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."
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.
Allegheny Technologies declared a regular quarterly dividend in the amount of $.18 per share payable March 26, 2010 to shareholders of record on March 11, 2010.
At today''s $43.12 stock price the dividend yield is 1.67%.
Airgas announced its supply agreement with Goodrich, the Charlotte, NC-based global supplier of systems and services to the aerospace, defense and homeland security industries has been extended for an additional two years.
Airgas will continue to be Goodrich`s preferred supplier of industrial gases, welding supplies and safety products, providing savings to those Goodrich facilities that use more than one product line. The agreement is part of the Airgas Strategic Accounts program, which provides supply chain management solutions to corporate customers with multiple manufacturing sites nationwide.
Alcoa announced that it has been appointed by the U.S. Army Tank
Automotive Research, Development and Engineering Center (TARDEC) to collaborate
on the Army`s Fuel-Efficient Ground Vehicle Demonstrator (FED) project. In
partnership with Ricardo Inc., Alcoa Defense will produce a tactical wheeled
vehicle structure that significantly improves fuel efficiency while also
maintaining survivability, performance and payload capability.
TARDEC is embarking on the FED project to help achieve the Army`s long-term goal of reducing fuel consumption on the battlefield, which will also reduce U.S. dependence on foreign oil. The innovative solutions featured in the FED vehicle may become widely adopted by industry to enhance fuel efficiency in the next generation of tactical wheeled vehicles.
The Massachusetts Institute of Technology (MIT) Technology Review magazine has named DuPont to the 2010 TR50, the inaugural list of the 50 most innovative companies in the world. DuPont was recognized for its efforts to develop and commercialize biobutanol with partner BP.
Each company on Technology Review’s top 50 list was evaluated based on its business model, strategies for deploying and scaling up technologies, and the likelihood of success. The scope of each company spanned energy, computing, the Web, biomedicine and materials.
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