Tuesday, April 7, 2009
K&S Acquires Morton Int'l for $1.675B
K&S Aktiengesellschaft, a German fertilizer company, agreed to acquire Morton International, a salt producer, from Rohm & Haas for $1.675 billion. Goldman Sachs advised K&S, Barclays Capital advised Morton International.
Surgutneftegaz Buys 21% Stake of MOL Hungarian
Surgutneftegaz acquired a 21% stake in MOL Hungarian, an oil and gas company, for 1.4 billion Euros. JPMorgan advised MOL Hungarian.
IPIC To Acquire 32% Stake In CEPSA for 2.87B EUR
International Petroleum Investment Corp agreed to acquire a 32.5% stake in Compania Espanola de Petroleos, the Spanish petroleum and exploration company, from Santander Central Hispano for 2.87 billion EUR. Rothschild is advising CEPSA.
Royal Gold To Sell Shs To Fund $295M Teck Buy
Royal Gold Inc. will offer 6.5 million shares to help fund its $295 million acquisition of Teck Cominco Ltd.'s Andacollo mine, announced Monday, April 6.
HSBC Securities (USA) Inc. is the global coordinator and acting as joint bookrunner with Goldman, Sachs & Co. and Scotia Capital (USA) Inc. Bank of America Merrill Lynch and NBF Securities (USA) Corp. are acting as co-managers.
The Vancouver, British Columbia, mining company sold a 90% royalty interest in the Andacollo mine in Chile as part of an ongoing strategic review. BMO Capital Markets Corp. advised Teck Cominco on the deal.
Royal Gold will pay $100 million in cash and 4.45 million common shares to Teck, which has been considering asset sales since Nov. 12. It loaded up on debt for its last major acquisition, a $13 billion-plus takeover of Fording Canadian Coal Trust.
The Andacollo mine is 217 miles north of Santiago, Chile's capital, and has been in production since 1996.
Teck spokeswoman Sarah Goodman said the deal is part of a threefold strategy for the company, which is trying to ramp up its cash flow to pay down debt.
"We're doing this through efforts to reduce costs and through assets sales. Obviously, this announcement is a step in that direction," she said.
Teck is trying to reduce and refinance its $5.35 billion bridge loan due in October through the Fording deal. A $4 billion senior term loan facility also helped finance the takeover, and Teck has to begin paying that this month.
Along with selling an interest in one of its gold mines, Teck continues to look at putting assets on the block, according to Goodman.
"We also want to strengthen our asset base," she said, explaining that Teck wants to develop its other holdings. The company has assets throughout Canada, the U.S. and Peru, as well as Chile. "This transaction freed up some money to do that," Goodman added.
"This transaction is a unique opportunity and has all the characteristics we look for in an acquisition," said Royal Gold president and CEO Tony Jensen in a statement.
The deal should close in the second quarter. Teck Cominco in February agreed to sell its 50% stake in the Hemlo gold operations of northwest Ontario to Toronto joint venture partner Barrick Gold Corp. for $65 million. It has been selling off interests to strategic partners since last fall.
Royal Gold officials did not return calls seeking comment.
Teck Cominco is a minerals company. It produces copper, coal, zinc and gold. It has a market capitalization of $3.33 billion.
Royal Gold is a precious-metals royalties company. It has a market capitalization of $1.37 billion.
HSBC Securities (USA) Inc. is the global coordinator and acting as joint bookrunner with Goldman, Sachs & Co. and Scotia Capital (USA) Inc. Bank of America Merrill Lynch and NBF Securities (USA) Corp. are acting as co-managers.
The Vancouver, British Columbia, mining company sold a 90% royalty interest in the Andacollo mine in Chile as part of an ongoing strategic review. BMO Capital Markets Corp. advised Teck Cominco on the deal.
Royal Gold will pay $100 million in cash and 4.45 million common shares to Teck, which has been considering asset sales since Nov. 12. It loaded up on debt for its last major acquisition, a $13 billion-plus takeover of Fording Canadian Coal Trust.
The Andacollo mine is 217 miles north of Santiago, Chile's capital, and has been in production since 1996.
Teck spokeswoman Sarah Goodman said the deal is part of a threefold strategy for the company, which is trying to ramp up its cash flow to pay down debt.
"We're doing this through efforts to reduce costs and through assets sales. Obviously, this announcement is a step in that direction," she said.
Teck is trying to reduce and refinance its $5.35 billion bridge loan due in October through the Fording deal. A $4 billion senior term loan facility also helped finance the takeover, and Teck has to begin paying that this month.
Along with selling an interest in one of its gold mines, Teck continues to look at putting assets on the block, according to Goodman.
"We also want to strengthen our asset base," she said, explaining that Teck wants to develop its other holdings. The company has assets throughout Canada, the U.S. and Peru, as well as Chile. "This transaction freed up some money to do that," Goodman added.
"This transaction is a unique opportunity and has all the characteristics we look for in an acquisition," said Royal Gold president and CEO Tony Jensen in a statement.
