* Sara Lee Corp. (NYSE: SLE) received a binding offer of EUR1.275 billion from Unilever to acquire its global body care and European detergents businesses.
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010.
The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. This is in addition to the 13.5 million share authorization (approximately $150 million based on the recent market price) remaining under the prior share repurchase program. The company reiterated that its board intends to maintain the current quarterly dividend of $.11 for the next four quarters, regardless of the timing of dispositions. Sara Lee intends to maintain a credit profile consistent with a strong investment grade credit rating.
* Cadbury (NYSE: CBY) CEO doesn't believe Kraft (NYSE: KFT) proposal makes sense
* FMC Technologies, Inc. (NYSE: FTI) announced its intent to acquire Multi Phase Meters AS. Based in Stavanger, Norway, MPM is a global leader in the development and manufacture of high-performance multiphase flow meters for the oil and gas industry. FMC intends to acquire 100 percent ownership of MPM upon closing, with an initial cash payment of approximately $30 million and two earn-out payments based on 6.6 times 2012 and 2013 EBITDA. The transaction is expected to close in the fourth quarter of 2009 and be accretive in 2011.
"By expanding our product offering through MPM's advanced multiphase flow meters, FMC will be able to further optimize its subsea technologies and therefore bring significant value to our customers," said Peter D. Kinnear, FMC's Chairman, President and Chief Executive Officer.
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010.
The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. This is in addition to the 13.5 million share authorization (approximately $150 million based on the recent market price) remaining under the prior share repurchase program. The company reiterated that its board intends to maintain the current quarterly dividend of $.11 for the next four quarters, regardless of the timing of dispositions. Sara Lee intends to maintain a credit profile consistent with a strong investment grade credit rating.
* Cadbury (NYSE: CBY) CEO doesn't believe Kraft (NYSE: KFT) proposal makes sense
* FMC Technologies, Inc. (NYSE: FTI) announced its intent to acquire Multi Phase Meters AS. Based in Stavanger, Norway, MPM is a global leader in the development and manufacture of high-performance multiphase flow meters for the oil and gas industry. FMC intends to acquire 100 percent ownership of MPM upon closing, with an initial cash payment of approximately $30 million and two earn-out payments based on 6.6 times 2012 and 2013 EBITDA. The transaction is expected to close in the fourth quarter of 2009 and be accretive in 2011.
"By expanding our product offering through MPM's advanced multiphase flow meters, FMC will be able to further optimize its subsea technologies and therefore bring significant value to our customers," said Peter D. Kinnear, FMC's Chairman, President and Chief Executive Officer.
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