Divestment

CEMEX Announces Divestment of Certain Assets in the UK

Retrieved on: 
Wednesday, January 8, 2020
Commercial Building & Real Estate, Construction & Property, Natural Resources, Other Manufacturing, Building Systems, Other Construction & Property, Mining, Minerals, Manufacturing, Economy, Companies, Finance, Cemex, Financial economics, Investment, Corporate finance, Divestment, General Electric, Valuation

We believe the valuation of this transaction is in line with our other recent divestments considering the type and return of the assets sold, said Fernando A. Gonzalez, CEO of CEMEX.

Key Points: 
  • We believe the valuation of this transaction is in line with our other recent divestments considering the type and return of the assets sold, said Fernando A. Gonzalez, CEO of CEMEX.
  • The proceeds expected to be obtained from this divestment will be used mainly for debt reduction and for general corporate purposes.
  • CEMEX currently expects to finalize this divestment during the second quarter of 2020.
  • CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

Amtech Provides Update on Timing of Sale of Solar Business

Retrieved on: 
Friday, December 27, 2019
Economy, Companies, Finance, Notary, Notary public, Divestment, General Electric

Due primarily to the year-end back-log of European notaries, the closing date on the sale of Tempress is now planned for January 2020.

Key Points: 
  • Due primarily to the year-end back-log of European notaries, the closing date on the sale of Tempress is now planned for January 2020.
  • The sale of R2D to key members of their management team closed on December 13, 2019, and we are pleased that the Tempress divestiture will be completed in January 2020.
  • We are confident that with the solar divestitures, we are well positioned to realize profitable growth and enhance value for all stakeholders."
  • Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

CEMEX Announces Divestment of Kentucky Cement Plant and Related Assets in the U.S.

Retrieved on: 
Tuesday, November 26, 2019
Chemicals, Plastics, Mining, Minerals, Other Construction & Property, Manufacturing, Natural Resources, Construction & Property, Economy, Companies, Cemex, Divestment

The proceeds to CEMEX from this transaction will be approximately US$499 million.

Key Points: 
  • The proceeds to CEMEX from this transaction will be approximately US$499 million.
  • The assets being divested consist of Kosmos cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves.
  • EBITDA for the last 12 months as of September 2019 for the divested assets is estimated to be US$55 million.
  • We are pleased with the continued favorable asset-divestment dynamics in our industry, said Fernando A. Gonzalez, CEO of CEMEX.

Occidental Provides Update on Divestiture and Deleveraging Initiatives

Retrieved on: 
Monday, September 30, 2019
Oil, Gas, Finance, Energy, Professional services, Economy, Finance, Money, Debt, Anadarko Petroleum, Deepwater Horizon oil spill, Occidental Petroleum, Deleveraging, Oxy, Anadarko, Occidental, Divestment

Occidental Petroleum Corporation (Occidental or the Company) (NYSE: OXY) today provided an update on its divestiture and deleveraging initiatives following the recent close of its acquisition of Anadarko Petroleum (Anadarko) on August 8, 2019.

Key Points: 
  • Occidental Petroleum Corporation (Occidental or the Company) (NYSE: OXY) today provided an update on its divestiture and deleveraging initiatives following the recent close of its acquisition of Anadarko Petroleum (Anadarko) on August 8, 2019.
  • As previously announced, Occidental entered into a binding agreement to sell Anadarkos African assets to Total for $8.8 billion.
  • Occidental remains on track to deliver $10 to $15 billion of planned asset sales and remains confident in its deleveraging strategy.
  • Upon completion of our recent initiatives, we will have reached approximately $10 billion of our targeted divestitures with more to follow.

Students call on post-secondary institutions to commit to fossil fuel divestment

Retrieved on: 
Wednesday, September 25, 2019
Economy, Articles, Investment, Climate change, Ethical investment, Fossil fuel divestment, Sustainable energy, Disinvestment, Fossil fuel, Divestment

This includes divesting from fossil fuel companies, which directly contribute to the climate crisis, said Kayla Weiler, National Representative of the Canadian Federation of Students Ontario.

Key Points: 
  • This includes divesting from fossil fuel companies, which directly contribute to the climate crisis, said Kayla Weiler, National Representative of the Canadian Federation of Students Ontario.
  • Post-secondary institutions across Canada heavily invest in the fossil fuel industry and other corporations that engage in a range of harmful environmental practices.
  • Fossil fuel divestment campaigns were created on college and university campuses by students calling on their institutions to replace endowment fund investments in the fossil fuel industry with investments in renewable energy alternatives and promotion of green jobs.
  • Students are not interested in seeing their tuition dollars used to invest in the fossil fuel industry, said Weiler.

