun’s report suggests, has been an increased risk of chronic obstructive pulmonary disease, or C.O.P.D., and a shift in the kind of lung cancer linked to smoking. Among nonsmokers, the risk of death from C.O.P.D. has declined by 45 percent in men and has remained stable in women, but the death rate has more than doubled among smokers.

But there is good news, too: it’s never too late to reap the benefits of quitting. The younger you are when you stop smoking, the greater your chances of living a long and healthy life, according to the findings of Dr. Jha’s international team.

The team analyzed smoking and smoking-cessation histories of 113,752 women and 88,496 men 25 and older and linked them to causes of deaths in these groups through 2006.

Those who quit smoking by age 34 lived 10 years longer on average than those who continued to smoke, giving them a life expectancy comparable to people who never smoked. Smokers who quit between ages 35 and 44 lived nine years longer, and those who quit between 45 and 54 lived six years longer. Even quitting smoking between ages 55 and 64 resulted in a four-year gain in life expectancy.

The researchers emphasized, however, that the numbers do not mean it is safe to smoke until age 40 and then stop. Former smokers who quit by 40 still experienced a 20 percent greater risk of death than nonsmokers. About one in six former smokers who died before the age of 80 would not have died so young if he or she had never smoked, they reported.

Dr. Schroeder believes we can do a lot better to reduce the prevalence of smoking with the tools currently in hand if government agencies, medical insurers and the public cooperate.

Unlike the races, ribbons and fund-raisers for breast cancer, “there’s no public face for lung cancer, even though it kills more women than breast cancer does,” Dr. Schroeder said in an interview. Lung cancer is stigmatized as a disease people bring on themselves, even though many older victims were hooked on nicotine in the 1940s and 1950s, when little was known about the hazards of smoking and doctors appeared in ads assuring the public it was safe to smoke.

Raising taxes on cigarettes can help. The states with the highest prevalence of smoking have the lowest tax rates on cigarettes, Dr. Schroeder said. Also helpful would be prohibiting smoking in more public places like parks and beaches. Some states have criminalized smoking in cars when children are present.

More “countermarketing” of cigarettes is needed, he said, including antismoking public service ads on television and dramatic health warnings on cigarette packs, as is now done in Australia. But two American courts have ruled that the proposed label warnings infringed on the tobacco industry’s right to free speech.

Health insurers, both private and government, could broaden their coverage of stop-smoking aids and better publicize telephone quit lines, and doctors “should do more to stimulate quit attempts,” Dr. Schroeder said.

As Nicola Roxon, a former Australian health minister, put it, “We are killing people by not acting.”

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Kraft acknowledges faults, unveils new path

From new products like Macaroni and Cheese crackers to Oscar Mayer pulled pork, Kraft Foods Group laid out the strategy on Tuesday that took the company's new products "from worst to first."

The Northfield-based maker of Macaroni & Cheese, Planters and Velveeta was spun off from Mondelez International in October.

In 2009, just 6.5 percent of company sales came from new products, whereas 13 percent of sales were attributable to new products in 2012, according to a company estimate.

It's going to be important for Kraft to keep up the pace as it makes its case for remaining an independent company. Competitor Heinz, which has also lagged in innovation, will be snapped up in a Berkshire Hathaway-led consortium of investors later this year.

Presenting at the Consumer Analysts Group of New York Conference in Boca Raton, Fla., Barry Calpino, vice president of breakthrough innovation at Kraft, delineated the company's changes to how it develops and supports new products.

In 2008, Calpino said, "we were the worst by almost any measure," in terms of its innovation. He added that 17 of the year's 19 new product launches were considered failures. Kraft launched products like Bagelfuls, frozen bagels stuffed with cream cheese; Oreo Cakesters, the iconic cookies made out of cake; and cheesy crackers shaped like and named after Macaroni & Cheese that year.

Among 2008 successes were Ritz Stackers and Starbucks discs for the Tassimo machine, a company spokesman said.

Kraft's 2009 new products performed similarly.

