Newmont And Newcrest Finalize Exchange Offers; Cleveland-Cliffs Prioritizes Buybacks Post US Steel Bid
Portfolio Pulse from Austin DeNoce
Newmont Corporation and its subsidiary Newcrest Finance have settled exchange offers for three types of notes totaling $1.65 billion, maintaining the same interest rates and due dates. Cleveland-Cliffs Inc. plans to focus on share buybacks after its bid to acquire United States Steel Corporation was rejected. The buybacks are part of Cleveland-Cliffs' capital allocation priorities following the achievement of their net debt target.
December 29, 2023 | 7:58 pm
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NEUTRAL IMPACT
Newmont Corporation has successfully completed exchange offers with its subsidiary, involving $1.65 billion in notes.
The completion of the exchange offers is a routine financial operation that maintains the status quo, likely having a neutral short-term impact on Newmont's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
United States Steel Corporation rejected a $7.3 billion acquisition bid from Cleveland-Cliffs Inc. in August.
The rejection of the acquisition bid by US Steel is past news and likely already priced into the stock, resulting in a neutral short-term impact.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Cleveland-Cliffs Inc. redirects its capital to more aggressive share buybacks after reaching its net debt target and having its acquisition bid for US Steel rejected.
The focus on share buybacks could be seen positively by investors as it indicates the company's confidence in its stock value and financial health, potentially leading to a short-term increase in stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90