Excluding acquisitions, divestitures and currency movements, sales rose 1 percent.
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Another $20 billion in divestitures is still pending, says Rhodium.
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The official did not provide an explanation for Ross's divestitures.
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They argue that the slot divestitures are excessive and unprecedented.
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He said there were no divestitures that could improve the situation.
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VARNEY: I THINK THAT SOME DIVESTITURES ARE MORE COMPLICATED THAN OTHERS.
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Revenue fell about 15% to $9.24 billion due to certain divestitures.
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General Mills and Conagra have also said they are considering divestitures.
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The disclosures are checked and confirmed by lawyers, and divestitures recommended.
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DOJ requested some divestitures before filing its lawsuit, and AT&T refused.
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Chief Financial Officer Mike McClellan said Teva might look at more divestitures.
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None of those divestitures would include joint sales or shared services agreements.
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Do you think that deal should pass as is with no divestitures?
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It also is considering divestitures of its South Korea and Central America businesses.
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Combined, the two insurers would have 4.5 million Medicare Advantage members, without divestitures.
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This realignment will raise questions over whether it might lead to further divestitures.
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Assuming the divestitures, it expects a range of $2.40 to $2.50 a share.
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The divestitures have fetched the prices expected and they've proceeded ahead of plan.
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The plasma firm Biotest's sale to China only went through after U.S. divestitures.
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The health-care company has vowed to improve performance through acquisitions and divestitures.
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Returning $25 billion of capital to shareholders and announcing a couple of divestitures.
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Another big driver in the first half has been divestitures by large corporations.
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Future divestitures are possible as we assess which assets are the most sustainable.
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N as part of a plan to shore up its finances through divestitures.
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Excluding the impact of acquisitions, divestitures and foreign currency, revenue declined 1 percent.
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Excluding the net impact of acquisitions and divestitures, worldwide sales increased 22.1 percent.
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Excluding the net impact of acquisitions and divestitures, worldwide sales increased 1.1 percent.
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Excluding the net impact of acquisitions and divestitures, worldwide sales grew 2 percent.
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One official said that issue was specifically linked to the proposed station divestitures.
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Excluding the net impact of acquisitions and divestitures, worldwide sales increased 1.9 percent.
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In fact, the group said there's another $20 billion in divestitures that's still pending.
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Excluding the impact of acquisitions, divestitures and currency movements, total revenue rose 2 percent.
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The company expects to complete at least half of the divestitures by next year.
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There is also significant uncertainty related to potential dilution from divestitures and reinvestment needs.
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Excluding the impact of acquisitions, divestitures and currency, worldwide sales were up 4.3 percent.
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This includes: shifts in management and strategy, new products, and potential acquisitions and divestitures.
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The divestitures of those businesses is expected to take approximately two months to close.
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Ross signed a government ethics agreement in November 2017, saying he had completed divestitures.
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Proceeds from divestitures are expected to reach 3 billion reais ($806 million), they said.
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Excluding the impact of acquisitions, divestitures and currency, worldwide sales were up 0.43 percent.
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The potential divestitures in the current health insurance mergers will be astronomical in comparison.
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There is no certainty that GE will proceed with these divestitures, the sources added.
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I have made inadvertent errors in completing the divestitures required by my ethics agreement.
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Organic sales, which exclude gains from acquisitions or divestitures, rose 5 percent in the quarter.
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But outgoing CEO Hees had said the company is weighing divestitures to pay down debt.
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Organic sales, which excludes acquisitions, divestitures and currency effects, rose 1.373% in the first quarter.
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Revenue (minus divestitures and acquisitions) is down 4.5 percent from the first quarter of 2016.
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The company estimated in March sales volumes of 282-286 MMBOE after adjusting for divestitures.
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The new businesses have so far failed to make up for revenue lost to divestitures.
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The European divestitures are expected to be finished by fall of 2016, the source said.
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Its revenue forecasts are "organic," meaning they exclude fluctuations in sales from acquisitions or divestitures.
