Briefs: Private equity firms back out of deal

NEW YORK -- Harman International Industries said its private equity buyers are pulling out of their $8 billion buyout deal. The audio equipment maker said Kohlberg Kravis Roberts & Co and Goldman Sachs' private equity arm believe a "material adverse change" occurred in Harman's business and it breached the merger agreement. Harman contends it disagrees such a change occurred and it did not violate the buyout contract.

Euro rises more against dollar

NEW YORK -- The dollar hit a new low against the seemingly unstoppable euro Friday as the 13-nation currency broke through $1.41. The euro's ascension renewed calls from French President Nicolas Sarkozy for the European Central Bank to cut interest rates, which would help keep French exports competitive.

Borders to sell U.K., Ireland stores

ANN ARBOR, Mich. -- Borders Group on Friday said it has agreed to sell its United Kingdom and Ireland subsidiaries, including 42 Borders superstores, to private equity firm Risk Capital Partners, based in London, for up to about $40 million.

Bausch & Lomb buyout approved

ROCHESTER, N.Y. -- Bausch & Lomb shareholders voted Friday in favor of the eye care company's $3.67 billion takeover by private equity firm Warburg Pincus.

GM, UAW make progress

DETROIT -- Negotiations between General Motors and the United Auto Workers union were making progress Friday, UAW President Ron Gettelfinger said, adding the union wanted to see faster progress and a resolution without a disruptive strike.

Microsoft CEO pay at $1.3 million

SEATTLE -- Microsoft Chief Executive Officer Steve Ballmer received a pay package valued about $1.3 million for fiscal 2007, a year in which profit at the world's largest software maker topped $14 billion, according to documents filed Friday.