Barron’s Is Bullish on Oil

Barron’s, the weekly publication owned by the Wall Street Journal, in its latest issue is bullish on several names. They include:

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Autodesk, Alexion could have upside, Barron’s says – Elevated sales, marketing and staffing expenses could mean a company’s stock has upside, Jack Hough writes in this week’s edition of Barron’s, citing a paper published in The Review of Financial Studies that links high SG&A with future stock returns. Among the companies that look attractive on this basis that “you have to spend money to make money” are Autodesk (ADSK), Alexion (ALXN), Electronic Arts (EA) and Silicon Laboratories (SLAB), the publication argues.

Apache stock could double, Barron’s says – Apache’s (APA) stock could double after years of missteps, given its new gas discoveries and focus on costs, Leslie Norton writes in this week’s edition of Barron’s. Both Harris Associates and Davis Funds increased their stakes in the first quarter on the expectation that the shares of the driller could double from a recent $45, Barron’s adds.

Steel prices likely stable in the near-term, Barron’s says – China’s economic slowdown, a strong dollar and a U.S. bid to halt imports are likely to stabilize steel’s price in the near-term, Manuela Badawy writes in this week’s edition of Barron’s. After hitting multiyear lows back in late 2015, prices for the industrial metal rose some 45% in the past 18 months, the publication notes. Publicly traded companies in the space include U.S. Steel (X), Steel Dynamics (STLD), Nucor (NUE), ArcelorMittal (MT), and AK Steel Holding (AKS).

O’Reilly Automotive will overcome ‘disappointing’ sales figures, Barron’s says – In a follow-up story, Barron’s tells readers that while O’Reilly Automotive estimated that second quarter same-store sales growth will be 1.7%, well below previous guidance of 3% to 5%, the auto-parts supplier will overcome the “disappointing” sales figures and will get back on track.

Oil prices could rise 35% this year, Barron’s says – Crude oil, which has recently been volatile in price, could stabilize at about $60 a barrel by the end of this year as demand increases, lifting the shares of companies in the space, Barron’s says in an article citing Citigroup’s analyst Eric Lee. This forecast would mean a price jump of 35%, the publication notes. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A), Total (TOT), BHGE (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT).

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MetLife to Buy Fortress Investment’s Logan for $250 Million

MetLife to acquire Logan Circle Partners for roughly $250M in cash

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MetLife (MET) and Fortress Investment Group (FIG) announced a definitive agreement for MetLife to acquire Logan Circle Partners, L.P., Fortress’ traditional fixed income asset management business, for approximately $250M in cash.

Following the anticipated separation of Brighthouse Financial next month and assuming the closing of the Logan Circle Partners acquisition, MetLife’s Investment Management business would have more than $560B in total assets under management, of which more than $140B would be managed on behalf of third parties.

Under the terms of the agreement, MetLife will acquire 100% of Fortress’ ownership stake in Logan Circle Partners.

This transaction will not impact MetLife’s existing $3B repurchase authorization, which is expected to be completed by year-end 2017. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in the third quarter of 2017.

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Berkshire Hathaway to Acquire Bankrupt Energy Future Holdings for $9B

Berkshire Hathaway Energy to acquire Energy Future Holdings for $9B in cash 

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Berkshire would be the latest suitor for Texas’ largest electric transmitter from parent company Energy Futures Holdings Corp., which is in bankruptcy.

Berkshire Hathaway Energy will acquire reorganized EFH, which will ultimately result in the acquisition of Oncor, an energy delivery company serving approximately 10M Texans.

The all-cash consideration for reorganized EFH is $9B implying an equity value of approximately $11.25B for 100% of Oncor and is subject to closing conditions, including the receipt of required state, federal and bankruptcy court approvals.

The transaction is currently expected to be completed in the fourth quarter of 2017.

Effective upon closing of the transaction, Bob Shapard will assume the role of executive chairman of the Oncor Board, and Allen Nye will assume the role of CEO of Oncor.

The Texas Public Utility Commission turned down NextEra’s $18.7 billion proposal to buy Oncor in April, citing concerns over the independence of Oncor’s board. NextEra is appealing the decision. But it appears Berkshire is sweeping in for less than the NextEra deal.

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Digital Ally Wins Patent, Shares Jump

Digital Ally announces denial of Axon request to invalidate ‘452 patent

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Digital Ally (DGLY) announces a significant victory in its legal battles against Axon Enterprise (AAXN).

