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08:15 EDTFX Action: USD-CAD has nudged out a new intraday high
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07:15 EDTWRLDFormer Attorney General announces investigation into World Acceptance
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07:11 EDTPOT, KPLUFPotash says confident K+S concerns can be addressed
Potash Corporation of Saskatchewan (POT) acknowledged the statement issued by K+S Aktiengesellschaft (KPLUF) rejecting its takeover proposal. It stated, "PotashCorp believes the proposed transaction would combine two best-in-class companies with minimal overlap to create a global producer in the nutrient industry for the long-term benefit of investors, customers, employees and the communities where both companies operate. The company affirmed that its proposal is not predicated on closing mines, curtailing production, selling the salt business or cutting jobs." The company added, "PotashCorp has put forward a compelling proposal to negotiate a transaction that it believes balances the interests of investors and other stakeholders, including the employees and communities in which the companies operate. It is encouraged by K+S' response since many of the matters raised have already been addressed in previous correspondence or can be addressed if K+S were to agree to meet with company representatives."
07:08 EDTEJE-House retains Duff & Phelps as advisor amid proposal review
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07:05 EDTFX Update: GBP outperformed after a strong UK services PMI
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07:03 EDTCAJCanon upgraded to Neutral from Sell at Goldman
Goldman Sachs upgraded Canon to Neutral saying the market will view the company's large cash position more positively following its growth acquisition.
06:57 EDTEONGYE.ON AG upgraded to Buy from Hold at Societe Generale
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06:56 EDTBAESYBAE Systems upgraded to Buy from Neutral at UBS
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06:55 EDTBPBP upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded BP to Overweight citing reduced risk following the earlier than Macondo-related settlements. The firm raised its price target for shares to 475p from 450p.
06:51 EDTAET, HUMAetna sees $1.25B in annual synergies in 2018 from deal
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06:49 EDTAET, HUMAetna says ability to repurchase shares limited before deal closing
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06:47 EDTHUM, AETAetna to acquire Humana for $37B or $230 per share
Aetna (AET) and Humana (HUM) announced that they have entered into a definitive agreement under which Aetna will acquire all outstanding shares of Humana for a combination of cash and stock valued at $37B or approximately $230 per Humana share based on the closing price of Aetna common shares on July 2. Humana closed yesterday down $5.57 to $187.57. Under the terms of the agreement, which has been approved by the board of directors of each company, Humana stockholders will receive $125.00 in cash and 0.8375 Aetna common shares for each Humana share. As a result of the transaction, Aetna’s shareholders would own approximately 74% f the combined company and Humana’s shareholders would own approximately 26%. Aetna expects to finance the cash portion of the transaction with a combination of cash on hand and by issuing approximately $16B of new term loans, debt and commercial paper. Upon closing, which is expected to be in the second half of 2016, the company’s debt-capital ratio is projected to be approximately 46%, and management has committed to reducing that ratio below 40% over the 24 months following the closing. The transaction is projected to be neutral to Aetna’s 2016 operating earnings and produce mid-single digit percentage operating earnings accretion in 2017 and low double-digit percentage accretion in 2018. The combined company would have projected 2015 operating revenue of approximately $115B. Following the close of the transaction, Mark Bertolini will serve as Chairman and CEO of the combined company. At the time of the closing, the Aetna board will be comprised of twelve current Aetna directors and four Humana directors, for a total of sixteen directors.
02:25 EDTFX Update: The AUD dove on weak data
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