Why Ball Shares Are Shooting Higher Today
Portfolio Pulse from Lekha Gupta
Ball Corp (NYSE:BALL) shares are trading higher by around 5% after the company disclosed a plan to sell its aerospace business to BAE Systems for $5.6 billion in cash. The transaction is expected to close in H1 2024. Post deal closure, Ball plans to use the proceeds to reduce net debt and boost its share repurchase authorization program and quarterly dividend.

August 17, 2023 | 9:40 am
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Ball Corp's stock is trading higher after announcing the sale of its aerospace business. The proceeds will be used to reduce debt and increase shareholder returns.
The sale of Ball Corp's aerospace business is a significant event that is likely to have a positive impact on the company's financial position. The proceeds from the sale will be used to reduce the company's debt, which could improve its financial stability and attractiveness to investors. Additionally, the company's plan to increase its share repurchase program and quarterly dividend could make its stock more appealing to investors, potentially driving up its price.
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