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Stock Market & Financial Investment News

News Breaks
June 20, 2014
08:04 EDTCRARY, GE, MTU, HESEIF acquires Hess Corp's 50% stake in GE-powered Newark Energy Center
Energy Investors Funds, an energy-focused private equity firm, announced today that two EIF-managed funds have indirectly acquired an additional 50% ownership stake in the Newark Energy Center from Hess Corporation (HES) using a $590M loan from Crédit Agricole Corporate and Investment Bank (CRARY), GE unit (GE) GE Energy Financial Services and Mitsubishi UFJ Financial Group (MTU). EIF-NEC, LLC, an entity jointly owned by the two EIF-managed funds, will use the loan to support the acquisition, construction and operation of the 705-megawatt power plant, which is being built using GE’s advanced combined-cycle, natural gas-fired turbine technology. With this acquisition, EIF-NEC now holds 100% of the equity interests in the Newark Energy Center. The three lenders served as co-lead arrangers and joint-book runners. Financial details of the transactions were not disclosed. The Newark Energy Center sits on 23 acres of brownfield industrial land in New Jersey, an optimal location with nearby gas supply and electrical interconnection point. The project has been under construction for nearly two years and is expected to begin commercial operations in May 2015. It will sell its energy and capacity into the PJM capacity market. Power Plant Management Services is managing construction, with NAES Corporation providing operations and maintenance and Direct Energy undertaking additional energy management services.
News For HES;GE;CRARY;MTU From The Last 14 Days
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February 25, 2015
06:25 EDTCRARYCredit Agricole names Philippe Brassac as CEO
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05:22 EDTGEGE Healthcare selected as strategic partner by Kenyan Ministry of Health
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February 24, 2015
18:02 EDTGEGeneral Electric director purchases $20M of company stock
According to regulatory filings, GE director William G. Beattie purchased 800,000 shares of GE for $20,096,000 on February 18 and 19.
February 23, 2015
12:46 EDTMTUMitsubishi UFJ to reconfigure securities unit, Nikkei reports
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12:07 EDTGEEU opens probe in GE's proposed acquisition of Alstom's energy business
The European Commission has opened an in-depth investigation to assess whether General Electric's (GE) proposed acquisition of the Thermal Power, Renewable Power & Grid businesses of Alstom (ALSMY) is in line with the EU Merger Regulation. The Commission’s preliminary investigation indicates potential competition concerns in the market for heavy-duty gas turbines which are mainly used in gas-fired power plants. The transaction would bring together the activities of GE, the world's largest manufacturer of heavy-duty gas turbines, with those of Alstom, eliminating one of the three main global competitors to GE in this market. The opening of an in-depth inquiry does not prejudge the final result of the investigation. The Commission now has 90 working days, until 8 July, to take a final decision. Reference Link
February 20, 2015
08:26 EDTGEArc Logistics to acquire all membership interests Joliet Bulk for $216M
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February 19, 2015
05:55 EDTCRARYCredit Agricole downgraded to Hold from Buy at Deutsche Bank
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February 18, 2015
11:14 EDTGEGE, Alstom deal likely to face intense EU scrutiny, Reuters says
General Electric's (GE) deal for Alstom's (ALSMY) power equipment business is likely to face an intense EU antitrust investigation, says Reuters, citing people familiar with the matter. Reference Link
07:11 EDTCRARYEnerCom to hold a conference
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07:07 EDTGEBarclays to hold a conference
Industrial Select Conference is being held in Miami on February 18-19.
06:14 EDTCRARYCredit Agricole expected to name new CEO next week, WSJ reports
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February 15, 2015
15:42 EDTGEGE inaugurates new Indian manufacturing facility, Reuters says
General Electric inaugurated its new manufacturing facility in India this weekend that the conglomerate will use as an export hub, with plans to send half of its output to the company's global factories, says Reuters. The new Indian facility will be a major part of GE's plan to win increased domestic orders there, added Reuters. Reference Link
February 13, 2015
14:07 EDTHESOil fields in Libya attacked, Dow Jones reports
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