On July 6, the U.S. Patent Office denied Axon’s petition for inter partes review, or IPR, of Digital’s Patent No. 9,253,452.

The Patent Office rejected every single ground of invalidity that Axon put forward challenging claims 7-10 and 20. These are the exact claims at issue in Digital’s litigation against Axon.

The Patent Office further found that “…the information presented [by Axon] in the Petition does not establish a reasonable likelihood that would prevail in showing the unpatentability of any of the challenged claims on the grounds set forth in the Petition.”

The ‘452 Patent generally covers the automatic activation and coordination of multiple recording devices in response to a triggering event such as a law enforcement officer activating the light bar on the vehicle.

This pioneering invention eliminates the burden of manually activating multiple recording devices when law enforcement officers are responding to an emergent situation. This invention will help to guarantee that all relevant evidence is captured, even if an officer forgets to activate his cameras.

With this loss, the company believes that the practical availability of Axon’s litigation defenses is now severely limited, principally leaving infringement and damages to be resolved.

Additionally, because Axon waited until nearly the expiration of its one-year time limit within which to file the most recent IPRs, Axon is now barred from filing any further IPRs against the ‘452 Patent, as well as against Digital’s Patent No. 8,781,292.

Digital Ally, Inc. produces digital video imaging and storage products for use in law enforcement, security, and commercial applications in the United States and internationally.

Axon Enterprise, Inc. develops, manufactures, and sells conducted electrical weapons (CEWs) worldwide. The company operates through two segments, TASER Weapons and Axon.

DGLY closed at $3.15, shares are up more than $2 in Friday’s pre-market trading. AAXN closed at $25.05.

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Glencore Raises Offer for Rio Tinto’s Coal & Allied

Glencore raises offer for Rio Tinto’s Coal & Allied to $2.675B plus royalties

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Glencore (GLNCY) announced that it has submitted an improved irrevocable binding offer to acquire Rio Tinto’s (RIO) 100% interest in Coal & Allied Industries Limited for $2.675B cash plus a coal price linked royalty.

All cash is payable in full immediately upon completion. Glencore’s offer is at least $225M greater than Yancoal’s proposal, the company stated.

The Glencore offer remains conditional only on approval from China, Korea, Taiwan and Australia. Japanese regulatory approval to acquire C&A has already been obtained. “Demonstrating our confidence in securing all approvals, Glencore’s Offer is supported by a $225M deposit which will be forfeited if the transaction does not complete as a result of a failure to obtain a regulatory approval.

Glencore believes that it will obtain all regulatory approvals in a timely manner and that its offer fully compensates Rio Tinto for any potential delays beyond Yancoal’s expected completion date as announced by Rio Tinto,” the company said.

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Oil Stocks Downgraded

Oil entered the first bear market since August as concerns worsen over a global supply glut

The number of downgrades may, from a contrarian point, signal oil’s bottom

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A number of oil related stocks are down this morning after brokers downgraded several oil related stocks. Oil entered the first bear market since August as concerns worsen that OPEC is failing to ease a global supply glut.

Adding to an oversupplied market are Libya, which is pumping the most in four years, and shale drillers that are staging the longest drilling ramp-up on record. Meanwhile traders are hoarding an increasing amount of oil in tankers. All that crude is hindering efforts by the Organization of Petroleum Exporting Countries and its allies to reduce stockpiles to the five-year average.

The American Petroleum Institute (API) reported a draw of 2.72 million barrels in United States crude oil inventories, compared to analyst expectations that the EIA would report a 2.0-million barrel draw for the week ending June 16. This week’s inventory draw almost completely offsets last week’s API-reported crude inventory build of 2.75 million barrels.

Gasoline inventories rose this week by 346,000 barrels, as refiners continue to take crude oil out of inventory and turn it into gasoline. Surveyed analysts were close on gasoline predictions this week, expecting a 400,000-barrel build for the fuel, but even though the API report was close to projections, the three-week rise in inventories mean that demand for the fuel is not sufficient to cut into inventories as one would expect this time of year.

The Energy Department reports its inventory data at 10:30 a.m. today.  Based on the number of downgrades, it may be a bottom for oil prices!

Crude oil last traded at $43.70 per barrel.

