4 Merger and Acquisitions Stock Stories for Friday Due Diligence

Total (NYSE:TOT): Current price $48.13

On Friday, the French oil major reported that it will divest its regional gas pipeline network TIGF to a group comprising Italy’s Snam, which is a Singaporean sovereign fund, and the state-controlled power utility Electricité de France. Two months ago, Total announced that  it had selected the Snam-led group to sell its natural gas transportation unit in southwestern France in a deal that values it at $3.1 billion. Snam holds 45 percent in the consortium, with GIC and EDF owning 35 percent and 20 percent, respectively.

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TOT

Dell (NASDAQ:DELL): Current price $14.21

The Dell saga has been going on for weeks now, but The Blackstone Group and Michael Dell have not yet dealt definitively with a critical matter, according to a knowledgeable person, and that is the role he would play if the private-equity firm tops the bidding for the computer maker. Micheal Dell initiated talks with Blackstone after it submitted a proposal on March 22 to acquire the iconic company. At stake is Blackstone’s attempt to surpass the $24.4 billion leveraged-buyout offer led by Michael Dell and backed by Silver Lake Management which a special committee of Dell’s board endorsed on Feb. 5. The source also related that Blackstone would rather win Michael Dell’s support for a counterbid through which he would invest a portion of the $4.5 billion he agreed to inject into the Silver Lake buyout.

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DELL

EnergySolutions (NYSE:ES): Current price $4.12

On Friday, the nuclear commercial services company reported that it has made an amendment to its definitive acquisition agreement with a subsidiary of Energy Capital Partners II. through the terms of the amended agreement, EnergySolutions’ shareholders will now receive $4.15 in cash for each share of common stock. The biggest beneficial institutional owner of the stock, Carlson Capital had previously raised opposition to the purchase, but has now advised the firm that they intend to vote in favor of the transaction based on the amended terms.

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ES

 Sasol Limited (NYSE:SSL): Current price $43.32

The world’s biggest producer of motor fuels from coal, South Africa’s Sasol, now sees an exit from Papua New Guinea as its best move. Although it once hoped to develop a gas-to-liquids project there, buying up acreage near a number of large natural gas discoveries made by competitors. But while seismic data shot over acreage in the western forelands region seemed promising, Sasol’s Awapa-1 exploration bore drilled in mid-2011 came up dry. Company spokesman Alex Anderson told The Wall Street Journal that “Sasol is considering divesting from Papua New Guinea. We are currently engaging interested parties.”

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SSL

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