In mid-2010, Calpino said the company brought in an outside firm to study its innovation initiatives. They came back with a succinct statement, he said: "Kraft is where good ideas go to die."

Symptomatic of the problem, Calpino said, was a focus on small ideas, lack of rigor and focus, and little investment in product launches. At the time, he said, innovation was considered a "dead-end job," and employees just accepted that Kraft wasn't good at it.

As a result, he said, Kraft developed an innovation playbook that calls for more investment in fewer, bigger ideas that will receive a lot of support, rather than what he referred to as "Field of Dreams" innovation that amounted to a "build it and they will come" mentality.

Kraft now does more work with its sales team, bringing them into the product development so they could better explain each one's significance to retailers, and investing more heavily behind each launch.

In 2011, Calpino said the company focused its efforts on 13 "big bets," including its MiO brand of water flavoring, Velveeta Cheesy Skillet Dinners and Oscar Mayer Selects, a line of higher-quality meat without artificial preservatives.

In so doing, the company raised its average launch support roughly five-fold, from about $5 million to about $25 million for so-called "big bets." MiO got more than $50 million in support.

MiO, Velveeta Skillets, and Oscar Mayer Selects have become $100 million product platforms, which is an industry sales benchmark for successful product launches.

Calpino said that Kraft is also maintaining focus on its big launches for the first three years rather than moving on after the first year. Other initiatives include improving the level of talent within the organization and appealing more to Hispanics in product development and marketing.

Kraft's major 2013 launches include pulled pork under its Oscar Mayer Selects brand, Cool Whip frostings, and Recipe Makers, a pair of sauce packets to be sold in the pasta and sauce aisle. Consumers add vegetables or protein to the sauces to cook popular dishes like pot roast, sweet and sour chicken, or enchiladas.

As part of the presentation, Kraft CEO Tony Vernon said that Kraft has seen an increasing segment of the population shifting to value priced options. According to company data, 26.5 percent of the population was considered low income in 2009, and that number rose to 28.9 percent in 2012.

"We have an obligation to financially strapped low and middle income families - and I do mean families - that drive America's grocery business," Vernon said. He added that with consumers gravitating the high and low ends of the price spectrum, traditional grocers are getting hurt.

Indeed, local heavyweights like Jewel and Dominick's have been closing stores. Last month, Eden Prairie, Minn-based Supervalu said it had agreed to sell Jewel and four other grocery chains to Cerberus Capital Management, a private investment firm.

"It's critical to have the right price and product offering at every rung on this ladder," Vernon said.

In other words, he said, Kraft needs to have the right products for "a Latina mom who prefers Kool-Aid to Capri Sun," as well as a Baby Boomer who is "choosing Velveeta Skillets over Mac N' Cheese."

Kraft's presentation came on the heels of last week's announcement that fourth quarter sales would be lower than expected after Oscar Mayer cold cuts lost market share to a key competitor, presumably Chicago-based Hillshire Brands.

The company said it expects fourth-quarter net revenues to fall 10.7 percent to $4.5 billion. The final numbers will be reported before the end of March.

Kraft also raised 2013 earnings guidance by 15 cents to $2.75 per share.

The new Kraft Foods Group, which assumed all of the pension obligation for legacy Kraft Foods when it was spun off, also announced a change in the way it handles accounting for its pensions last week.

eyork@tribune.com | Twitter: @emilyyork

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Burger King Twitter account hacked

Burger King has apologized for today's hacking of its Twitter account in which someone changed the feed to look like that of McDonald's.

"We apologize to our fans and followers who have been receiving erroneous tweets about other members of our industry and additional inappropriate topics," Burger King said in a statement, adding that it had worked with Twitter administrators to suspend the account after the bogus tweets were discovered.

The hackers substituted the McDonald's logo in place of the familiar one for Burger King and sent tweets promoting the music of controversial Chicago rapper Chief Keef, some vulgar tweets and other tweets making outrageous claims about Burger King employees and practices.

Around 11 a.m. today came the first apparently fake tweet on the @BurgerKing feed, announcing, "We just got sold to McDonalds! Look for McDonalds in a hood near you." Similarly, the account's description was changed to read, "We just got sold to McDonalds! Look for McDonalds in a hood near you."

