Dell Speaks Up on Post-Vote Plans, Rio Tinto Hits Headwinds in Mongolia, and 3 More Hot Stocks
Dell Inc. (NASDAQ:DELL): Founder Michael Dell says that he intends to stay at the company in the event that his leveraged buyout offer with Silver Lake is rejected. He reiterated that their increased proposal of $13.75 per share is their “best and final offer” in an email interview with Bloomberg. It “only takes about 23 percent of the outstanding shares to block the transaction,” he said. “This is an unfair result that does not accurately reflect what the shareholders want.”
Rio Tinto (NYSE:RIO): Rio has put all the work at the Oyu Tolgoi copper mine in Mongolia on hold for the time being until the Mongolian Parliament can approve financing for the project, which is expected to run a $5 billion tab. It’s another unwanted headwind for the miner — and at one of its largest projects, too. ”The Mongolian Parliament is currently in summer recess and the parliamentary approval process may take some time to work through,” Rio Tinto said in a statement.
Bristol-Myers Squibb (NYSE:BMY): Bristol-Myers and Samsung BioLogics have signed on for a 10-year agreement that will involve Samsung BioLogics manufacturing a commercial antibody cancer drug for Bristol-Myers. Financial terms were not made available, although technology transfer and trial production will begin this month and commercial production will immediately begin following regulatory approvals.
Starbucks (NASDAQ:SBUX): Following a successful pilot test in Boston, Starbucks will be introducing wireless cellphone services at its locations in Silicon Valley in a partnership with Duracell Powermat to help hone the Power Matters Alliance standard in select stores before putting its weight behind a broader rollout.
Pfizer Inc. (NYSE:PFE): Pfizer is working on splitting its internal operations into three segments — two for generic and one for branded drugs — as it begins to separately examine the finances and marketing for the divisions, further hinting at a potential spinoff of its generic drugs arm. The changes, due to go into effect in January, will occur in countries that do not require a consultation with labor unions.