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Stock Market & Financial Investment News

News Breaks
August 18, 2014
12:19 EDTIR, CAMIngersoll-Rand rises after agreeing to buy Cameron unit for $850M
Shares of Ingersoll-Rand (IR), which makes heating and air conditioning systems, are up after it announced an agreement to acquire the assets of Cameron International Corporation's (CAM) Centrifugal Compression division for $850M. WHAT'S NEW: Ingersoll-Rand this morning entered into an agreement to acquire Cameron's Centrifugal Compression division for $850M. The acquisition is expected to close before the end of the year, subject to regulatory approval. The Cameron unit generated sales of approximately $400M in 2013, has approximately 850 employees and operates from 12 global locations. The results of operations of the Centrifugal Compression business will be reported as discontinued operations for Cameron beginning in the third quarter. Ingersoll Rand plans to fund the acquisition through a combination of cash on hand and debt. WHAT'S NOTABLE: Ingersoll-Rand said it expects the acquisition to be accretive to EBITDA margins, EPS, and ROIC in 2015 and beyond. The company expects the acquisition to add 8c-10c per share to its earnings in 2015. The company anticipates moderate incremental debt, supported by additional earnings from Cameron and core earnings growth. Ingersoll adds that it foresees refinancing of $500M of 2015 debt, and continues to expect a 2014 share repurchase of $1.38B. Cameron said it is selling the unit to focus on its core markets. The company expects after-tax proceeds of about $600M from the sale, part of which it planned to use to support share buybacks. ANALYST REACTION: Following the announcement, Wells Fargo analysts estimated that the acquisition will be approximately 10c-15c accretive excluding impact from synergies and approximately 20c-25c with anticipated synergies. PRICE ACTION: Ingersoll-Rand jumped $1.49, or 2.46%, to $62.03 in intra-day trading, while Cameron is trading down 0.6% to $72.21.
News For IR;CAM From The Last 14 Days
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February 9, 2016
06:36 EDTIRIngersoll-Rand says Congressional Joint Committee on Taxation concludes review
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06:35 EDTIRIngersoll-Rand expects sale of Hussmann Investment expected to close in 1H16
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06:34 EDTIRIngersoll-Rand reports Q4 HVAC bookings down slightly
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06:34 EDTIRIngersoll-Rand reports Q4 organic revenue up 3%
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06:33 EDTIRIngersoll-Rand sees Q1 adjusted EPS 33c-38c, consensus 40c
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06:33 EDTIRIngersoll-Rand sees FY16 adjusted EPS $3.80-$4.00, consensus $3.98
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06:31 EDTIRIngersoll-Rand reports Q4 adjusted EPS 94c, consensus 93c
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February 8, 2016
14:28 EDTIRNotable companies reporting before tomorrow's open
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February 5, 2016
13:00 EDTCAMSchlumberger, Cameron merger receives unconditional clearance from EU
Schlumberger Limited (SLB) and Cameron (CAM) jointly announced that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review. As previously announced, the U.S. Department of Justice cleared the proposed merger in November 2015 without any conditions; Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and antitrust clearances have been obtained in Canada, Brazil, Russia, and Mexico. Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the People's Republic of China. The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016. The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in the first quarter of 2016. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
06:45 EDTCAMSchlumberger's acquisition of Cameron cleared by EU, Reuters reports
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06:23 EDTIR20 companies make alliance to keep down healthcare costs, WSJ says
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February 3, 2016
06:31 EDTIRIngersoll-Rand increases dividend 10% to 32c per share
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January 28, 2016
07:39 EDTCAMCameron expects transaction with Schlumberger to close in 1Q16
07:39 EDTCAMCameron expects energy prices declines to have negative impact in 2016 business
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07:38 EDTCAMCameron reports Q4 EPS excluding items $1.08, consensus 73c
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