Here is a list of oil stocks downgraded today:

Downgrades

AON Aon plc to Neutral from Buy at Janney Capital
APA Apache to Sell from Neutral at Seaport Global
AREX Approach Resources to Sell from Neutral at Seaport Global
AXAS Abraxas Petroleum to Neutral from Buy at Seaport Global
AXTA Axalta Coating to Underperform from Buy at BofA/Merrill
BAS Basic Energy to Neutral from Buy at Seaport Global
BBG Bill Barrett to Sell from Neutral at Seaport Global
BHI Baker Hughes to Neutral from Buy at Seaport Global
BP BP to Underperform from Neutral at Macquarie
CHK Chesapeake to Underperform from Neutral at Macquarie
CIR CIRCOR to Sell from Neutral at Seaport Global
CLR Continental Resources to Sell from Buy at Seaport Global
CPE Callon Petroleum to Neutral from Buy at Seaport Global
CRZO Carrizo Oil & Gas to Sell from Buy at Seaport Global
CRZO Carrizo Oil & Gas to Sell from Buy at Seaport Global
CVE Cenovus Energy to Underperform from Neutral at Macquarie
CVX Chevron to Neutral from Outperform at Macquarie
CXO Concho Resources to Neutral from Buy at Seaport Global
DO Diamond Offshore to Sell from Neutral at Seaport Global
DOV Dover to Neutral from Buy at Seaport Global
DVN Devon Energy Neutral at Seaport Global
E Eni SpA to Neutral from Outperform at Macquarie
ECA Encana to Neutral from Outperform at Macquarie
ECR Eclipse Resources to Neutral from Buy at Seaport Global
EGN Energen to Sell from Neutral at Seaport Global
ESES Eco-Stim Energy to Neutral from Buy at Seaport Global
ESTE Earthstone Energy to Neutral from Buy at Seaport Global
ESV Ensco to Sell from Neutral at Seaport Global
FI Frank’s International to Underweight from Equal Weight at Morgan Stanley
FI Frank’s International to Sell from Neutral at Seaport Global
GST Gastar Exploration to Neutral from Buy at Seaport Global
HAL Halliburton to Neutral from Buy at Seaport Global
HK Halcon Resources to Neutral from Buy at Seaport Global
HP Helmerich & Payne to Sell from Neutral at Seaport Global
HP Helmerich & Payne to Underweight from Equal Weight at Morgan Stanley
ICD Independence Contract Drilling to Equal Weight at Morgan Stanley
JONE Jones Energy to Neutral from Buy at Seaport Global
KEG Key Energy to Neutral from Buy at Seaport Global
LONE Lonestar Resources to Neutral from Buy at Seaport Global
LPI Laredo Petroleum to Neutral from Buy at Seaport Global
MRC MRC Global to Neutral from Buy at Seaport Global
MRO Marathon Oil to Sell from Neutral at Seaport Global
NBL Noble Energy to Sell from Neutral at Seaport Global
NBR Nabors Industries to Equal Weight from Overweight at Morgan Stanley
NBR Nabors Industries to Neutral from Buy at Seaport Global
NE Noble Corp. to Neutral from Buy at Seaport Global
NFX Newfield Exploration to Sell from Buy at Seaport Global
OAS Oasis Petroleum to Neutral from Buy at Seaport Global
OII Oceaneering to Sell from Neutral at Seaport Global
OII Oceaneering to Underweight from Equal Weight at Morgan Stanley
OIS Oil States to Equal Weight from Overweight at Morgan Stanley
PDCE PDC Energy to Neutral from Buy at Seaport Global
PDS Precision Drilling to Equal Weight from Overweight at Morgan Stanley
PES Pioneer Energy to Neutral from Buy at Seaport Global
PQ PetroQuest to Neutral from Buy at Seaport Global
PTEN Patterson-UTI to Neutral from Buy at Seaport Global
RDC Rowan Companies to Sell from Neutral at Seaport Global
RDS.A Royal Dutch Shell to Neutral from Outperform at Macquarie
REPYY Repsol to Neutral from Outperform at Macquarie
RES RPC, Inc. to Neutral from Buy at Seaport Global
RICE Rice Energy to Neutral from Buy at Seaport Global
SD SandRidge Energy to Neutral from Buy at Seaport Global
SM SM Energy to Neutral from Buy at Seaport Global
SN Sanchez Energy to Sell from Buy at Seaport Global
SNDE Sundance Energy to Neutral from Buy at Seaport Global
SPN Superior Energy to Neutral from Buy at Seaport Global
SRCI SRC Energy to Neutral from Buy at Seaport Global
WFT Weatherford to Neutral from Buy at Seaport Global
WLL Whiting Petroleum to Sell from Neutral at Seaport Global
WLL Whiting Petroleum to Neutral from Outperform at Macquarie
WPX WPX Energy to Sell from Buy at Seaport Global
XEC Cimarex Energy to Sell from Neutral at Seaport Global

