Streetbeat News

Acquisitions Mergers

PXD

XOM

Exxon Mobil Corp. is reportedly close to finalizing a $60 billion acquisition deal with Pioneer Natural Resources Co. This deal could transform the U.S. oil landscape and secure Exxon's dominance in the oil-rich Permian Basin. The acquisition would be Exxon's most significant since its 1999 merger with Mobil. The deal could also trigger a wave of consolidation within the shale industry.

Portfolio Pulse from Benzinga Neuro

October 06, 2023 | 2:33 am

CALM

Cal-Maine Foods Inc (NASDAQ:CALM), the largest egg producer in the U.S., reported Q1 earnings per share and revenue of $459.34 million, both falling short of analysts’ estimates. The company's average selling prices for eggs have returned to more normalized levels after reaching record highs in fiscal 2023. The lower egg prices could hurt Cal-Maine's profit margins. The company recently acquired Fassio Egg Farms, expanding its operations in the western U.S.

Portfolio Pulse from Chris Katje

October 05, 2023 | 10:23 pm

ENER

New Era Helium and Accretion Acquisition Corp. have announced a Letter of Intent (LoI) for a proposed business combination. The details of the deal are yet to be disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 9:23 pm

ALCC

AltC Acquisition's stockholders have voted in favor of a proposal to extend the deadline for the company to finalize a business combination from October 12, 2023, to July 12, 2024.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 9:13 pm

IPVF

InterPrivate III Financial Partners has announced an extension of the deadline to complete its initial business combination from October 9 to November 9. In connection with this fifth extension, the company has deposited $21,000 into a trust account.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 8:19 pm

BG

Bunge shareholders have approved the combination with Viterra, which includes the issuance of 65,611,831 shares. The shareholders also support the redomestication that will change the place of incorporation and residence from Bermuda to Switzerland.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 8:17 pm

FRLA

OTHER

Fortune Rise Acquisition Corporation (FRLA) has announced a sixth one-month extension to complete its initial business combination, funded by a $100,000 deposit from Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTHER). The extension moves the deadline from October 5, 2023, to November 5, 2023. The contribution increases the pro rata portion of the funds available in FRLA's trust account by $0.027 per share.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 8:13 pm

EWQ

FLS

VGK

Flowserve Corporation's proposed acquisition of Velan has been rejected by the French Ministry of Economy. The rejection could potentially impact Flowserve's expansion plans in Europe.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 8:04 pm

LVOX

NICE

NICE Ltd (NASDAQ:NICE) is set to acquire LiveVox Holdings, Inc. (NASDAQ:LVOX) for $3.74/share in an all-cash deal, valuing the firm at $387 million. Analysts from Oppenheimer and RBC Capital Markets have reiterated their Outperform rating on NICE, with price targets of $225 and $238 respectively. The acquisition is expected to contribute $100 million to NICE's cloud revenue in 2024 and could accelerate LiveVox's EBITDA margins. However, NICE shares are trading lower by 1.46%.

Portfolio Pulse from Nabaparna Bhattacharya

October 05, 2023 | 7:58 pm

AME

ITW

PH

BofA Securities analyst Andrew Obin upgraded Parker-Hannifin Corp (PH) from Neutral to Buy and raised the price target from $435 to $475. The analyst cited PMI trends and the accretion from the Meggitt acquisition as reasons for the upgrade. Parker-Hannifin is committed to $300 million in synergies by FY26 and is targeting ~$75 million in run-rate savings for Meggitt exiting FY24. The analyst also compared PH's growth and returns to peers like Illinois Tool Works Inc. (ITW) and AMETEK, Inc.(AME).

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 7:41 pm