News Corp. spinoff

News Corp. said it will spin off its publishing division with $2.56 billion in cash and no debt, giving it the means to invest in digital operations and acquire businesses.

The separation of the publishing businesses from the TV and movie businesses is expected by June.

The publishing company will include newspapers such as The Wall Street Journal, book publisher HarperCollins, Australian TV assets and fledgling for-profit education business Amplify.

Beechcraft protest

Airplane maker Beechcraft said it will formally protest an Air Force decision to award a competitor a contract worth more than $427 million, claiming the decision puts an estimated 1,400 jobs in Kansas and other states in jeopardy.

The contract could be worth as much as $1 billion, depending on future orders.

Beechcraft’s move to file a protest with the Government Accountability Office comes two weeks after the Air Force awarded Sierra Nevada, based in Sparks, Nev., a contract to build 20 light air support planes for use in Afghanistan.

Sierra Nevada, in a partnership with Brazil’s Embraer, will make the planes in Jacksonville, Fla.

Wal-Mart departure

Wal-Mart Stores said Leslie Dach, who has played a pivotal role in reinventing the image of the world’s largest retailer in the face of mounting attacks by labor groups, is leaving the company in June.

Dach joined Wal-Mart as executive vice president of corporate affairs in August 2006 as anti-Wal-Mart attacks reached a feverish pitch on all fronts, from how it treats its workers to how it hasn’t taken enough responsibility for its environmental impact.

Smithfield challenged

Smithfield Foods, the world’s largest hog producer, should consider splitting up into three businesses after the shares underperformed some competitors, investor Continental Grain said.

The three units would be hog production, fresh pork and packaged meats, and Smithfield’s international operations, Continental said in a letter.

The company should also start paying a dividend, add several directors to its board and hire an investment bank to evaluate the proposals, said Continental, which holds a 5.8 percent stake in Smithfield.

Kansas City-based Farmland Foods is owned by Smithfield.

Smithfield, based in Smithfield, Va., said it will review the letter.

Primed to sell

Industrial pump maker Gardner Denver said it has agreed to sell itself to Kohlberg Kravis Roberts & Co. for $3.73 billion.

Under the terms of the agreement, the New York-based private equity firm will acquire the Wayne, Pa.-based company for $76 per share.