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Stock Market & Financial Investment News

News Breaks
June 27, 2014
07:04 EDTECA, APOJupiter Resources to acquire Encana's Bighorn assets for C$2B
Jupiter Resources has agreed to acquire Encana’s (ECA) Bighorn assets in the Alberta Deep Basin for C$2B before closing adjustments. These properties include approximately 360,000 net acres of land and first quarter production of 319 mmcfe/d of liquids-rich natural gas. The transaction is subject to satisfaction of normal closing conditions, as well as regulatory approvals, and is expected to close by the end of the third quarter of 2014. Jupiter Resources is a portfolio investment of funds managed by affiliates of Apollo Global Management (APO).
News For APO;ECA From The Last 14 Days
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December 17, 2014
09:40 EDTAPO21st Century Fox, Apollo Global complete joint venture transaction
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06:20 EDTAPOLeighton, certain Apollo funds to form 50:50 services investment partnership
Leighton Holdings announced it had entered a binding agreement with funds managed by affiliates of Apollo Global Management, LLC to form a 50:50 investment partnership comprising the merged operations and maintenance services businesses of: Thiess Services which includes: Communications, Energy Solutions, Asset and Infrastructure Services, and Environmental Services; and Leighton Contractors Services which includes: Visionstream and Infrastructure Services. The details of the transaction are: A price which represents an enterprise value for 100% of the assets of A$1.075B, subject to certain adjustments; Approximately A$700M in cash proceeds which will reduce Leighton Holdings’ gearing by around 10 percentage points. The partnership is subject to customary regulatory approvals including Foreign Investment Review Board and New Zealand Overseas Investment Office approval.
December 16, 2014
12:26 EDTECAOn The Fly: Midday Wrap
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10:57 EDTECACanadian energy stocks rise after Talisman acquired by Repsol
Shares of Canadian energy companies are higher this morning after Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash. WHAT'S NEW: Canada-based Talisman announced that it has agreed to be acquired by Spain's Repsol in a transaction valued at approximately $13B, including debt. Under the terms of the agreement, Repsol will buy all outstanding common shares of Talisman for $8 per share in cash. Also under the deal, Talisman will pay aggregate cash dividends of 18c per common share prior to closing. The Talisman board is recommending shareholders accept the deal at a special meeting to be held in mid-February 2015. The transaction is expected to close in the second quarter of 2015, Talisman said. Talisman Chairman Chuck Williamson noted that the deal will create "significant and immediate value" for the company's investors. WHAT'S NOTABLE: Repsol first explored a bid for Talisman in July, but talks slowed in late August. Earlier this month, Bloomberg reported the companies revived talks and The Wall Street Journal said "talks moved quickly" from there. Canada Pension Plan Investment Board, which initially considered buying parts of Talisman, was also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. ANALYST REACTION: Talisman Energy was downgraded this morning to Market Perform from Outperform at Bernstein. PRICE ACTION: Talisman Energy is up $2.43, or 47.5%, to $7.55 in morning trading and Repsol shares trading in New York are down 1.5% to $19.15. OTHERS TO WATCH: Other Canadian energy companies traded in New York include Encana (ECA), Suncor (SU), Canadian Natural Resource (CNQ) and Imperial Oil (IMO). Of note, Encana this morning announced a 2015 capital program of $2.7B-$2.9B, with about 80% directed to the Montney, Duvernay, Eagle Ford and Permian, its highest margin growth plays. The company expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. In morning trading, Encana shares rose 9.2% to $12.69, Suncor gained 5.3% to $28.33, Canadian Natural Resource added 4.8% to $28.62 and Imperial Oil advanced 2.5% to $40.88.
09:59 EDTAPOOn The Fly: Analyst Upgrade Summary
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06:18 EDTAPOApollo Global upgraded to Buy from Neutral at Citigroup
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06:04 EDTECAEncana announces $2.7B$2.9B 2015 capital program
Encana announced a highly focused 2015 capital program of $2.7B-.$2.9B, with approximately 80% directed to four of its highest margin growth plays; the Montney, Duvernay, Eagle Ford and Permian. Encana expects to generate approximately 75% of its 2015 cash flow from oil and liquids production. The company estimates total liquids production will grow approximately 70% compared to 2014 to between 140,000 and 160,000 barrels per day, or bbls/d, and anticipates overall production of between 405,000 and 440,000 barrels of oil equivalent per day (boe/d). Encana expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. Encana is committed to protecting its balance sheet through a prudent capital investment program. The company's 2015 capital program is based on assumptions of $70 WTI oil prices and NYMEX natural gas prices of $4 per MMBtu. In addition, the company expects to generate net proceeds of around $800M in the Q1 of FY15 through the completion of the previously announced divestiture of the majority of its Clearwater assets and other anticipated transactions.
December 15, 2014
10:00 EDTAPOOn The Fly: Analyst Initiation Summary
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08:22 EDTAPOApollo Global initiated with an Underweight at Morgan Stanley
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December 14, 2014
15:23 EDTAPOApollo close to $8B leveraged buyout of PetSmart, Bloomberg says
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December 12, 2014
13:27 EDTECAEncana to hold a conference call
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08:09 EDTAPOBofA/Merrill financial analysts hold an analyst/industry conference call
Banks Analyst Najarian, along with Capital Markets Analyst Carrier, Specialty Finance Analyst Bruce discuss the year ahead in Financials, covering the Banks, Capital Markets, Life and P/C Insurance, REIT, Specialty Finance and Canadian Banks/Life Insurance sectors on an Analyst/Industry conference call to be held on December 16 at 10 am.
December 8, 2014
11:58 EDTAPOApollo Global to host investor day
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