Streetbeat News

Acquisitions Mergers

SLGC

Madryn Asset Management, which holds 4.2% of SomaLogic shares, has issued a letter to shareholders highlighting false and misleading statements in the December 19 investor presentation regarding the proposed merger with Standard BioTools.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:37 pm

BA

LMT

Blue Origin and private equity firm Cerberus Capital Management have submitted bids to acquire United Launch Alliance (ULA), a joint venture between Boeing Co. (BA) and Lockheed Martin Corp. (LMT). ULA is a competitor to SpaceX in the space launch sector. The potential acquisition would involve Blue Origin, an aerospace manufacturer founded by Jeff Bezos, and Cerberus, which has a history in aviation and defense manufacturing, taking over the operations currently managed by Boeing and Lockheed Martin.

Portfolio Pulse from Charles Gross

December 21, 2023 | 12:35 pm

CRH

MLM

CRH PLC has announced a share buyback program with Citigroup Global Markets Inc. for $300 million, with a maximum of 18 million shares to be repurchased. The buyback is part of a larger $3 billion program and will run from December 21, 2023, to February 28, 2024. CRH has also been involved in recent acquisitions, including a deal to acquire Adbri Ltd and the purchase of Martin Marietta Materials, Inc.'s South Texas cement business for $2.1 billion. CRH shares are up 1.25% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 21, 2023 | 12:28 pm

BABA

PDD

Alibaba Group Holding Limited (NYSE:BABA) is experiencing a positive stock movement following the appointment of Eddie Wu as the head of its core Chinese e-commerce platforms, Tmall and Taobao. The change is part of Alibaba's strategy to address challenges and competition, particularly from PDD Holdings Inc (NASDAQ:PDD). Alibaba is refocusing on its cloud and e-commerce sectors, with potential sales of non-core assets ahead. Freshippo, Alibaba's supermarket chain, is adjusting its strategy to enhance price competitiveness amid a shift in China's middle-class spending habits. BABA shares were up 1.99% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 21, 2023 | 12:21 pm

SSNLF

TSM

Samsung Electronics Co plans to invest 40 billion yen ($280 million) over five years in a new advanced chip packaging research facility in Yokohama, Japan. This investment is part of Samsung's strategy to enhance collaboration with Japanese chipmaking equipment and materials manufacturers and comes amid reduced tensions between South Korea and Japan. It aligns with the U.S.'s push for its allies to counter China's technological advancement. The Japanese industry ministry is supporting the initiative with subsidies. Samsung's investment aims to strengthen its advanced chip packaging capabilities and bolster its leadership in the chip industry.

Portfolio Pulse from Anusuya Lahiri

December 21, 2023 | 12:18 pm

GMS

GMS Inc. has announced the acquisition of Kamco Supply Corporation and its affiliates. The financial terms of the deal have not been disclosed. This strategic move could potentially expand GMS's market presence and product offerings.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:01 pm

PILBF

SSLZY

WDS

Woodside Energy Group Ltd (NYSE:WDS) has signed a five-year Sales and Purchase Agreement (SPA) with Pilgangoora Operations Pty Ltd, a subsidiary of Pilbara Minerals (OTC:PILBF), to supply Domestic LNG from the Pluto Truck Loading Facility starting Q4 2024. The deal supports Woodside's commitment to domestic gas supply and helps Pilbara Minerals reduce emissions by lowering diesel use. This news follows Woodside's ongoing discussions with Santos Ltd. (OTC:SSLZY) about a potential merger.

Portfolio Pulse from Lekha Gupta

December 21, 2023 | 11:58 am

XPO

YELL

XPO Logistics completed the acquisition of 28 service centers from Yellow Corporation and its units for $870 million in cash on December 20, as reported in an 8-K filing.

Portfolio Pulse from Charles Gross

December 21, 2023 | 11:53 am

TKR

The Timken Company has acquired Lagersmit, a company specializing in sealing solutions, for an undisclosed sum. This strategic move aims to enhance Timken's portfolio and expand its global presence in the industrial sealing sector.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 11:51 am

ALE

ALLETE has signed development agreements for the North Plains Connector project, which aims to advance a new High Voltage Direct Current (HVDC) transmission line in North Dakota and Montana. This project is expected to enhance the power transmission infrastructure in the region.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 11:31 am