FMC Corporation downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded FMC Corporation citing valuation after shares rallied on the company's plans so split into two companies. Wells keeps a $78-$82 price target range for shares.
News For FMC From The Last 14 Days
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FMC Corporation to acquire Cheminova for $1.8B FMC Corporation announced that it has signed a definitive agreement to acquire Cheminova A/S, a wholly owned subsidiary of Auriga Industries A/S. Cheminova is a multinational crop protection company based in Denmark. FMC will fund the all-cash acquisition through a mixture of debt and existing cash reserves. The transaction is expected to close in early 2015 and will be accretive to adjusted earnings in the first full year following the acquisition. FMC will modify its previously announced separation plans by pursuing a sale of Alkali Chemicals. Commenting on this decision, Brondeau said, "FMC is committed to its strong balance sheet and a sale of Alkali Chemicals will allow us to de-lever to a point that is appropriate for our business profile. Alkali Chemicals is a well-run, highly profitable and cash generative business, and we are confident it will attract many interested buyers. We expect to complete this sale by mid-2015."