Streetbeat News

Acquisitions Mergers

OXY

Occidental Petroleum Corporation (NYSE:OXY) is in talks to acquire CrownRock, a major energy producer in the Permian Basin, for over $10 billion. CrownRock owns over 80,000 net acres in Texas' Midland Basin. The deal could expand Occidental's presence in the top oil-producing region in the U.S. Occidental's last major purchase was Anadarko in 2019 for $38 billion, which increased its debt and attracted activist investor Carl Icahn's attention. OXY shares rose 0.66% to $60.73 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

November 30, 2023 | 1:24 pm

ACI

KR

Kroger Co has suspended its stock buyback program to focus on reducing debt in light of its planned merger with Albertsons. This strategic move indicates Kroger's commitment to maintaining financial stability and addressing potential regulatory concerns regarding the merger.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 1:07 pm

ASML

ASML Holding N.V. is preparing for a leadership transition with Christophe Fouquet set to become the next CEO in 2024, pending approval at the annual meeting on April 24, 2024. Current CEO Peter Wennink will retire on the same date. The news comes amidst concerns over ASML's equipment being used by SMIC to produce advanced processors for Huawei, raising questions about the effectiveness of U.S. export restrictions. ASML shares saw a slight decline of 0.83% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 30, 2023 | 12:41 pm

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) is close to being surpassed by PDD Holdings Inc (NASDAQ:PDD) as China's most valuable e-commerce company. Alibaba's market cap in Hong Kong is at $187 billion, just below PDD's $188.3 billion. The shift is due to challenges Alibaba faced after China's 2020 tech crackdown and competition from new players like PDD. Alibaba's struggles include a need for innovation and adapting to anti-monopoly regulations, which led to a record fine in 2021. Alibaba's stock is near its yearly low, with a 19% YTD loss. PDD, on the other hand, has seen rapid growth and global expansion, with its app Temu gaining significant traction.

Portfolio Pulse from Anusuya Lahiri

November 30, 2023 | 12:37 pm

ABBV

IMGN

Shares of Immunogen (IMGN) have been halted in anticipation of an announcement that the company will be acquired by AbbVie (ABBV) for $31.26 per share in cash.

Portfolio Pulse from Charles Gross

November 30, 2023 | 12:32 pm

ABBV

IMGN

AbbVie is set to acquire ImmunoGen for $31.26 per share in cash, totaling an equity value of around $10.1 billion. This acquisition will likely expand AbbVie's oncology portfolio.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 12:31 pm

VSTO

Vista Outdoor Inc's Board of Directors has rejected an unsolicited acquisition proposal from Colt CZ Group SE, which valued the company at $30 per share. The Board believes the offer undervalues Vista and lacks adequate financing details. Instead, they continue to recommend the sale of their Sporting Products business to Czechoslovak Group a.s. for $1.91 billion, a deal agreed upon on October 15, 2023. Vista Outdoor shares closed higher by 0.87% at $27.89.

Portfolio Pulse from Shivani Kumaresan

November 30, 2023 | 12:24 pm

SSRM

SSR Mining has agreed to sell its San Luis Project for up to $42.5 million along with a 4% Net Smelter Return (NSR) royalty. The transaction is expected to close in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 12:12 pm

AES

AES Corporation has agreed to sell its 51% equity stake in the Mong Duong 2 coal-fired plant in Vietnam to Se.ven Global Investments. The terms of the deal were not disclosed. The transaction is pending approvals by the Government of Vietnam and the Ministry of Industry and Trade, with an expected close aligning with AES's plan to exit most of its coal assets by 2025.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:33 am

IREN

Iris Energy has acquired 1.3 EH/s of Bitmain T21 miners, aiming to boost its self-mining capacity to 8.3 EH/s. This strategic move is expected to enhance the company's Bitcoin mining capabilities and overall competitiveness in the cryptocurrency mining industry.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:33 am