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Solar Stocks that Could be Taken Over

Goldman sees Vivint as top target when M&A heats up in solar space

Stocks to invest in today

 

As the potential for increased mergers and acquisitions in the U.S. solar space ramps up, Goldman Sachs analyst Brian Lee views Vivint Solar (VSLR) as a main target for possible deals citing restructuring potential in the residential solar business.

M&A RIPENING

Lee said the transaction pipeline in the U.S. solar sector appears to be picking up, a trend he views as likely to continue, and estimated that approximately $3B of announced solar deals could be on track to close in the second half of 2017.

The emergence of contracted cash-flow based models, the restructuring of business models, low-cost financing and declines in solar equity prices are increasing the likelihood of mergers and acquisitions, the analyst wrote.

RANK 1:

Based on the potential for increased M&A, Lee upgraded Vivint to Buy from Neutral and raised his price target for the shares to $6 from $3.50. Lee assigned Vivint Goldman’s highest M&A rank of 1, representing a 30% to 50% probability of a deal, up from 3, as he sees increased restructuring potential in the residential solar business.

He added the company’s renewed financing breadth, concentrated equity ownership and aggressive shift to cash/loan volumes strengthens its turn-around potential and position as an M&A target.

Lee said management has previously said it is open to a sale and Goldman’s hypothetical sensitivity analysis suggests potential mid-teens returns for an acquirer if mix shift continues.

OTHER RANK INCREASES

Lee also assigned a rank of 1 to 8point3 Energy (CAFD), up from 4, saying while the firm has not viewed the company as an attractive acquisition candidate due to high leverage and its dual-parent ownership structure, an announcement by First Solar (FSLR) and SunPower (SPWR) to explore strategic alternatives could result in a sale of the company. He added risk-reward for potential buyers is attractive at current equity prices.

Lee kept a Buy rating on the name and raised his price target to $16 to $15.

In addition, he notes Sunrun (RUN) is trading below tangible book value following underperformance but Goldman’s hypothetical sensitivity analysis suggests potential returns above 15% for an acquirer if mix shift persists. Lee ranks the company at a 2, up from a 3, reiterates a Buy rating and raises his price target to $10 from $9.

PRICE ACTION

In Tuesday trading, Vivint rose 19% to $5.18, 8point3 Energy increased 9% to $13.82, and Sunrun rose 8.3% to $6.34.

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Boeing Raises Forecast for Aircraft Demand

Boeing projects need for 41,030 new aircraft over 20 years, valued at $6.2T

The single-aisle segment will see the most growth over the forecast

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Boeing  (BA) has raised its forecast for new airplane demand, projecting the need for 41,030 new airplanes over the next 20 years valued at $6.1T.

The company’s annual Current Market Outlook, or CMO, was released today at the Paris Air Show, with total airplane demand rising 3.6 percent over last year’s forecast.

“Passenger traffic has been very strong so far this year, and we expect to see it grow 4.7 percent each year over the next two decades,” said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes.

“The market is especially hungry for single-aisle airplanes as more people start traveling by air.”

The single-aisle segment will see the most growth over the forecast, fueled by low-cost carriers and emerging markets. 29,530 new airplanes will be needed in this segment, an increase of almost 5 percent over last year.

The forecast for the widebody segment includes 9,130 airplanes, with a large wave of potential replacement demand beginning early in the next decade.

With more airlines shifting to small and medium/large widebody airplanes like the 787 and 777X, the primary demand for very large airplanes going forward will be in the cargo market.

Boeing projects the need for 920 new production widebody freighters over the forecast period.

The Asia market, including China, will continue to lead the way in total airplane deliveries over the next two decades. Worldwide, 57 percent of the new deliveries will be for airline growth, while 43 percent will be for replacement of older airplanes with new, more fuel efficient jets.