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|
KRAFT HEINZ CFO SAYS DISCLOSED DIVESTITURES WILL LEAD TO $110 MLN REDUCTION IN 2020 EBITDA
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A more likely scenario is that Leon would demand a partial unscrambling, such as new divestitures.
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He added that the deal wouldn't be scuttled if the company were required to make divestitures.
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Petrobras has a goal of about $19 billion in divestitures and new partnerships by December 2018.
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After taking divestitures into account, net Chinese FDI flows into the United States actually turned negative.
|
|
It was not immediately clear what percentage of the country it would reach after the divestitures.
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Anheuser-Busch InBev's acquisition of SABMiller required several divestitures in an effort to keep regulators happy.
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Overall, P&G said it expects sales to rise about 3 percent, including acquisitions and divestitures.
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Organic sales, which exclude the impact of foreign exchange and acquisitions and divestitures, increased 2 percent.
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Citigroup's loan book has been skewed by divestitures and its acquisition of a credit-card portfolio.
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Divestitures, though, also boosted results, with sales in Indonesia and elsewhere producing a one-time gain.
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Following a series of divestitures, Conagra has emerged as a pure-play portfolio of branded products.
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Companies often chose not to make any pre-emptive announcements on divestitures when they announce mergers.
|
|
A representative from the company didn't respond to a request for comment on the potential divestitures.
|
|
While the divestitures sound large, it's barely a dent in the overall amount Fisher Investments manages.
|
|
Twitter is also weighing a possible revamping that could involve divestitures and layoffs, the people said.
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Yet the new businesses have so far failed to make up for revenue lost to divestitures.
|
|
The AHA has observed that necessary divestitures would be over 2628 million subscribers in 28503 counties.
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Apparently its proposed divestitures don't go far enough, and Monsanto shares fell sharply on the report.
|
|
The U.S. Justice Department approved the tie-up this month with some conditions, including some divestitures.
|
|
AT&T has argued that divestitures would destroy some of the consumer value of the merger.
|
|
Mr. Delrahim generally favors what are called structural remedies to such transactions, which typically involve divestitures.
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|
The alternative is to demand divestitures, as the government has done during negotiations with AT&T.
|
|
This could make it harder to get deals past agencies or to find buyers for divestitures.
|
|
Next, it scrutinized the $4 billion Sinclair-Tribune deal, requiring what some see as unreasonable divestitures.
|
|
Six working groups are addressing various issues, with divestitures and cartel law the thorniest, Belloni said.
|
|
"If the Commission's reinstatement of the UHF discount is vacated by the D.C. Circuit, Sinclair would have to make significant divestitures — greater than four times the currently-proposed divestitures — to comply with ownership limit," the groups wrote in a letter to the FCC dated July 9.
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"At Valeant right now, it is all about divestitures," said Umer Raffat, an analyst at Evercore ISI.
|
|
However, total organic revenue, which excludes the impact of acquisitions, divestitures and currency movements, rose 2 percent.
|
|
Even after success, the constant divestitures and acquisitions of the corporate world keep SOAs a moving target.
|
|
"I want us to spend more time evaluating the questions of divestitures," Patricio told analysts Thursday morning.
|
|
It said expects to reverse volume declines, adjusted for divestitures, in the second half of the year.
|
|
The company's margins improved by 3.15 percentage points, largely due to divestitures of lower-margin bottling businesses.
|
|
However, total organic revenue, which excludes the impact of currency movements, acquisitions and divestitures, rose 2 percent.
|
|
The potential divestitures underscore how Time Inc's primary attraction for Meredith was building scale in digital advertising.
|
|
The efforts helped the company's organic sales, which excludes acquisitions, divestitures and foreign exchange impact, rise 2.4%.
|
|
Sinclair had offered to sell a number of stations, but once again planned to use illegitimate divestitures.
|
|
Third, a billion in divestitures is a drop in the bucket to what conceivably might be necessary.
|
|
Including divestitures, Canada actually enjoyed more Chinese investment than the United States in 2018, Baker McKenzie said.
|
|
The F.C.C. chairman, Ajit Pai, said on Monday that he had "serious concerns" with those planned divestitures.
|
|
Spiesshofer has been reshaping ABB's portfolio of businesses through acquisitions and divestitures for the past four years.
|
|
They said already tough divestitures, or exits, turned more complex in recent weeks as political risk grew.
|
|
To this end, mergers, divestitures and industry realignments are necessary and illustrative of our system at work.
