These were Tuesday’s top stories:
Cnooc Limited (NYSE:CEO) reports that it currently holds 100 billion yuan, or $15.72B billion, in cash but it will still raise more money to help finance its $15.1 billion purchase offer for Nexen Inc. (NYSE:NXY) and thus maintain its credit rating. The company also said that it has no intentions of divesting any Nexen assets after the deal is finalized.
Chief Executive Ivan Glasenberg of Glencore International plc (GLCNF.PK) comments on his firm’s $26 billion offer to purchase Xstrata, making it less to him than a “must-do deal” and that Glencore would be set to “move on” should Xstrata’s shareholders block the transaction. Major Xstrata shareholder Qatar Holdings could do just that, if Glencore declines to increase its bid.
Aetna’s (NYSE:AET) $7.3 billion acquisition of Coventry Health Care Inc. (NYSE:CVH) was the subject of Seeking Alpha author Valuentum, who remarked that “it’s hard not to like a deal that will add strong earnings growth at a reasonable multiple/price.” At the same time, the buyer’s management denied that purchase is politically motivated, saying that “We think it’s safe to say the company feels Medicaid, as well as the Affordable Healthcare Act, is here to stay.”
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