|
News
-
Financial News
|
Russian Company Mechel OAO (MTL) announced that it has completed the acquisition of 100% of Donetsk Electrometallurgical Plant (DEMZ AO) worth $537 million.Payment for Donetsk Electrometallurgical's shares will be made in installments of over 7 years. At the time of Mechel's annual shareholders' meeting, payment was expected to be made in installments of over 4 years. However, over the course of completion of the acquisition, the term was extended by 3 years without increasing the total consideration.According to Mechel, with an annual production capacity of about 1 million tonnes per year, the plant focuses on the production of continuously-cast billets as well as rolls of thermally treated specialty steels. Further, the plant is located close to a developed railway network and major seaports of Mariupol and OdessaThe plant's electric furnace smelting facilities are currently working at their full capacity, producing up to 90,000 tonnes of steel per month. [Read the full article]
TOKYO/SEOUL (Reuters) - Sony Corp has agreed to sell its nearly 50 percent stake in an LCD joint venture with Samsung Electronics to the South Korean company for $940 million, as it struggles to reduce huge losses at its TV business.The seven-year-old venture cut its capital by 15 percent in July and industry sources had said Sony was negotiating an exit, aiming to switch to cheaper outsourcing for flat screens for its TVs while Samsung pushes ahead with next-generation displays."In terms of direction it is a positive (for Sony)," said Keita Wakabayashi, an analyst at Mito Securities in Tokyo, about the deal. "But if they are making a loss on the sale, one could ask why they didn't make this decision sooner.""Their biggest problem is that they are not making a profit even though they don't have many plants," he said. [Read the full article]
SunPower Corporation (NasdaqGS:SPWR - News) announced that it has signed a definitive agreement to acquire Tenesol SA, a wholly owned subsidiary of oil giant TOTAL S.A. (NYSE:TOT - News), for $165.4 million in cash. SunPower expects the acquisition to have a positive impact to its financial results in 2012.Concurrent with closing of the acquisition, Total has agreed to buy 18.6 million SunPower common shares in a private placement at $8.80 per share, a 50% premium to the December 22, 2011, closing price. After the deal, Total will own about 66% of SunPower's common shares. Earlier, in June 2011, TOTALacquired 60.0% of SunPower.Tenesol, a global solar panel provider based in La Tour de Salvagny, France, has operations in 18 countries with manufacturing facilities in France and South Africa. It had generated revenues of 240 million euros in 2010, and currently expects revenues of 200 million euros in 2011. [Read the full article]
|
