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Stock Market & Financial Investment News

News Breaks
August 13, 2014
12:19 EDTREPYYRepsol led group given go-ahead for Canary Island project, FT says
Spain's Ministry of Industry, Energy and Tourism gave a consortium led by Repsol permission for a EUR7.5B exploration project offshore of the Canary Islands despite opposition from the Canaries’ regional government and tourism and ecological groups, reported Financial Times. Reference Link
News For REPYY From The Last 14 Days
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December 17, 2014
08:16 EDTREPYYTalisman Energy downgraded to Market Perform from Outperform at Bernstein
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08:01 EDTREPYYTalisman Energy downgraded at RBC Capital
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December 16, 2014
16:26 EDTREPYYOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory following another tumble in the price of oil and Russian central bank intervention on the ruble. The continued decline in crude and the sudden rate hike in Russia led to an early sell-off, though the market soon pared its losses and the Dow eventually built a 200 point gain before noon. The swing of 300 points for the Dow was indicative of the day’s volatility. The market moved across the flat line again and in the end the sellers regained control and pushed the market to another loss. ECONOMIC EVENTS: In the U.S., housing starts fell 1.6% to a 1.028M rate in November, which was worse than the expected 3.1% increase. Building permits dropped 5.2% to a 1.035M rate in the month, which was also worse than the consensus forecast for a 2.5% drop. Markit's flash PMI for the U.S. dropped to 53.7 in December from 54.8 in November, which is an 11 month low and worse than the 55.2 reading that was forecast. In China, HSBC and Markit's preliminary manufacturing PMI fell to 49.5 in December from a final 50.0 reading in November. In Europe, Markit's composite PMI for the euro zone rose to 51.7, which was up from November's final reading of 51.1 and just above analyst forecasts for a reading of 51.5. Additionally, Russia's central bank raised its key interest rate to 17% from 10.5% in an effort to limit substantially increased ruble depreciation risks and inflation risks. COMPANY NEWS: Spain's Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash, which was at the high end of the range reported recently by Financial Times. Talisman shares trading in New York surged $2.46, or 48.05%, to $7.58 following the deal announcement, while Repsol slipped 18c, or 0.93%, to $19.26. MAJOR MOVERS: The top nine gainers on the S&P 500 were all oil and gas exploration or services companies. After those came CVS Health (CVS), which gained $2.44, or 2.72%, to $92.31 after the company announced in conjunction with its analyst day meeting that it added $10B to its share repurchase plan, boosted its dividend 27%, affirmed its outlook for this fiscal year and pointed to growing earnings in its next fiscal year. Among the noteworthy losers was heavy truck maker Navistar (NAV), which fell $5.95, or 16.98%, to $29.10 after reporting losses for its just completed quarter. Also lower were shares of Russian companies listed in the U.S., including QIWI (QIWI), which dropped $2.81, or 13.06%, to $18.70 and Mobile TeleSystems (MBT), which slid 75c, or 10.84%, to $6.17. INDEXES: The Dow fell 111.97, or 0.65%, to 17,068.87, the Nasdaq dropped 57.32, or 1.24%, to 4,547.83, and the S&P 500 declined 16.89, or 0.85%, to 1,972.74.
12:26 EDTREPYYOn The Fly: Midday Wrap
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10:57 EDTREPYYCanadian energy stocks rise after Talisman acquired by Repsol
Shares of Canadian energy companies are higher this morning after Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash. WHAT'S NEW: Canada-based Talisman announced that it has agreed to be acquired by Spain's Repsol in a transaction valued at approximately $13B, including debt. Under the terms of the agreement, Repsol will buy all outstanding common shares of Talisman for $8 per share in cash. Also under the deal, Talisman will pay aggregate cash dividends of 18c per common share prior to closing. The Talisman board is recommending shareholders accept the deal at a special meeting to be held in mid-February 2015. The transaction is expected to close in the second quarter of 2015, Talisman said. Talisman Chairman Chuck Williamson noted that the deal will create "significant and immediate value" for the company's investors. WHAT'S NOTABLE: Repsol first explored a bid for Talisman in July, but talks slowed in late August. Earlier this month, Bloomberg reported the companies revived talks and The Wall Street Journal said "talks moved quickly" from there. Canada Pension Plan Investment Board, which initially considered buying parts of Talisman, was also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. ANALYST REACTION: Talisman Energy was downgraded this morning to Market Perform from Outperform at Bernstein. PRICE ACTION: Talisman Energy is up $2.43, or 47.5%, to $7.55 in morning trading and Repsol shares trading in New York are down 1.5% to $19.15. OTHERS TO WATCH: Other Canadian energy companies traded in New York include Encana (ECA), Suncor (SU), Canadian Natural Resource (CNQ) and Imperial Oil (IMO). Of note, Encana this morning announced a 2015 capital program of $2.7B-$2.9B, with about 80% directed to the Montney, Duvernay, Eagle Ford and Permian, its highest margin growth plays. The company expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. In morning trading, Encana shares rose 9.2% to $12.69, Suncor gained 5.3% to $28.33, Canadian Natural Resource added 4.8% to $28.62 and Imperial Oil advanced 2.5% to $40.88.