The account sent more than a dozen tweets over the next hour, including a link to a video by Chief Keef.

"We caught one of our employees in the bathroom doing this …" read one of the tweets, accompanied with a photo of someone injecting himself with a syringe.

By 12:15 p.m., the account had been suspended, but not before jokes about the hack were racing across Twitter.

"Somebody needs to tell Burgerking that 'whopper123' isn't a secure password," Twitter user @flibblesan cracked.

McDonald's took to Twitter to assure its fast-food competitor that it was not behind the hack. "We empathize with our @BurgerKing counterparts," McDonald's said via the actual @McDonald's account. "Rest assured, we had nothing to do with the hacking."

The McDonald's image used on the hacked @BurgerKing account was the same picture of the new Fish McBites used on the @McDonalds account.

No official news of a Burger King sale to McDonald's has been reported today, which is Presidents Day, a federal holiday and also a holiday for many businesses.

Twitter acknowledged earlier this month that some 250,000 user passwords had been compromised, though it was not clear today if the one belonging to @BurgerKing was among them.

rmanker@tribune.com

Twitter: @RobManker

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At 80, Yoko Ono sees a world full of new activism

BERLIN (Reuters) – Half a life-time ago, artist Yoko Ono lay in an Amsterdam hotel bed with husband John Lennon, staging a week-long “bed-in” for peace and feeling they were very alone in their activism.

Today, Ono, whose own energy for campaigning has never tired, sees a world full of activists, maintaining her energy and faith in humanity.

“When John and I did the bed-in, not many people were with us. But now there are so many activists, I don’t know anyone who is not an activist,” she told Reuters in an interview in Berlin on Monday, her 80th birthday.

“Even the corporations – John always used to say the corporations need to be with us… Corporations now say 10-20 percent of their profits will go to such and such charity. They have to do that almost for people to feel good about it.”

The late Beatle and Ono’s 1969 bed-in to protest against the Vietnam war was repeated in Montreal, Canada. Press attention was huge, but much of it was mocking.

Ono, who gave a sell-out concert in Berlin on Sunday alongside their son Sean Lennon which closed with the anthem “Give peace a chance”, said it was still critical to stand up for peace despite new conflicts in the intervening decades.

“I don’t want to be drowning in sadness. I think we have to stand and up and change the world,” she said.

The artist, born to a wealthy Japanese family in Tokyo in 1933, has recently become a passionate opponent of fracking, a controversial procedure which has sharply lifted energy output in the United States but which critics fear pollutes drinking water deep underground and could increase earthquake risks.

“Fracking is an incredible risk to the human race, I don’t know why they even thought of doing it,” she said.

Ono, whose birthday is being marked by a major retrospective of her work in Frankfurt, said she feels she is becoming freer in her art.

“My attitude has changed… I’m allowing things to happen in a way I hadn’t planned before,” she said.

Asked about her feelings on becoming an octogenarian, she said: “I’m surprised. It is a miracle in a sense that I am 80, I am proud about it. Not everybody gets there.”

(Reporting by Alexandra Hudson, editing by Gareth Jones and Paul Casciato)

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Well: Dangers of Too Much Calcium

Calcium is an important nutrient for bone health, but new research suggests that older women who take large amounts may be at increased risk of heart disease and death.

Swedish researchers followed 61,433 women born between 1914 and 1948 for an average of 19 years, confirming causes of death with a Swedish government registry. The investigators also used questionnaires to record the women’s food and calcium supplement intake.

After controlling for physical activity, education, smoking, alcohol and other dietary factors, they found that women who consumed 1,400 milligrams or more of calcium a day had more than double the risk of death from heart disease, compared with those with intakes between 600 and 1,000 milligrams. These women also had a 49 percent higher rate of death from cardiovascular disease, and a 40 percent higher risk of death from any cause.

The study, published last week online in BMJ, found the increased risk only in women who consumed the most calcium — there was no gradually increased risk with gradually increased calcium intake.

