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Stock Market & Financial Investment News

News Breaks
August 14, 2013
17:44 EDTACI, OXY, MPC, DOW, HK, TSO, DVN, EPD, CNX, PSX, PXD, APC, BCEI, FCX, COG, SU, CXO, SM, WLLBP Capital gives quarterly update on stakes
NEW STAKES: Whiting Petroleum (WLL), Suncor Energy (SU), Bonanza Creek (BCEI), SM Energy (SM), and Cabot (COG). INCREASED STAKES: Anadarko (APC), Concho (CXO), Freeport-McMoRan (FCX), and Dow Chemical (DOW). DECREASED STAKES: Pioneer Natural Resources (PXD), Devon Energy (DVN), Marathon Petroleum (MPC), Phillips 66 (PSX), and Tesoro (TSO). LIQUIDATED STAKES: Occidental (OXY), Consol Energy (CNX) Halcon (HK), Arch Coal (ACI), and Enterprise Products Partners (EPD).
News For WLL;SU;BCEI;SM;COG;APC;CXO;FCX;DOW;PXD;DVN;MPC;PSX;TSO;OXY;CNX;HK;ACI;EPD From The Last 14 Days
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November 12, 2014
14:13 EDTDOWDow Chemical raises divestiture target to $7B-$8.5B by mid-2016
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14:10 EDTDOWDow Chemical realigns external reporting segments
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14:08 EDTDOWDow Chemical to sell ANGUS Chemical to Golden Gate Capital for $1.215B
Dow Chemical announced that it has signed a definitive agreement under which ANGUS Chemical Company will be sold to Golden Gate Capital for $1.215B. The transaction is expected to close during the first quarter of 2015, subject to completion of customary regulatory filings. Dow had previously announced its intent to divest this business on Oct. 2. The divestiture aligns to Dow’s efforts to achieve its identified target of $4.5B-$6B in proceeds from shedding non-strategic assets and businesses by year-end 2015. To date, Dow has achieved $2.5B in proceeds designed to remunerate shareholders, reduce debt, and fund growth. The divestiture of ANGUS includes the business headquarters and R&D facility in Buffalo Grove, IL; manufacturing facilities located in Sterlington, LA, and Ibbenbueren, Germany; a packaging facility in Niagara Falls, NY; as well as the associated business, inventory, customer contracts, process technology, business know-how and certain intellectual property. Approximately 290 employee positions globally are expected to transition employment status as ANGUS moves to being owned by Golden Gate Capital as part of the transaction. Under terms of the purchase agreement, ANGUS will continue to honor customer, licensing and supplier contracts and related agreements.
14:06 EDTDOWDow Chemical announces sale of ANGUS Chemical for $1.215B
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08:35 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
Enterprise Products Partners (EPD) and Oiltanking Partners (OILT) announced that Enterprise and Oiltanking Partners have entered into a merger agreement. Under the terms of the merger agreement, Oiltanking Partners would merge with a subsidiary of Enterprise in a unit-for-unit exchange. Unitholders of Oiltanking Partners would receive 1.3 Enterprise common units for each Oiltanking Partners common unit. This exchange ratio represents a 5.6 percent premium to Oiltanking Partners unitholders based on the respective closing prices for Enterprise and Oiltanking Partners common units on September 30, 2014, the day before the merger was originally proposed. Relative to the respective closing prices for Enterprise and Oiltanking Partners common units on November 10, 2014, the day before the parties entered into the merger agreement, the 1.3 exchange ratio represents a 10.4 percent premium to Oiltanking Partners unitholders. Based on the latest cash distribution declared by Enterprise and Oiltanking Partners with respect to the third quarter of 2014, this exchange ratio would result in a 74 percent increase in cash distributions for Oiltanking Partners unitholders. The approval and adoption of the merger agreement require approval by holders of a majority of the outstanding Oiltanking Partners common units. A subsidiary of Enterprise, which will own a sufficient number of Oiltanking Partners common units to approve the merger on behalf of all Oiltanking Partners unitholders, has executed a support agreement with Oiltanking Partners in which it has irrevocably agreed to consent to the merger. This subsidiary will own approximately 54.8 million Oiltanking Partners common units, or approximately 66 percent of the total Oiltanking Partners common units then outstanding, following the conversion of approximately 38.9 million Oiltanking Partners subordinated units into common units. The one-for-one conversion of these subordinated units into common units will occur on November 17, 2014, the business day immediately following payment of the Oiltanking Partners cash distribution scheduled to be paid on November 14, 2014. Approval and adoption of the merger agreement will be submitted to a vote of the unitholders of Oiltanking Partners. Upon completion of the merger, which is expected to occur in early 2015, the total consideration paid by Enterprise for the Oiltanking Partners general partner and related incentive distribution rights and the limited partner units would be approximately $6.0 billion. The merger terms were negotiated, reviewed and approved by the conflicts committee of the board of directors of the general partner of Oiltanking Partners and approved by the board of directors of the general partner of Oiltanking Partners.
08:34 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
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07:46 EDTCNX, ACICowen to hold a conference
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07:34 EDTDOWDow Chemical raises dividend 14%, adds $5B to share buyback program
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07:31 EDTCXO, APC, COGBofA/Merrill to hold a conference
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07:31 EDTDOWDow Chemical raises dividend 14% to 42c per share
07:31 EDTDOWDow Chemical announces new $5B tranche to share repurchase program
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November 11, 2014
08:40 EDTBCEIBonanza Creek appoints Richard Carty as CEO
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November 10, 2014
18:32 EDTHKOn The Fly: After Hours Movers
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16:14 EDTHKHalcon Resources reports Q3 EPS 3c, consensus 6c
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15:43 EDTDVN, APC, PSXAmerican Petroleum Institute to hold a conference
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15:26 EDTHKNotable companies reporting after market close
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15:15 EDTDVNJefferies to hold a conference
2014 Global Energy Conference is being held in New York on November 11-12.
07:37 EDTDOWGolden Gate the lead bidder for Dow Chemical unit, Reuters reports
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07:25 EDTBCEIBonanza Creek price target lowered to $53 from $58 at Brean Capital
Brean Capital lowered its price target to on Bonanza Creek to $53 from $58 to reflect the company's lowered midpoint guidance and higher capital expenditures. Brean Capital reiterates its Buy rating on Bonanza Creek shares.
07:14 EDTCXOHart Energy to hold a conference
Executive Oil Conference 2014 is being held in Midland, Texas on November 10-11.
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