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News Breaks
March 5, 2013
09:16 EDTCAG, CHSCPConAgra says expects JV transaction to become accretive to EPS over time
ConAgra says in an 8K filing that securing third-party financing in an aggregate amount of no less than $600M on terms that are commercially reasonable and that do not, among other things, require credit support to be provided by any Owner, is a condition to close. Immediately upon completion of the Financing, all of the net proceeds thereof will be distributed to the Owners. The distribution will be approximately proportional to the Owners’ ownership interests in Ardent Mills, except that each Owner’s distribution will be adjusted to reflect any deviations in the working capital contributions of such Owner from specified target amounts and ConAgra Foods will receive a distribution that is slightly higher proportionally than its percentage ownership. ConAgra Foods currently plans to allocate its initial cash distribution from the Joint Venture to pay down debt. It is anticipated that the transaction will close late in calendar year 2013. ConAgra Foods plans to finalize the expected financial impacts of the transaction between now and the closing. Due to both the anticipated timing of the closing and expected allocation of proceeds toward debt reduction, the transaction is expected to be modestly dilutive, less than 5c, to fiscal 2014 diluted EPS, excluding items impacting comparability. Even with this impact, ConAgra Foods expects to post a strong growth rate of diluted EPS, excluding items impacting comparability, in bothhalves of fiscal 2014, primarily reflecting the contribution of diluted EPS, excluding items impacting comparability, from the recent Ralcorp Holdings, Inc. acquisition; this transaction does not alter the company’s expectations for previously announced cost synergies related to the Ralcorp acquisition. ConAgra Foods also expects the Joint Venture transaction to become accretive to its diluted EPS over time, as expected cost synergies from the transaction are realized.
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August 18, 2014
13:01 EDTCHSCPCHS sells portion of Necochea, Argentina port joint venture
CHS Inc. announced it has reached agreement to allow Noble Argentina to acquire a portion of the CHS share of an export terminal joint venture at Necochea, a province of Buenos Aires, Argentina. CHS Argentina currently own 30% of Sitio 0 de Quequen. After finalizing the transaction, CHS and Noble Argentina, a subsidiary of Noble Grain, will each hold 22.75% ownership in Sitio 0. Other terminal owners are South American grain companies E-Grain SA, A&J Nari SA, Alea y Compania SA and Lartirigoyen y Compania. Now under construction, the first stage of Sitio 0 will consist of an export terminal with 119K metric tons of storage capacity and a high-speed loader with 1,200 metric tons per hour capability at one pier. A planned second stage would include an additional pier and 100K metric tons of storage. Sitio 0 has the right to use the Quequen port for 45 years. The first phase is expected to be operational by May 2015.
August 11, 2014
07:45 EDTCAGConAgra CEO Gary Rodkin announces intent to retire
ConAgra Foods announced that Gary M. Rodkin, CEO, has informed the ConAgra Foods Board of Directors of his intention to retire at the end of the company’s fiscal year, May 2015. The Board of Directors has established a search committee, led by independent director Richard Lenny, to identify Rodkin’s successor. Lenny is the former chairman and CEO of The Hershey Co. and has served on the ConAgra Foods board since 2009.
07:45 EDTCAGConAgra CEO Gary Rodkin announces intent to retire
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August 8, 2014
12:46 EDTCAGConAgra head Rodkin anticipated to resign in coming months, Reuters says
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