05:29 EDTREPYYRepsol to acquire Talisman for $8 per share in cash
Talisman Energy (TLM) announced overnight that it has entered into a definitive agreement with Repsol (REPYY) under which Repsol will acquire all of the outstanding common shares of Talisman for $8.00 per share in cash. Total transaction value is approximately $13B, including Talisman's current debt. In addition, under the transaction, Talisman will be allowed to pay aggregate cash dividends of 18c per common share prior to closing, including the dividend declared and payable on December 31. Talisman's board has unanimously approved the transaction and recommends that Talisman's common shareholders and preferred shareholders vote in favor of the arrangement at a special meeting of shareholders to be held mid February 2015. The transaction is targeted to close in Q2 of 2015. "This deal creates significant and immediate value for Talisman stakeholders," said Chuck Williamson, Chairman of Talisman's Board of Directors. "Importantly, the deal underscores Repsol's strong belief in the high quality portfolio that Talisman has worked hard to develop. Repsol is a world-class operator with a solid track record and the financial capability to continue the development of these assets within their international portfolio. I am proud of the company that our employees, past and present, have built and I believe this transaction represents new opportunities for them in Canada and around the world."
December 15, 2014
11:43 EDTREPYYTalisman Energy confirms discussions with Repsol on potential transaction
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10:57 EDTREPYYRepsol to submit for consideration of board possible transaction with Tailsman
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09:37 EDTREPYYTalisman Energy bid being weighed by Canada Pension Board, Bloomberg says
Canada Pension Plan Investment Board, which initially considered buying parts of Talisman Energy (TLM), is now also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. The pension board may be competing with Spain's Repsol (REPYY), which is reportedly in talks to make a bid to buy Talisman, as previously reported. Talisman shares in New York are up about 20% in early trading. Reference Link
09:09 EDTREPYYTalisman Energy bid being weighed by Canada Pension, Bloomberg says
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08:48 EDTREPYYTalisman Energy confirms talks with Repsol
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December 12, 2014
16:19 EDTREPYYOn The Fly: Closing Wrap
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13:04 EDTREPYYOn The Fly: Midday Wrap
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09:16 EDTREPYYRepsol in talks to buy Talisman Energy for $6-$8 per share, FT says
Spain's Repsol (REPYY) is in talks to acquire Canada's Talisman Energy (TLM) and is currently negotiating a purchase price in a range between $6 and $8 per share, said Financial Times. Such a the deal would give Talisman an enterprise value of about $10B-$12B, including debt, the report added. The Fly notes that an earlier foreign-language report from the business newspaper Expansion said that Repsol was preparing to make a bid for Talisman that values the Canadian company at around EUR 4B, or about C$6 per share. Shares of Talisman trading in New York are up 25% to $4.60 with about 15 minutes to go until the opening bell. Reference Link
08:26 EDTREPYYTalisman rises after report of Repsol mulling C$6 per share bid
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December 8, 2014
15:38 EDTREPYYRepsol revives deal talks with Talisman Energy, Bloomberg reports
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15:23 EDTREPYYTalisman halted for circuit-breaker after report of Repsol talks being renewed
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15:21 EDTREPYYRepsol revives talks with Talisman Energy, Bloomberg reports
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