Streetbeat News

Acquisitions Mergers

SUN

Sunoco has finalized its acquisition of NuStar Energy, marking a significant expansion for the company. Following the completion of this deal, Sunoco announced a 4% increase in its quarterly distribution to shareholders, signaling confidence in the financial benefits of the acquisition.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:47 pm

PXD

XOM

ExxonMobil has finalized its acquisition of Pioneer Natural Resources, significantly expanding its Permian basin presence. This merger not only enlarges ExxonMobil's upstream portfolio but also advances its net-zero goals by moving Pioneer's 2050 target to 2035, leveraging Pioneer's expertise and ExxonMobil's technological and financial resources.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:45 pm

BHP

GLCNF

HBM

NGLOY

Anglo American (OTCQX:NGLOY) is potentially facing a bidding war as Glencore (OTCPK:GLCNF) considers making an offer after BHP (NYSE:BHP) had its $39-billion bid rejected. Discussions within Glencore are still preliminary. BHP is considering an improved offer and has sent executives to South Africa to discuss its proposal, focusing on divesting Anglo's South African assets. The situation is complicated by Glencore's ongoing acquisition of Teck's coal assets and the complex political landscape in South Africa. Copper assets, like those owned by Anglo American in Chile and Peru, are seeing increased valuation due to their importance in clean energy technologies.

Portfolio Pulse from Stjepan Kalinic

May 03, 2024 | 12:43 pm

ALE

Global Infrastructure Partners (GIP) and Canada Pension Plan Investment Board (CPP) are reportedly close to finalizing a $5 billion deal to acquire utility group Allete. This significant acquisition highlights the growing interest in utility assets by investment and pension funds.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:43 pm

ECDA

ECD Auto Design, now trading on Nasdaq, reported a FY23 EPS of $(0.09), down from $(0.06) YoY, with revenue rising to $15.12M from $12.34M. The company saw a gross profit increase of 150% to $4.2M and an adjusted EBITDA of $1.1M, turning around from a $(1.3)M loss in 2022. Despite a net loss of $(1.6)M, up from $(1.4)M, ECD is optimistic, citing its acquisition of Brand New Muscle Car assets and a revenue guidance of $33M for 2024. The company emphasizes its growth strategies in the luxury classic car market and plans to expand its product line to include classic Ford Mustangs.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:33 pm

IYE

PXD

SEPLF

XLE

XOM

Exxon Mobil Corporation's (NYSE:XOM) $1.28 billion asset sale to Seplat Energy (OTC:SEPLF) is expected to receive regulatory approval in less than two weeks, ending a two-year delay. This approval from Nigeria's oil regulator could boost Nigeria's oil industry by injecting capital and improving oil output. Additionally, Exxon is nearing the closure of its $60 billion acquisition of Pioneer Natural Resources Co (NYSE:PXD). Investors can gain exposure to Exxon through the Energy Select Sector SPDR Fund (NYSE:XLE) and iShares U.S. Energy ETF (NYSE:IYE).

Portfolio Pulse from Lekha Gupta

May 03, 2024 | 12:28 pm

KOP

Koppers Holdings has updated its 2024 outlook, expecting sales of approximately $2.25 billion, slightly above the consensus of $2.244 billion, and adjusted EBITDA of $265 million to $280 million, with a prior estimate around $275 million. The company anticipates adjusted EPS to be between $4.10 and $4.60, down from the prior range of $4.60 to $4.80 and below the consensus of $4.69. This revision reflects the impact of global economic conditions, geopolitical and supply chain challenges, and includes the acquisition of Brown Wood Preserving.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:16 pm

WOW

WideOpenWest (WOW) shares surged following an unsolicited non-binding preliminary proposal from DigitalBridge Investments and Crestview entities to acquire all outstanding WOW shares not owned by Crestview for $4.80 each in cash.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:07 pm

JCI

Johnson Controls is considering the sale of its ADT Alarms Unit, according to a report by Reuters. This strategic move could potentially reshape the company's focus and financial structure.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:05 pm

WOW

WideOpenWest, Inc. (WOW) has received an unsolicited non-binding preliminary proposal from DigitalBridge Investments, LLC and Crestview entities for purchasing all outstanding shares of WOW that Crestview does not own at $4.80 per share in cash. The WOW Board of Directors plans to form a special committee to evaluate this proposal. Currently, WOW stockholders are advised not to take any action.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:01 pm