Bemis Receives Regulatory Approval for Acquisition
Bemis Company announced that the U.S. District Court
for the District of Columbia has signed an order, approving Bemis` acquisition
of the Food Americas operations of Alcan Packaging, a business unit of
international mining group Rio Tinto plc (LON: RIO; ASX: RIO), subject to
The Food Americas operations recorded 2009 net sales of approximately $1.4 billion and operate 23 plants in North America, South America, and New Zealand. With this agreement, Bemis has satisfied the U.S. regulatory approval requirements necessary to complete the acquisition. Bemis expects the transaction to close as soon as possible. The order signed by the court requires Bemis to divest certain Alcan Packaging Food Americas packaging assets in the United States after closing. The packaging assets that will be divested represent approximately $100 million in annual net sales and include two facilities with production equipment used to produce packaging for fresh meat and retail natural cheese products.
Glatfelter Completes Acquisition of Concert Indust
Glatfelter announced today that it has completed its previously announced acquisition of Concert Industries Corp. from Brookfield Special Situations Management Limited, an affiliate of Brookfield Asset Management for $235 million subject to a post-closing working capital adjustment.
Glatfelter financed the acquisition through a combination of cash on hand, proceeds from the 7 1/8% unsecured senior notes issued on February 5, 2010 and borrowings under its existing revolving credit agreement. Glatfelter will operate Concert as a third business unit along with its Specialty Papers and Composite Fibers business units.
Terra Industries to Be Acquired for $4.1 Bil Cash
Terra Industries announced that the Company's Board of Directors has unanimously approved a definitive merger agreement under which Yara International ASA (OSLO: YAR.OL) ("Yara") will acquire all of the outstanding shares of Terra common stock for US$41.10 per share in cash. The transaction has a total equity value of approximately US$4.1 billion. The US$41.10 per share cash purchase price represents a 23.6% premium over Terra's closing price on February 12, 2010, the last trading day prior to today's announcement.
"Our Board is unanimous in its firm belief that this transaction is compelling for our shareholders, customers, and employees" said Henry Slack, Chairman of the Board of Terra. "In December Terra paid a special cash dividend of $7.50 per share to our shareholders, and with this transaction, we have delivered a significant premium for their investment in Terra."
Airgas Board Rejects Air Products’ $5 Bil Buyout
Industrial gas supplier Airgas rejected the unsolicited $5 billion buyout bid from larger rival Air Products and Chemicals Inc., calling it a "bargain basement price."
In a letter to Air Products CEO John McGlade, Airgas said the $60 per share offer, as well as an earlier bid of $62 per share, "grossly" undervalues the company. Airgas also noted that, with the current depressed prices for many companies in the market, it is a "terrible" time to sell the business.
Air Products Offers to Acquire Airgas for $60.00
Air Products announced that it has made an offer to acquire Airgas, Inc. for $60.00 per share in cash.
At $60.00 per share, the offer provides a 38% premium to Airgas shareholders based on yesterday's closing price of $43.53 and is 18% above Airgas' 52-week high.
Alcoa Loss Narrower, Sales Up
Alcoa Inc. Monday opened the earnings season by reporting a fourth-quarter net loss of $277 million, or 28 cents a share. In the year-earlier quarter, Alcoa lost $1.2 billion, or $1.49 a share. Sales fell 4% to $5.4 billion.
Revenues topped analyst estimates.
Weyerhaeuser To Convert To REIT
Weyerhaeuser Company Tuesday said it will convert to a real estate investment trust (REIT)structure, saying the conversion will position it to be more competitive in its timberlands business.
Analysts say the move to a REIT will cut Weyerhaeuser's tax burden and give its investors higher returns. The company would still trade on an exchange and would be required to pay out most income to shareholders.
Boise Cascade Turns to Profit
Boise Cascade Holdings Friday said it posted earnings of $26.2 million, up from a year-earlier loss of $207.6 million. The company said the latest quarter's results included $28.2 million of non-cash income associated with its equity investment in Boise, a paper-products maker, while the prior year had a $208.1 million write-down related to the investment. Sales dropped 20% to $579 million.
|Bemis Receives Regulatory Approval for Acquisition (BMS)|
|Glatfelter Completes Acquisition of Concert Indust (GLT)|
|Terra Industries to Be Acquired for $4.1 Bil Cash (TRA)|
|Airgas Board Rejects Air Products’ $5 Bil Buyout (ARG)|
|Air Products Offers to Acquire Airgas for $60.00 (APD)|
|Alcoa Loss Narrower, Sales Up (AA)|
|Weyerhaeuser To Convert To REIT (WY)|
|Boise Cascade Turns to Profit (BZ)|
|U.S. Steel Reports Q3 Loss on Lower Revenue (X)|
|Dow Chemical Reports Earnings of $0.63 (DOW)|