By Larry C. Paxton
All types of investment strategies were utilized by The PBR1000 in October. Companies acquired, merged, split to form new companies, were bought by foreign companies, went private, restructured their financing, or made key management changes. Here are the major October stories from The PBR1000, starting with the most current items. Clicking on the associated link for each item will open a new Window. The PBR1000 rankings are from the just released The PBR1000 4th Quarter Progress Report.
October 31, 2013:
A wholly owned subsidiary of Spirit Aerosystems Holdings, Inc(PBR435) announces that it is concluding its joint venture with Moscow, Russia, based Progresstech Group. Click here for Aerosystems’ press release.
October 31, 2013:
Revlon, Inc(PBR1002) announced that Lorenzo Delpani has been elected President/CEO, to be effective 11/01/13. Click here for Revlon’s press release.
October 29, 2013:
The acquisition of Dell Inc(PBR45) by Michael Dell and investment partners has been completed, the company is now private, stock trading terminated and stock to be delisted. Click here for Dell’s press release.
October 29, 2013:
Sears Holdings Corp(PBR68) announced today some re-organizations, including moving its Land’s End and Sears Auto Centers into separate business entities. Click here for the Sears press release.
October 29, 2013:
Allergan, Inc(PBR411) to sell its lap-band business to Apollo Endosurgery Inc for up to $110 million. Click here for the NASDAQ/WSJ article.
October 28, 2013:
The Mosaic Co(PBR227) is acquiring the Florida Phospate Business of CF Industries(PBR391) for total consideration of $1.4 billion. Expected to close in 1st half of 2014. Click here for Mosaic’s press release.
October 28, 2013:
Liberty Global, Inc(PBR241) announced it is selling its international content division Chellomedia to AMC Networks, Inc.(NASDAQ: AMCX) for $1.04 billion. Click here for Liberty Global’s announcement.
October 25, 2013:
McDonald’s Corporation(PBR100) to end 40 year relationship with Berkshire Hathaway’s(PBR5) recently purchased HJ Heinz unit. Click here for the Reuter’s article.
October 24, 2013:
E I duPont de Nemours(PBR83) announces that over the next 18 months it will move its Performance Chemicals division into a separate publicly held entity. Click here for duPont’s press release.
October 24, 2013:
Reuter’s reports that The Dow Chemical Co(PBR51) has said that it will be selling $3-4 billion in assets over the next 18-24 months. Click here for the Reuter’s article.
October 23, 2013:
The international unit of The Goldman Sachs Group(PBR67) has said that it will immediately start selling to institutional investors its 16 million shares investment in Sports Direct International. Click here for the Reuter’s article.
October 23, 2013:
Bank of America Corp(PBR21) has been found liable for fraud over defective mortgages sold under its Countrywide unit. US Dept of Justice expected to ask for up to $848 million in fines, adds to $40 billion already paid by BofA to date since financial crisis of 2008. Click here for the Reuter’s article.
October 23, 2013:
Omnicare, Inc(PBR384) agrees to pay US government $120 million for alleged steep discounting of prescription drugs at nursing homes in exchange for patient referrals. Click here for the Reuter’s article.
October 22, 2013:
Goldman Sachs Group(PBR67) announced the sale of its majority stake in UK based pension insurance company Rothesay Life. Goldman Sachs will retain a 36% share after regulatory approval. Click here for the Goldman Sachs press release.
October 21, 2013:
Devon Energy Corp(PBR268), Crosstex Energy, Inc(PBR942) and Crosstex Energy, LP, agree to combine Devon’s midstream assets with Crosstex’s to form a new midstream publicly held company to be named later. Click here for Devon’s press release.
October 21, 2013:
After 20 years at The Goldman Sachs Group(PBR67), Michael Evans to retire as Vice Chairman at the end of 2013, will become a senior director. Click here for Goldman Sachs’ press release.
October 21, 2013:
The asset management unit of The Goldman Sachs Group(PBR67) is to acquire the Global Treasury Funds managed by Royal Bank of Scotland’s RBS Asset Management group. The transaction is expected to close in the 1st quarter of 2014. Click here for Goldman Sachs’ press release.
October 21, 2013:
WSJ & Reuters report that GE Capital has extended $835 million in new financing to RadioShack Corp(PBR510). Click here for Reuter’s press release.
October 20, 2013:
Crown Castle International Corp(PBR758) is acquiring the rights to 9,700 AT&T(PBR12) communications towers for $4.85 billion. Click here for Crown Castle’s press release.
October 19, 2013:
Reuter’s reports that JPMorgan Chase & Co(PBR18) in its negotiations with the US Justice Department has tentatively agreed to pay $13 billion for bad mortgage loans sold to investors before the 2008 financial crisis. Click here for Reuter’s press release.
