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Western Union Co. plans to expand its money-transfer services to Cuba by the end of the second quarter 2016, the company announced in a Monday release. Receivers in Cuba will be able to pick up funds from more than 490 locations. Cash remittances to the island nation reached $2.8 billion in 2013, according to figures presented by Western Union. Ninety percent of those funds came from the U.S. with remittances reaching 62% of Cuban households and sustaining about 90% of the retail market. The financial services provider is “the first U.S. company with scale to move money from across the world to Cuba,” said Odilon Almeida, Western Union’s president of the Americas and European Union, in a statement. Western Union shares are up 0.7% in Monday trading and 7.5% for the year so far. The S&P 500 is up 0.3% for the year to date.

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U.S. stocks opened lower on Monday, slightly retreating after five straight weeks of gains. Stocks struggled to push higher despite a rise in oil prices, breaking a recent trend of strong correlation between oil and stock prices. The S&P 500 opened 3 points, or 0.2%, lower at 2,046. The Dow Jones Industrial Average lost 25 points, or 0.2%, to 17,576 at the open. Meanwhile, the Nasdaq Composite began the day down 8 points, or 0.2%, at 4,789.

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Valeant Pharmaceuticals International Inc. said Monday it will replace J. Michael Pearson as chief executive officer and add activist investor Bill Ackman to its board of directors. Valeant’s board also asked former chief financial officer Howard Schiller to resign from his director position, but Schiller declined to do so. Valeant said that $58 million in net revenue from sales to mail-order pharmacy Philidor in the second part of 2014 “should not have been recognized upon delivery of product to Philidor,” the company said, meaning the company put out multiple incorrect financial statements overstating 2014 revenue by that amount, which also caused overstatement of early 2015 revenue by about $21 million. Valeant will put out new financial statements on or before April 29. Ackman will start the position immediately, while the pharmaceutical company began its search for a new CEO Monday, the company said. “It’s been a privilege to lead Valeant for the past eight years,” said J. Michael Pearson, chief executive officer. “While I regret the controversies that have adversely impacted our business over the past several months, I know that Valeant is a strong and resilient company, and I am committed to doing everything I can to ensure a smooth transition to new leadership,” Pearson said. Ackman’s firm, Pershing Square Holdings Ltd., owns a 9% stake in the company. Trading of Valeant stock was halted at 8:15 a.m. for the news, with no scheduled resumption time listed.

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Priceline Group Inc. said on Monday it will start sending people to Cuba, as its Booking.com brand becomes the first online travel company to offer instantly bookable hotels in the country, according to a news release. The announcement comes after the U.S. government softened trade and tourism restrictions in Cuba. Priceline said the first properties will be available in Havana in the coming weeks for U.S. travelers who meet the criteria set by the U.S. government. The hotels can be found at Booking.com. The travel company has plans to increase the number of hotel in Havana and beyond daily.

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Olin Corp. said Monday that it will cut 100 jobs in Henderson, Nev., as it looks to reduce chlor alkali production capacity. The chemical company said it will take a $95 million charge in its first quarter as a result of the restructuring. The company will close its chlor alkali plant in Henderson, which will reduce capacity by about 153,000 tons, and reconfigure the facility to make bleach and distribute caustic soda and hydrochloric acid. The company said this move was part of its plans to cut chlor alkali capacity by 433,000 tons across three locations. Capacity at its facility in Freeport, Tex. will be reduced by 220,000 tons, while capacity at its Niagra Falls, NY plant was reduced by 60,000 tons earlier this year. The stock, which was still inactive in premarket trade, has tumbled 41% over the past year, while the S&P 500 has slipped 2.8%.

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Starwood Hotels & Resorts Worldwide Inc. said Monday it agreed to Marriott International Inc.’s revised buyout bid, which values Starwood at $13.6 billion. Starwood said Marriott’s bid is a “superior proposal” compared to the previously-announced $13.2 billion bid it received from a group led by China’s Anbang Insurance Group Co. Under terms of Marriott’s new bid, each Starwood shareholder would received 0.80 Marriott shares and $21 a share in cash. Based on Friday’s closing price of $73.16 for Marriott’s stock, the bid values Starwood shares at $79.53 each. Marriott’s previous bid was for 0.92 shares of its stock and $2 a share in cash. Starwood shareholders will also receive consideration in the form of Interval Leisure Group stock, currently valued at $5.83 per Starwood share, from the spinoff of Starwood’s timeshare business and subsequent merger with Interval Leisure. “We are pleased that Marriott has recognized the value that Starwood brings to this merger and enhanced the consideration being paid to Starwood shareholders,” said Starwood Chairman Bruce Duncan. Starwood’s stock climbed 2.8% in premarket trade, while Marriott shares were still inactive.

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Information and analytics firms IHS Inc. and Markit Ltd. plan an all-stock merger of equals, the companies said Monday in a news release. The implied equity value of the transaction is more than $13 billion, the release said. The combined company will be named IHS Markit and headquartered in London, with certain operations based in Englewood, Colo. IHS shareholders are expected to own about 57% of the new entity, with Markit holders owning 43%. Shares in Englewood-based IHS and London-based Markit were inactive in premarket trading early Monday.

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Roger Agnelli, who served as Brazilian mining giant Vale S.A.’s president and CEO from 2001 to 2011, died in a plane crash on Saturday in São Paulo, according to media reports. The 56-year-old Agnelli, his wife and two children were among seven killed when his turboprop monoplane hit two homes around 3:20 p.m. local time Saturday just after taking off from an airport in northern São Paulo, according to a Reuters report. “The company and its employees extend their sympathies to the family and friends of the executive, who contributed so much to the development of our company,” said Vale in a news release. “During the 10 years that Roger presided over Vale, the company established itself as the largest global producer of iron ore and the second largest mining company in the world,” the release added.

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