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Rig Counts Continue to Rise!

As long as rig counts continue to rise, crude will stay under pressure

Baker Hughes reports U.S. rig count up 6 to 933 rigs

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Baker Hughes  (BHI) reports that the U.S. rig count is up 6 rigs from last week to 933, with oil rigs up 6 to 747, gas rigs up 1 to 186, and miscellaneous rigs down 1 to 0.

The U.S. Rig Count is up 509 rigs from last year’s count of 424, with oil rigs up 410, gas rigs up 100, and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is unchanged from last week at 22 and up 1 rig year over year.

The Canadian Rig Count is up 27 rigs from last week to 159, with oil rigs up 17 to 91 and gas rigs up 10 to 68.

The Canadian Rig Count is up 90 rigs from last year’s count of 69, with oil rigs up 63, gas rigs up 28, and miscellaneous rigs down 1 to 0.

STOCKS TO WATCH

The one group that should be benefit from the rig count rise would be Sand and Basic Materials. Stocks such as SLCA, SND, EMES, and HCLP should benefit from the rise, however these stocks are also near their 52-weeks low. These stocks should gradually bottom out at these levels. Other service companies such as SLB, HAL, BHI, TDW, and OII.

WTI crude prices are up 0.6% at $44.72, rebounding after declining by 4.3% over the two previous sessions. This puts in a little space from yesterday’s six-week low at $44.22.

#WTI = West Texas Intermediate

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Kenon Jumps on $942M Cash Infusion

Kenon ($KEN) unit in pact with Wuhu Chery

Qoros Automobile, a unit of Kenon, to receive $942 million in cash investment

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Qoros Automobile, which is 50%-owned by Quantum, a wholly-owned subsidiary of Kenon Holdings, announces that Qoros, Quantum, Wuhu Chery Automobile Investment Company Limited, which owns the other 50% of Qoros, and a new China-based investor, have entered into an investment agreement that provides for the new investor investing approximately RMB6.5B, approximately $942M, in Qoros for a controlling interest in Qoros.

The new investor’s investment is subject to a number of conditions which must be satisfied by a certain date, some of which are beyond the parties’ control and which the parties may be unable to satisfy. These conditions include regulatory approvals and completion of regulatory processes, consents from lenders and further documentation, including entry into additional agreements.

Kenon also announces that Qoros, Quantum and Wuhu Chery’s investment agreement with Yibin Municipal Government, through its investment platform company, which was announced on April 6,, will not take effect, and that Yibin will not make an equity investment in Qoros.

Kenon Holdings Ltd. (KEN) is a Singapore based holding company. It owns, develops, and operates power generation and distribution facilities primarily in Latin America, the Caribbean, and Israel. It also designs, manufactures, distributes, and services passenger vehicles through a network of independent authorized retail dealers in the People’s Republic of China.

Qoros Automotive Co. Ltd. designs, engineers, manufactures, and markets cars. It offers SUV, sedan, and other cars. The company also provides financing and insurance options, as well as test drive services. It offers its products through dealers. Qoros Automotive Co. Ltd. operates as a joint venture between Chery Automobile Co., Ltd. and Israel Corporation Ltd.

KEN last traded at $14.00 up 8.8%. Shares have a 52-week range of $8.81 to $16.00.

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Changes to S&P Indices

Hilton Worldwide Holdings (HLT) will replace Yahoo (YHOO) in the S&P 500

Align Technology (ALGN) and ANSYS (ANSS) will also be added to the S&P 500

S&P Dow Jones Indices will make the following changes to the S&P 500 and S&P MidCap 400 indices effective prior to the open of trading on Monday, June 19:

 

 Hilton Worldwide Holdings (HLT) will replace Yahoo (YHOO) in the S&P 500.

 

Yahoo is expected to convert to a publicly traded, non-diversified, closed-end management investment company under the Investment Company Act of 1940 on June 16, a few days after the expected sale of its operational business to S&P 100 & 500 constituent Verizon Communications (VZ). Closed end funds are ineligible for inclusion in the S&P 500.
S&P MidCap 400 constituents Align Technology (ALGN) and ANSYS (ANSS) will replace Teradata (TDC) and Ryder System (R) respectively in the S&P 500.
Align Technology and ANSYS have total market capitalizations above $10B making them more representative of the large-cap market space.
Teradata and Ryder System have total market capitalizations below $3.7B making them more representative of the mid-cap market space.