October 18, 2013:
NRG Energy, Inc(PBR295) to acquire Edison Mission Energy, with its 40+ electrical energy generating plants, for $2.8+ billion, deal expected to close 1st quarter, 2014. Click here for NRG’s press release.
October 18, 2013:
Occidental Petroleum Co(PBR114) in its initial strategic review is selling off about 1/3 of its holdings in Plains All-American Pipeline(PBR74), $1.3 billion in pre-tax proceeds. Click here for Occidental’s press release.
October 18, 2013:
KKR & Co, LP(PBR258) is acquiring Ireland based Avoca Capital, which manages around $8 billion in European assets as a credit investment manager. Terms not disclosed. Click here for KKR’s press release.
October 16, 2013:
The sale of TMS International Corp(PBR736) to the Pritzker Organization, LLC, for $1 billion, $17.50/share, has been completed. Click here for the TMS press release.
October 16, 2013:
The Marmon Group subsidiary of Berkshire Hathaway(PBR5) is acquiring England based IMI plc’s Beverage Dispense and Merchandising divisions for $1.1 billion. Click here for Marmon’s press release.
October 16, 2013:
Advance Auto Parts, Inc.(PBR380) to acquire General Parts International, Inc. for $2.04 billion cash. Expected to close late 2013/early 2014. Click here for Advance Auto Parts’ press release.
October 15, 2013:
Walmart Stores, Inc(PBR2) announced today that in FY2015 it plans to spend $11.8-12.8 billion globally for 33-37 million square feet, over half in the US. Click here for Walmart’s press release.
October 15, 2013:
KKR & Co, LP(PBR258) has signed an agreement with Mid Europa Partners to acquire its SBB/Telemach Group, the leading Pay-TV and broadband operator in Southeast Europe, serving around 1.7 million customers. Financial terms were not disclosed. Click here for KKR’s press release.
October 9, 2013:
CACI International Inc(PBR570) to acquire security services provider Six3 for $820 million. Click here for the transcript of CACI’s presentation.
October 9, 2013:
Hess Corporation(PBR72) is selling its US East Coast and St. Lucia terminal networks to Buckeye Partners, LP(PBR501) for $850 million. Click here for Hess’ press release.
October 9, 2013:
KKR & Co, LP(PBR258) is to acquire The Crosby Group and Acco Material Handling Solutions from Melrose Industries PLC for around $1 billion. Both units provide products and services to the oil/gas industries. Click here for KKR’s press release.
October 7, 2013:
Fifth & Pacific Cos(PBR964) is selling the intellectual property rights to its Juicy Couture brand to Authentic Brands Group for $195 million. The deal is expected to close in November. Click here for Fifth & Pacific’s press release.
October 7, 2013:
Darling International, Inc.(PBR935) has entered into an agreement to acquire the Netherlands based Vion Food Group’s Vion Ingredients division for $2.17 billion, expecting to close in January, 2014. Click here for Darling’s press release.
October 7, 2013:
Time Warner Cable Inc(PBR124) has entered into an agreement with Duke Energy(PBR134) to acquire its regional fiber optic network company DukeNet Communications, LLC for $600 million, with closing expected in 1st quarter of 2014. Click here for Time Warner Cable’s press release.
October 2, 2013:
Revlon Inc’s CEO Alan Ennis resigns to pursue other interests, board selects David L. Kennedy, Vice Chairman, to be Interim CEO. Click here for Revlon’s press release.
October 2, 2013:
Monsanto Company(PBR192) has signed an agreement to purchase for $930 million cash The Climate Corporation, a software technology services and insurance company specializing in helping farmers be more productive. Click here for the Monsanto press release.
October 1, 2013:
Tenet Healthcare Corporation(PBR254) completes its acquisition of Vanguard Health Systems(PBR366) for $4.30 billion, $21.00/share. Click here for Tenet’s press release.
October 1, 2013:
Brent Saunders, former CEO at Bausch + Lomb, today became the president/CEO of Forest Laboratories, Inc.(PBR483), succeeding Howard Solomon who had held the position for 30 years, and who will continue to be chairman.
October 1, 2013:
Berry Plastics Group, Inc(PBR470) completes its acquisition of Graphic Packaging’s Flexible Plastics and Film business, and the sale of its Kits and Catering businesses to the WNA division of the Waddington Group, Inc. Click
here for Berry’s press release.
October 1, 2013:
Merck & Co, Inc.(PBR58) reported today that it is refocusing its operating model, will be reducing its 81,000 worldwide workforce by 20% by 2015. Click
here for the Merck announcement.
Larry C. Paxton is the President/CEO of Pax Business Resources, LLC. He spent several years working for and consulting to many of the largest corporations in the US. www.PBRMarketTools.com is the marketing research division. The PBR1000 is a compilation of key demographic, industry, financial, personnel data, and news summaries on over 1,000 of the largest US publicly traded companies. This list is updated four times a year and published in Microsoft Excel format as The PBR1000 Quarterly Progress Reports.
