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November 7, 2012
06:46 EDTVIVHY, BHP, DTV, APO, PSO, MHPOn The Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: McGraw-Hill (MHP) is said to be in exclusive talks with Apollo Global (APO) over the sale of its education unit, according to a Wall Street Journal report citing people familiar with matter...BHP Billiton (BHP) is planning for a successor to CEO Marius Kloppers, reports the Wall Street Journal...INDEPENDENT: Pearson (PSO) has denied a Bloomberg report that said the company is exploring a sale of the Financial Times, the Independent reports...NY POST: Hurricane Sandy took off nearly 20% of total retail sales in the Mid-Atlantic and Northeast regions, reports the New York Post...REUTERS: DirecTV (DTV) says it's in the early stages of examining a possible purchase of GVT, Vivendi's (VIVHY) Brazilian telecom unit, Reuters reports.
News For MHP;APO;BHP;PSO;DTV;VIVHY From The Last 14 Days
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October 7, 2015
08:47 EDTBHPOptions expected to be active
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06:15 EDTBHPFranco-Nevada to acquire silver stream on Antamina Mine from Teck Resources
Franco-Nevada (FNV) has agreed to acquire a silver stream on production from the Antamina mine in Peru from Teck Resources (TCK). Teck owns a 22.50% interest in Compania Minera Antamina S.A., the Antamina joint venture company, along with partners BHP Billiton (BHP) - 33.75% -, Glencore Plc - 33.75% - and Mitsubishi Corporation - 10.00% -. Antamina is an established mine that commenced operations in 2001. It is the 8th largest copper mine in the world and is one of the lowest cost copper operations globally. The effective date for the transaction is July 1 and Franco-Nevada is expected to receive 900K-1.1M ounces of silver in Q4. Annual silver stream contributions are expected to average 2.8M-3.2M ounces going forward , with 2016 and 2017 silver deliveries expected to be above average. Antamina would increase Franco-Nevada's GEOs and operating cash flow by approximately 13% and 18% respectively. The mine contains total Measured and Indicated resources of 1.1B tonnes of ore and Inferred resources of 1.3B tonnes of ore. Within the resource envelope, total reserves are 647M tonnes of ore, which are currently constrained by tailings disposal capacity. Current M&I resources are sufficient to support over 20 years of open pit mining. With continued conversion and upgrading of resources, the project could support mining for 30 - 40 years. Franco-Nevada will make a one-time $610M advance payment to Teck upon closing of the transaction. Funding is expected to occur in early-October with first silver delivery to Franco-Nevada in Q4. The stream will be based on all recovered silver from Teck's attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Silver deliveries are scheduled for the 45th day after each calendar quarter end based on the previous quarter's concentrate shipments. Franco-Nevada will pay 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86M ounces have been delivered under the stream agreement, estimated at current throughput to be approximately 30 years. Silver deliveries under the stream will be an absolute obligation of the joint sellers and are not contingent on the availability of cash flow from the project.
05:20 EDTBHPBHP Billiton upgraded to Overweight from Equal Weight at Morgan Stanley
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October 6, 2015
10:22 EDTBHPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
October 5, 2015
14:30 EDTVIVHYVivendi reports 19.88% stake in Telecom Italia
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October 4, 2015
16:11 EDTBHPBHP Billiton may postpone fundraising plans, Sunday Times says
BHP Billiton may postpone its hybrid bond fundraising efforts amid unfavorable market volatility, reports the Sunday Times, citing market sources. The company had hoped to price the bond this week, but could announce as early as Monday that it will delay its plans, sources told the Times. Reference Link
16:02 EDTAPOXchanging says received acquisition proposals from Apollo Global, Capita
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October 2, 2015
12:19 EDTBHPBHP Billiton downgraded to Hold from Buy at Societe Generale
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07:16 EDTBHPBHP Billiton volatility flat, shares near seven-year low
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October 1, 2015
10:52 EDTAPOLand and Buildings says more changes needed to enchance New York REIT value
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05:30 EDTPSOPearson resumed with a Buy at Citi
Price target 1,425p.
September 30, 2015
18:25 EDTAPOMidCap to acquire Mubadala GE Capital loan portfolio
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September 29, 2015
13:46 EDTPSOPearson to buy Learndirect, Sky News reports
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10:39 EDTVIVHYVivendi acquires 30% stake in Mars Distribution, Variety reports
Vivendi has bought a 30% stake in Mars Distribution, a Paris-based distributor, Variety reports. Reference Link
September 28, 2015
07:01 EDTBHPBHP Billiton volatility flat as shares near seven-year low
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September 23, 2015
10:00 EDTVIVHYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Baidu (BIDU) upgraded to Buy from Underperform at CLSA... BioMed Realty (BMR) upgraded to Buy from Hold at Canaccord... Carnival (CCL) upgraded to Buy from Neutral at Nomura... (CTRP) upgraded to Buy from Outperform at CLSA... Daktronics (DAKT) upgraded to Buy from Hold at Needham... FMC Corporation (FMC) upgraded to Buy from Hold at Jefferies... Finish Line (FINL) upgraded to Outperform from Market Perform at FBR Capital... Intel (INTC) upgraded on potential PC, client business rebound at Bernstein... MTN Group (MTNOY) upgraded to Neutral from Sell at Goldman... Mitcham Industries (MIND) upgraded to Buy from Neutral at Sidoti... Parker Drilling (PKD) upgraded to Buy from Neutral at Sidoti... Raytheon (RTN) upgraded on international outlook at Bernstein... Regional Management (RM) upgraded to Buy from Hold at Jefferies... Vivendi (VIVHY) upgraded to Hold from Underperform at Jefferies... Wolverine World Wide (WWW) upgraded to Neutral from Sell at Citi.
06:58 EDTBHPBHP Billiton volatility up as shares near seven-year low
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06:04 EDTBHPBHP Billiton now sees FY16 CapEx $8.5B
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06:02 EDTBHPBHP Billiton says paid $7.3B globally in taxes in FY15
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05:20 EDTVIVHYVivendi upgraded to Hold from Underperform at Jefferies
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