3 Mergers and Acquisitions Stock Stories for Tuesday Due Diligence

Cellcom Israel Ltd. (NYSE: CEL): Current price $10.71

On Tuesday, Cellcom said that its controlling shareholder advised it that despite rumors in the media concerning a supposed offer made to a third party to acquire the firm, it is not on the block. The company supplied this information at the request of its controlling shareholder, IDB, in conjunction with certain debt arrangements for IDB. Cellcom is providing this information only because of this request, but otherwise does not intend to comment on market rumors.

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CEL

Hess Corp. (NYSE:HES): Current price $73.45

Hess announced Tuesday that it will sell its energy marketing business for a total of $1.025 billion to Direct Energy, a North American subsidiary of Centrica PLC. The energy marketing unit provides natural gas and electricity to some 23,000 commercial, industrial, and small business customers residing in the eastern half of the United States. The transaction forms part of the previously reported plan for Hess to get out of the entirety of its downstream business as it transitions into a pure play E&P company with a portfolio of focused, high growth, and lower risk assets.

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HES

Teck Resources Ltd. (NYSE:TCK): Current price $23.75

A source told Bloomberg that Canada’s No. 2 mining company is among the remaining bidders for Rio Tinto Group’s controlling interest in Iron Ore Co. of Canada. The source also said that Rio might decide to retain its stake in Iron Ore Co., having been disappointed with the bids it has received so far. Rio thought about divesting the division’s mining and infrastructure assets separately, but then decided against the plan, according to the source.

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TCK

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