The deal should close in the second quarter. Teck Cominco in February agreed to sell its 50% stake in the Hemlo gold operations of northwest Ontario to Toronto joint venture partner Barrick Gold Corp. for $65 million. It has been selling off interests to strategic partners since last fall.
Royal Gold officials did not return calls seeking comment.
Teck Cominco is a minerals company. It produces copper, coal, zinc and gold. It has a market capitalization of $3.33 billion.
Royal Gold is a precious-metals royalties company. It has a market capitalization of $1.37 billion.
ConAgra Prices $1 Billion Note Offering In 2 Parts
Packaged and frozen food producer,ConAgra Foods Inc (CAG.N), on Monday sold $1 billion of notesin two parts, said IFR, a Thomson Reuters service. The size of the deal was increased from an originally
planned $750 million. Bank of America and JP Morgan were the joint bookrunning
managers for the sale.
planned $750 million. Bank of America and JP Morgan were the joint bookrunning
managers for the sale.
Elbit Sys Buys 49% Stake In Kinetics Ltd For $110M
Israeli defence contractor Elbit Systems Ltd (ESLT.O) (ESLT.TA) said on Tuesday it acquired the remaining 49 percent of subsidiary Kinetics Ltd it did not already own for $110 million in cash.
The amount could increase by up to an additional $8 million depending on Kinetics' 2009 financial results, Elbit said.
Elbit officialy said only that it bought the stake from "minority shareholders", but a source with knowledge of the matter said Kinetics founder Keinan Rafaeli sold the shares to Elbit.
Kinetics' senior management will continue in their present capacities for up to 12 months following the closing.
Israel-based Kinetics and its wholly owned U.S. subsidiary Real-Time Laboratories develop and manufacture products in the field of advanced life support and environmental controls, such as climate control systems, biological and chemical protection systems for combat vehicles.
It also makes other products for land and airborne applications, such as hydraulics, fuel, braking and suspension systems, auxiliary power units for land vehicles and hydraulic systems for aircraft.
Kinetics' main customers are in Israel, Europe and the United States.
The acquisition is in line with Elbit's long-term strategy of growth through acquisitions of companies with high synergistic value, Joseph Ackerman, president and chief executive of Elbit Systems, said in a statem
The amount could increase by up to an additional $8 million depending on Kinetics' 2009 financial results, Elbit said.
Elbit officialy said only that it bought the stake from "minority shareholders", but a source with knowledge of the matter said Kinetics founder Keinan Rafaeli sold the shares to Elbit.
Kinetics' senior management will continue in their present capacities for up to 12 months following the closing.
Israel-based Kinetics and its wholly owned U.S. subsidiary Real-Time Laboratories develop and manufacture products in the field of advanced life support and environmental controls, such as climate control systems, biological and chemical protection systems for combat vehicles.
It also makes other products for land and airborne applications, such as hydraulics, fuel, braking and suspension systems, auxiliary power units for land vehicles and hydraulic systems for aircraft.
Kinetics' main customers are in Israel, Europe and the United States.
The acquisition is in line with Elbit's long-term strategy of growth through acquisitions of companies with high synergistic value, Joseph Ackerman, president and chief executive of Elbit Systems, said in a statem
Friday, April 3, 2009
PPD Sells Unit To Charles River Labs For $46M
Clinical-research service provider Pharmaceutical Product Development Inc (PPDI.O) sold a pre-clinical research unit to rival Charles River Laboratories International Inc (CRL.N) for $46 million and acquired a biotechnology company for $14.5 million.
PPD, which provides later-stage clinical research services, said the cash deals would add to its second-quarter profit by 11 cents a share, while both third and fourth quarters would be hurt by 4 cents each.
For 2009, PPD expects a gain of 12 cents a share from the sale of its Piedmont Research Center unit.
Rival Charles River, which is mostly focused on providing pre-clinical and early-stage research services to drugmakers, expects the deal to be neutral to earnings in 2009.
The Piedmont deal is expected to close in the second quarter, the companies said.
The smaller deal, in which PPD bought Waltham, Massachusetts-based biotech firm Magen BioSciences Inc, gives PPD an access to the company's license to develop and commercialize pre-clinical compounds discovered by Eli Lilly & Co (LLY.N).
PPD, which provides later-stage clinical research services, said the cash deals would add to its second-quarter profit by 11 cents a share, while both third and fourth quarters would be hurt by 4 cents each.
For 2009, PPD expects a gain of 12 cents a share from the sale of its Piedmont Research Center unit.
Rival Charles River, which is mostly focused on providing pre-clinical and early-stage research services to drugmakers, expects the deal to be neutral to earnings in 2009.
The Piedmont deal is expected to close in the second quarter, the companies said.
The smaller deal, in which PPD bought Waltham, Massachusetts-based biotech firm Magen BioSciences Inc, gives PPD an access to the company's license to develop and commercialize pre-clinical compounds discovered by Eli Lilly & Co (LLY.N).
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