New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 17, 2014
13:01 EDTIHG, KOInterContinental Hotels, Coca-Cola in strategic alliance
InterContinental Hotels (IHG) and Coca-Cola (KO) announced a new multi-year agreement to offer Coca-Cola soft drink and juice brands at IHG brands in the United States, representing more than 3,200 hotels. The majority of the U.S. beverage rollout is expected to be completed by the end of Q3.
News For IHG;KO From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 27, 2015
09:36 EDTKOActive equity options trading on open
Subscribe for More Information
November 25, 2015
16:01 EDTKOOptions Update; November 25, 2015
Subscribe for More Information
06:58 EDTKOChief science and health officer leaving Coca-Cola, NY Times reports
Subscribe for More Information
November 24, 2015
15:30 EDTKOTeamsters Local 727 files unfair labor practices against Coca-Cola Refreshments
Subscribe for More Information
November 23, 2015
10:25 EDTKOCoca-Cola management to meet with Bernstein
Meeting to be held in Atlanta on November 30 hosted by Bernstein.
November 17, 2015
09:16 EDTKOCoca-Cola says previous Q4 comparable currency neutral EPS growth view unchanged
Subscribe for More Information
09:15 EDTKOCoca-Cola says previous Q4 comparable currency neutral EPS growth view unchanged
Subscribe for More Information
November 16, 2015
11:31 EDTIHGMarriott announces plans to buy Starwood in $12.2B cash and stock deal
Shares of Marriott International (MAR) and Starwood Hotels & Resorts (HOT) fell after the two companies announced that Marriott will acquire Starwood in a cash and stock deal valued at $12.2B. WHAT'S NEW: Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood stock. When the deal closes, Starwood stakeholders will own roughly 37% of the combined entity's stock, the companies said. Marriott expects the deal to be earnings accretive by the second year after the merger, excluding the impact of transaction and transition costs. Marriott president and chief executive officer Arne Sorenson will remain in both positions following the merger. The transaction, which has been approved unanimously by the boards of both companies, is expected to close in mid-2016. In a statement announcing the deal, Marriott said it remains committed to its management and franchise strategy. Additionally, Marriott said it expects to deliver at least $200M in annual cost savings in the second full year after closing. Marriott expects to return at least $2.25B in dividends and share repurchases to investors, and believes it can reutrn "at least as much" in the first year following the closing. WHAT'S NOTABLE: On a conference call discussing the deal, Sorenson said that Starwood brands will "remain in place" and that he is focused on increasing appeal to younger travelers. Sorenson also said that the agreement includes a $400M break-up fee. Marriott chief financial officer Carl Berquist added that Starwood will continue its asset sale program. Starwood Chairman Bruce Duncan said that "all possible options" were considered and the company spoke to a "wide range" of interested parties. OTHER BIDDERS: On November 2, CNBC's David Faber reported that Starwood and rival Hyatt (H) were still in talks over a potential merger deal and that deal was about "a week away." In addition, The Wall Street Journal reported on October 27 that Shanghai Jin Jiang International Hotels, HNA Group and China Investment Corporation were vying for government clearance to submit an offer to acquire Starwood. On July 30, media reports emerged that Starwood had reached out to possible suitors about a buyout, including InterContinental (IHG), Wyndham Worldwide (WYN), and several sovereign wealth funds. Intercontinental denied it was involved in any such discussions with Starwood the day the story was reported. STREET RESEARCH: In response to the acquisition news, RBC Capital Markets analyst Wes Golladay said that Marriott may look to convert some of Starwood's hotels, likely older Sheratons, to its new Delta brand. PRICE ACTION: In morning trading, Marriott declined 0.14% to $72.64 and Starwood fell 6.25% to $70.24. OTHERS TO WATCH: Hyatt rallied 3.4%, InterContinental was down 1.77% and Wyndham Worldwide lost 2.07% following the deal announcement. American Express (AXP), which announced new benefits to the Starwood Preferred Guest credit card in early June, slipped 0.62% in morning trading.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use