The authors noted that calcium can increase blood levels of a protein associated with higher risk for cardiovascular disease.

“If you have a normal diet, you don’t need to take calcium supplements,” said the lead author, Dr. Karl Michaëlsson, a professor and orthopedic surgeon at Uppsala University in Sweden. “Calcium supplements are useful if you have a very low intake of calcium, but few women have such a low intake.”

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Report: Merger near for OfficeMax, Office Depot

Office supply companies OfficeMax Inc., based in Naperville, and Office Depot Inc. are in advanced talks to merge, the Wall Street Journal reported, citing people familiar with the matter.

The deal is expected to be a stock-for-stock transaction, the Wall Street Journal said on Monday, adding that the precise terms could not be learned.

The deal is not yet done, and talks could still fall apart, the Journal reported. An announcement could come as early as this week, the Journal added, citing the sources.

OfficeMax is expected to report its quarterly earnings on Thursday.

While the pair up had been rumored for years, one analyst said Monday that he believed a deal was less likely after a report last week that Office Depot is in talks to sell its remaining 50 percent stake in its Mexican operations.

Scott Tilghman, an analyst with investment firm B. Riley & Co. said that similarities in the pair’s U.S. and Mexican operations were thought to be a cornerstone of the consideration to combine.

But even if Office Depot does sell its Mexican stake, Tilghman said a deal would still make sense as both companies struggle to gain traction against competitor Staples Inc. and sites like Amazon.com.

By combining, the pair could cut costs by shedding stores and streamlining operations without having to raise prices. Tilghman estimates the companies could get rid of 20 percent of their combined stores and still hold onto customers.

Both companies have struggled in recent years from declining revenue in their retail stores. In OfficeMax’s most recent quarter, it was able to grow net income by cutting costs despite lower revenue. Slumping retail sales were somewhat offset by OfficeMax’s U.S. contract business, where it works directly with businesses to help operate more efficiently and reduce office expenses.

If combined, OfficeMax and Office Depot, the world’s second and third largest office products companies by revenue, would still not eclipse the segment’s largest business, Staples Inc.

Office Depot, based in Boca Raton, Florida, has 1,675 stores world-wide, annual sales of about $11.5 billion and some 39,000 employees, the Journal said. OfficeMax, operates roughly 900 stores in the United States and Mexico, generates about $7 billion in annual sales and has 29,000 employees, the Journal said.

Shares of OfficeMax closed at $10.75 on Friday on the New York Stock Exchange. Shares of Office Depot closed at $4.59. Both are approaching their respective 12-month highs.

- Samantha Bomkamp and Reuters contributed to this report

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Hockey arrives at Soldier Field

Fans clap and cheer after the National Anthem to start a game between Notre Dame and Miami in the OfficeMax Hockey City Classic played at Soldier Field in Chicago on Sunday. (Jose M. Osorio, Chicago Tribune / February 17, 2013)

By Brian Hamilton




Tribune reporter

2:55 p.m. CST, February 17, 2013

The tailgates were at full steam hours before noon. Snow covered gray slats dropped on the Soldier Field turf. And they dropped a rink in the middle of a football field.

Hockey arrived by the lake on Sunday, with four college teams taking part in the first Hockey City Classic. Notre Dame and Miami (Ohio) battled first, with Wisconsin and Minnesota set to meet in the second game of the doubleheader.

Notre Dame emerged with a 2-1 win over Miami in the first matchup, cutting the front-running RedHawks CCHA lead to three points.

It's the first hockey event at Soldier Field and, possibly, a sort of dry run to see if the building can house an NHL Winter Classic involving the Blackhawks -- who skated at the venue with wounded military veterans on Saturday -- in the future.

 As for the hockey, Notre Dame's Mario Lucia opened the scoring in the second period and then Jeff Costello added another tally early in the third period to provide a two-goal Irish bulge. Miami's Kevin Morris cut the deficit in half midway through the final frame, but the RedHawks couldn't equalize with the goalie pulled in the final minute or so.

bchamilton@tribune.com

Twitter @ChiTribHamilton

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