Russian fertilizer company Phosagro plans to bid for Potash Corp, according to a media report, rivalling BHP Billiton’s $39 billion offer awaiting a crucial ruling from the Canadian government. Phosagro Chairman Vladimir Litvinenko has asked Russian Prime Minister Vladimir Putin to approve a potential deal and request financing from Russian banks, Russian business daily Vedomosti reported on Wednesday. Get the full story »
Filed under: M&A
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Nov. 2, 2010 at 4:23 p.m.
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Filed under: Agriculture/Farming, International, M&A, Updated Canada insists no decision yet on BHP’s Potash bid
Canada insisted on Tuesday it has made no decision yet on BHP’s $39 billion offer for Potash Corp., even as two newspapers said bureaucrats were advising the government to allow the bid and rumors swirled in the markets that Ottawa would block it. Get the full story »
Wyeth purchase lifts, slams Pfizer 3Q results
Pharmaceutical giant Pfizer Inc.’s mega-acquisition of Wyeth boosted its third-quarter revenue 39 percent, but hefty charges and a higher tax rate, both related to that $68 billion purchase, dragged its profit down 70 percent, the company said Tuesday.
The New York-based maker of cholesterol blockbuster Lipitor and impotence pill Viagra posted net income of $866 million, or 11 cents per share. That’s down from $2.88 billion, or 43 cents per share, a year earlier. Get the full story »
Huron acquires Click Commerce
Huron Consulting Group Inc. said it has acquired a firm that helps research institutions, hospitals and academic centers manage research and clinical trials. Get the full story »
Kraft deal in code: Krypton took over Chromium
Animals, chemicals, and astronomical phenomena have disguised some of 2010’s takeovers, and dealmakers may have to come up with more aliases to keep their plans secret as mergers and acquisitions accelerate.
Speaking in code is nothing new in a world of “bear hugs,” “poison pills,” and “white knights” but the colourful terms are an important guard against leaks that could torpedo a deal or facilitate insider trading. Get the full story »
Provinces mount pressure on Canada over Potash
Saskatchewan lined up more support for its attempt to overturn a hostile bid for provincial crown jewel Potash Corp. on Friday, increasing political pressure on the Canadian government to reject the deal.
Industry Minister Tony Clement must decide by midnight November 3 whether to approve the $39 billion bid from Anglo-Australian mining giant BHP Billiton. Get the full story »
Southwest touts benefits of AirTran deal
Low-cost carrier Southwest Airlines Co. said Thursday it expects to win over new customers and bring lower fares to unserved cities should its purchase of AirTran Holdings Inc. be completed.
“This really has the opportunity financially to be a hone run for our shareholders, our employees and customers,” Southwest Executive Vice President of Strategy and Planning Bob Jordan told a media briefing at company headquarters in Dallas. Get the full story »
Oct. 28, 2010 at 5:43 a.m.
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Filed under: Agriculture/Farming, Earnings, International, M&A Potash Corp. profit tops expectations
Potash Corp., the world’s top fertilizer maker, steamrolled quarterly earnings expectations on Thursday on the back of stronger potash demand and higher prices for its nitrogen- and phosphate-based nutrients.
The Canadian fertilizer maker is currently battling a $39 billion hostile bid from BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit against the Anglo-Australian miner in an attempt to stymie a takeover. Get the full story »
Potash files amended complaint in suit vs BHP
Potash Corp. on Tuesday filed an amended complaint in its lawsuit against unsolicited suitor BHP Billiton, offering fresh details from the court’s ongoing discovery process in the case. Get the full story »
Sara Lee bakery business eyed by Grupo Bimbo
Grupo Bimbo is the lead bidder to buy Sara Lee Corp.’s North American bread business for about $1 billion, though a deal could be several weeks away, Bloomberg News reported on Tuesday.
Sara Lee, which declined to comment, had said last month it planned to spend more on its North American bakery business and raise some prices as it looks to improve performance in that lagging business.
That announcement to invest in the business had come after some suitors walked away from the bakery auction, sources familiar with the situation previously told Reuters. Get the full story »
Ford posts $1.7B quarterly profit
Ford Motor Co. posted a $1.7 billion quarterly profit Tuesday that exceeded Wall Street expectations and said it expected to eliminate a net debt position in its automotive business by year-end. Get the full story »
Sony shares rise on Apple speculation
Shares of Sony Corp. rose nearly 3 percent at one stage on Tuesday as traders cited media reports speculating that the Japanese electronics maker could be a potential acquisition target of Apple Inc.
Helping to spark the speculation was a Saturday report in Barron’s that said cash-rich Apple could be contemplating a big acquisition and noted speculation about Adobe, Sony and Disney as potential targets. Get the full story »
Northern Trust, HSBC chatter persists
From London’s Daily Mail | Europe’s largest bank, HSBC, recently pulled out of its bid to acquire a majority stake in South Africa’s Nedbank, but rumours persist that it is lining up a $65 a share cash offer for Chicago-based Northern Trust.
Analysts have already said that a tie-up between HSBC and Northern Trust would make sense as it would significantly increase the UK bank’s assets and give the combined operation a firm lead in the fledgling prime custody arena. Get the full story >>
Report: Walgreen to sell pharmacy benefits unit
Drug store chain Walgreen has hired Bank of America to help auction its pharmacy benefits management business, Bloomberg reports, citing three people with knowledge of the matter. Get the full story »
Oct. 25, 2010 at 1:53 p.m.
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Filed under: Agriculture/Farming, Government, International, M&A Potash takeover opposition ‘no bargaining chip’
The Saskatchewan government’s opposition to BHP Billiton’s $39 billion takeover bid for Potash Corp., the crop nutrient producer based in the Canadian province, is not a negotiating stance aimed at squeezing concessions out of BHP, Premier Brad Wall said Monday.
Saskatchewan is recommending that the federal government reject the bid by BHP, the Anglo-Australian mining giant, on the grounds that it provides no net benefit to the country and will instead cost Saskatchewan revenue, jobs and strategic influence over a key commodity. Get the full story »
