Indianapolis-based Guidant Corp. agreed to buy Cook Group Inc. for up to $3 billion in stock in a deal that would unite two developers of nascent technology to combat the tendency of heart arteries to clog after artery-clearing surgery.

        Guidant said Tuesday the deal would bolster its position in the race to market drug-coated heart stents, and one industry analyst agreed.

        “Over time, it will come down to who has the best stents and delivery systems, and right now Guidant does,” said Bruce Nudell of the firm Sanford C. Bernstein.

        Guidant said its acquisition of Bloomington, Ind.-based Cook also could remove a legal obstacle that has stalled a joint venture by the companies to market such stents. Guidant said it would issue as many as 65 million new shares to pay for Cook Group, the privately held parent of a group of medical device makers. Shares will be priced in two phases: the first at a minimum of $40 per Guidant share, and second at a $55 per-share minimum.

Commerce secretary cancels appearance

        U.S. Commerce Secretary Don Evans on Tuesday canceled his scheduled appearance Friday in Cincinnati.

        A Greater Cincinnati Chamber of Commerce spokesman said Mr. Evans was needed to work on pressing legislation in Washington. He had been scheduled to appear at the Cincinnati Museum Center to try to bolster confidence in the economy and the stock market.

Employment up first time in 2 years

        Employment increased in Greater Cincinnati for the first time since November 2000, according to the monthly survey of the National Association of Purchasing Management-Cincinnati.

        The Greater Cincinnati Report on Business for July also showed other signs of a strengthening economy — such as higher levels of new orders and more dollars spent on purchasing.

Valeo gets tax credit to expand

        Valeo Climate Control, Hamilton maker of automotive heating and air-conditioning equipment, has received a 60 percent, eight-year tax credit from Ohio to expand.

        The $4.1 million investment is expected to add 75 jobs at the Hamilton plant over three years, the Ohio Department of Development said. Ohio was in competition with facilities in Mexico and Greensburg, Ind., for the expansion, officials said.

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