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Glencore offers $2.55 billion for Rio Tinto’s Coal & Allied Industries

Glencore submits proposal to acquire Rio Tinto’s Coal & Allied Industries for $2.55B

Glencore Proposal will be funded from existing cash resources and committed facilities

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Glencore (GLNCY) announced it has submitted a proposal to acquire Rio Tinto’s (RIO) 100% interest in Coal & Allied Industries for $2.55B cash plus a coal price linked royalty, with the cash comprising $2.05B cash payable on completion and $500M in aggregate deferred cash payments, payable as annual instalments of $100M over five years following completion.

Rio Tinto plc (RIO) finds, mines, processes, and markets mineral resources. The company mines and produces aluminum products, including bauxite, alumina, and aluminum; copper, gold, silver, and molybdenum, as well as nickel; diamonds, titanium dioxide feedstocks, borates, and salt, as well as high purity iron, steel billets, metal powders, zircon, and rutile; uranium; iron ore; and thermal coal, and coking or metallurgical coal.

A subsidiary of #Mitsubishi Corporation has a tag-along right to sell its 32.4% interest in the Hunter Valley Operations joint venture.

Glencore has agreed to purchase Mitsubishi’s 32.4% interest in the HVO JV and 28.898% interest in the Warkworth joint venture for $920M cash conditional on completion of Glencore’s acquisition of C&A from Rio Tinto, with $520M being payable on completion and $100M payable on the first four anniversaries of completion.

The Glencore Proposal will be funded from existing cash resources and committed facilities and is subject only to regulatory conditions. Glencore will only be bound once a binding share purchase agreement is concluded with Rio Tinto.

If a transaction is concluded, Glencore intends to mitigate its overall financial commitment via a sale / monetization of assets, prioritizing its coal portfolio, of no less than $1.5B, including exploring the option of selling down up to 50% of its interest in the C&A mines.

“In any event, as part of our overall Group financial policy, in addition to targeting maximum 2x Net debt/Adjusted EBITDA through the cycle, Glencore’s balance sheet will be managed to prevent net debt increasing above December 2016’s level of $15.5B, thereby ensuring that our leverage target is comfortably met and financial conservatism maintained,” Glencore stated.

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Bottle-Maker Shares Crack as Beer Sales Fizz Out

2017 is shaping up to be the worst year for beer volumes since 2009

Owens-Illinois is trying to build out its non-beer segments to compensate for the continued weakness in beer

Shares of beverage can and bottle makers are underperforming broader market measures after beer maker Molson Coors Brewing (TAP) gave uninspiring guidance at its investor day on Wednesday.https://stockwinners.com/blog

COORS INVESTOR DAY:

At its investor day on Wednesday, the brewer said its underlying marketing, general and administrative spending will increase this year and CapEx will remain at elevated levels for 2018.

As a result of these expenses, the brewer said it sees underlying EBITDA margins rising 50-60 bps per year for next three years.

Separately, Molson Coors Brewing said it bought the remainder of the MillersCoors joint venture it didn’t own two years ago, making it the third largest beer maker.

Molson Coors’ shares declined sharply during the presentation and ended the day down over 6%. Shares are falling further today.

BEER SALES SLIDE:

For the U.S. market, “2017 is shaping up to be the worst year for beer volumes since 2009, when total industry volumes were down 2%,” said Bernstein analyst Trevor #Stirling, according to a Financial Times.

Last month, the U.S. trade association for larger brewers, said that for the three months from February to April, beer volumes fell 5%, according to the FT report.

https://stockwinners.com/blog

OWENS-ILLINOIS:

Speaking at the Deutsche Bank Global Industrials and Materials Conference Presentation on Wednesday, Jan #Bertisch, the CFO of the world’s largest maker of glass bottles, Owens-Illinois, said the company is trying to build out its non-beer segments to compensate for the continued weakness in beer.

PRICE ACTION:

Can and bottle makers Owens-Illinois (OI), Crown Holdings (CCK), and Ball Corp. (BLL) are all down in afternoon trading, missing out on a broad market rally.

Large beer makers are also missing out on the rally, with Molson Coors down again, along with Anheuser Busch Inbev (BUD), and Boston Beer Company (SAM).

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