New report proves divestment pays

Retrieved on: 
Wednesday, September 25, 2019
Economy, Investment, Articles, Corporate finance, Divestment, Outsourcing, Fossil fuel, Fossil fuel divestment

Vancouver, BC, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Genus Capital today released its 2019 Divestment Report on its six-year fossil free investment data, which shows that divesting from fossil fuels has had a positive effect on returns.

Key Points: 
  • Vancouver, BC, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Genus Capital today released its 2019 Divestment Report on its six-year fossil free investment data, which shows that divesting from fossil fuels has had a positive effect on returns.
  • "The data from our Fossil Free funds has been consistent with each year, but what has changed is Canadian investors attitudes towards divestment, said Genus' Partner & Director, Sustainable Investments, Mike Thiessen.
  • The research results allay the fears of investors who are concerned that divestment from fossil fuel stocks will potentially lead to weaker returns versus the overall market.
  • With more than $1.6 billion in assets under management, Genus' clients include leading environmental organizations, foundations, and individuals across Canada.

FTC Approves Final Order Imposing Conditions on Boston Scientific Corp.’s Acquisition of BTG plc

Retrieved on: 
Thursday, September 19, 2019
Corporate finance, Divestment, Investment, Outsourcing

Under the final order, Boston Scientific is required to divest to Varian Medical Systems its DEB business, as well as its bland bead product line.

Key Points: 
  • Under the final order, Boston Scientific is required to divest to Varian Medical Systems its DEB business, as well as its bland bead product line.
  • According to the FTC, Boston Scientifics bland bead business must be divested with its DEB business to ensure the divestitures effectiveness.
  • The CNMC closed its investigation and cleared the transaction, subject to Boston Scientific fulfilling the terms contained in the FTCs consent order.
  • Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.

FTC Approves Final Order Imposing Conditions on Boston Scientific Corp.’s Acquisition of BTG plc

Retrieved on: 
Thursday, September 19, 2019
Corporate finance, Divestment, Investment, Outsourcing

Under the final order, Boston Scientific is required to divest to Varian Medical Systems its DEB business, as well as its bland bead product line.

Key Points: 
  • Under the final order, Boston Scientific is required to divest to Varian Medical Systems its DEB business, as well as its bland bead product line.
  • According to the FTC, Boston Scientifics bland bead business must be divested with its DEB business to ensure the divestitures effectiveness.
  • The CNMC closed its investigation and cleared the transaction, subject to Boston Scientific fulfilling the terms contained in the FTCs consent order.
  • Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.

William D. Pitchford Joins BASi as Chief Human Resources Officer, as the Company Invests in Unifying and Strengthening Corporate Culture

Retrieved on: 
Wednesday, September 4, 2019
Companies, Economy, Finance, Aluminium division of Rio Tinto, Rio Tinto, Divestment, Alcan, Chief executive officer

We want to ensure BASis culture evolves to support the Company as we continue to grow, said Robert Leasure, Jr., BASis President and Chief Executive Officer.

Key Points: 
  • We want to ensure BASis culture evolves to support the Company as we continue to grow, said Robert Leasure, Jr., BASis President and Chief Executive Officer.
  • Bill is a leader of impeccable judgment and integrity, and I am confident that his experience and influence will help shape our culture towards a stronger, unified Company.
  • William Pitchford brings over thirty-five years of human resources experience to BASis leadership team, with respect to benefit and compensation design, executive coaching, acquisitions and divestitures, and interacting with public boards.
  • Prior to joining BASi, Mr. Pitchford held senior level positions within the human resources functions at Ford Motor Company, Rio Tinto Alcan Corporation and, most recently, at Wabash National Corporation as Senior Vice President of Human Resources.

Buying divested assets stands out as a sound M&A strategy for creating shareholder value in 2019

Retrieved on: 
Wednesday, August 21, 2019
Economy, Corporate finance, Investment, Divestment, Outsourcing, Shareholder value

While divestitures lose value across the board, the acquisition of a divested asset, as well as spin-offs, has an outperforming effect.

Key Points: 
  • While divestitures lose value across the board, the acquisition of a divested asset, as well as spin-offs, has an outperforming effect.
  • Companies divesting 0% to 5% of their total company value underperformed their market by an average of 0.8 pp in the first half of 2019.
  • This rose to 6.9 pp for companies divesting 5% to 15% of their assets by value and 6.3 pp for those divesting over 15%.
  • "Activist investors will also continue to push some companies to divest assets to reinvigorate company growth and unlock shareholder value.