Streetbeat News

Acquisitions Mergers

DVN

ERF

MRO

Devon Energy Corporation (DVN) has reportedly made an acquisition offer to Enerplus Corp (ERF) for an undisclosed amount. The acquisition would enhance Devon's presence in North Dakota, complementing its operations and reducing reliance on the Delaware Basin. Enerplus, valued at $3 billion, is advised by its second-largest shareholder, Kimmeridge Energy Management, to ensure a fair valuation in any deal. Analysts from TD Securities believe Devon could afford a $3.5 billion acquisition with its available cash and expected cash flow. Both companies are set to report their quarterly results soon, with Devon having $761 million in cash as of the last report. Devon had previously explored a merger with Marathon Oil Corp (MRO) to strengthen its U.S. shale sector presence. DVN and ERF stocks have seen slight increases in their trading prices following the news.

Portfolio Pulse from Lekha Gupta

February 09, 2024 | 12:49 pm

DOOR

OC

Owens Corning has agreed to acquire all outstanding shares of Masonite for $133.00 per share in cash, valuing the transaction at approximately $3.9 billion. This acquisition price represents a 38% premium over Masonite's closing share price on February 8, 2024, and a 46% premium over its 20-day volume-weighted average price.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 12:08 pm

OC

Owens Corning is exploring strategic alternatives for its Global Glass Reinforcements (GR) business, a part of its Composites segment. This business, with $1.3 billion in annual revenues, operates in 11 countries and has 18 manufacturing facilities.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 12:05 pm

GRAB

Bloomberg reported that Grab and GoTo have revived discussions for a potential mega merger in the ride-hailing sector. This move could significantly alter the competitive landscape in the industry.

Portfolio Pulse from Charles Gross

February 09, 2024 | 11:37 am

DINO

HF Sinclair entered into a stock purchase agreement with REH Company on Feb 8, agreeing to a purchase price of $56.50 per share, totaling an aggregate purchase price of $60M.

Portfolio Pulse from Charles Gross

February 09, 2024 | 11:06 am

DUK

Duke Energy Corporation (NYSE:DUK) is phasing out CATL batteries at its civilian projects and decommissioning them at a major Marine Corps base due to concerns over security and pressure from Congress. This decision follows warnings from U.S. officials about potential Chinese government-linked hacking threats to critical infrastructure. Duke Energy aims to replace CATL batteries with those from domestic or allied suppliers by 2027, emphasizing support for a robust American supply chain. Despite reporting an adjusted EPS increase, Duke Energy missed consensus revenue and EPS estimates in its latest financial report.

Portfolio Pulse from Lekha Gupta

February 09, 2024 | 10:55 am

NVX

NOVONIX Limited (NASDAQ:NVX) has secured a significant off-take agreement with Panasonic Energy to supply at least 10,000 tonnes of high-performance synthetic graphite anode material from its Riverside facility in Chattanooga, Tennessee, for use in Panasonic's U.S. plants from 2025 to 2028. The financial terms were not disclosed. Following the announcement, NVX shares surged 9.43% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

February 09, 2024 | 10:43 am

NVX

NOVONIX shares have seen an increase in trading volume and price following the announcement of a binding off-take agreement with Panasonic Energy. Under this agreement, NOVONIX will supply synthetic graphite anode material, a key component in lithium-ion batteries.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 10:39 am

STLA

Stellantis NV (STLA) and Mercedes-Benz Group AG are nearing a €4.4 billion ($4.7 billion) debt deal for their joint venture, Automotive Cells Company SE (ACC), to expand its electric vehicle battery production in Europe. The funds will be used to enlarge ACC's French factory and to establish new sites in Germany and Italy, with a consortium of banks likely backing the deal. This move aligns with the EU's goal to develop a local EV supply chain and reduce reliance on Asian battery suppliers. Stellantis and Mercedes plan to increase their equity stakes in ACC.

Portfolio Pulse from Benzinga Neuro

February 09, 2024 | 10:36 am

CG

Carlyle Group (CG) has agreed to sell Jagex, a leading video game developer and publisher, to CVC Capital Partners Fund VIII and Haveli Investments. The terms of the deal were not disclosed.

Portfolio Pulse from Charles Gross

February 09, 2024 | 9:48 am