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|
The company said oil output would be about flat with last year when taking divestitures into account.
|
|
Elliott says it won't accept incremental solutions, like small divestitures, people familiar with the matter told CNBC.
|
|
The job reduction efforts in GE's units appear to be independent of those divestitures, the sources said.
|
|
The divestitures arrive on the heels of lewd comments Ken Fisher made at a conference on Oct. 8.
|
|
Dow's profit was also boosted by a 6 percent rise in sales volumes, adjusted for acquisitions and divestitures.
|
|
Also dotting his workspace are plaques made by Zillow Group's legal team to celebrate acquisitions, divestitures, and investments.
|
|
HE COMES AT A 73-18 BILLION OF OVERLAPS AND THINKS THE DIVESTITURES WOULD BE FAR, FAR HIGHER.
|
|
"We anticipate subsequent divestitures during the second and third quarters," Chief Executive Doug Lawler said in a statement.
|
|
Tilk said he was confident the transaction would receive regulators' approval as proposed, without the need for divestitures.
|
|
Cargill said it had invested $1 billion and made $700 million in divestitures as part of its restructuring.
|
|
"Spinoff[s] are back en vogue," Michael Niland, U.S. divestitures services leader at PricewaterhouseCoopers, said in an email.
|
|
General Mills said it expects 2017 sales, excluding acquisitions and divestitures, to decline 3-4 percent from 2016.
|
|
Some bankers and lawyers expect the pace of divestitures to accelerate, opening the door for private equity groups.
|
|
The food and drinks sector was responsible for 17 out of 24 total divestitures from the companies analyzed.
|
|
The spate of divestitures was spurred by sexist comments Fisher made at the Tiburon CEO Summit on Oct.
|
|
Later, J&J Chief Financial Officer Dominic Caruso clarified the forecast included the benefit of acquisitions and divestitures.
|
|
The company completed $1.3 billion in asset sales for the year and announced $575 million more in divestitures.
|
|
The creditors will claim that the divestitures of the shoe companies made Nine West insolvent, the sources said.
|
|
Including those divestitures, Chinese net U.S. direct investment saw an $8 billion decline in 2018, according to Rhodium Group.
|
|
Organic sales, which strip out the impact of currency, acquisitions and divestitures, did edge slightly up the next year.
|
|
The committee reviews overseas investments in U.S. companies for national-security concerns and can block deals or force divestitures.
|
|
In addition to the stronger dollar, quarterly earnings were hit by higher spending on divestitures, transportation and commodities costs.
|
|
The company also cited slower shipments due to adverse weather, negative impact from tornadoes, divestitures and foreign exchange headwinds.
|
|
Sinclair was using those exceptions and some proposed station divestitures to claim it would reach just under the cap.
|
|
The Fed decides how they can use capital, the businesses they can pursue and must approve acquisitions or divestitures.
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|
Montezano declined to elaborate on what BNDES plans to sell this year or a time frame for the divestitures.
|
|
Revenue fell about 15% to $9.24 billion due to certain divestitures, and was below analysts' expectation of $9.35 billion.
|
|
Organic sales - core sales that exclude the impact of currency, divestitures and acquisitions - rose 2 percent in the quarter.
|
|
The company said it was continuing to evaluate its options for certain diabetes businesses, including possible partnerships or divestitures.
|
|
AT&T argues the government only started demanding divestitures in response to political pressure once President Trump was elected.
|
|
Organic sales - which exclude acquisitions, divestitures and foreign exchange fluctuations- rose 2 percent, the company said in a statement.
|
|
Sherwin-Williams has the right to call off the deal if required divestitures exceed $1.5 billion in 2015 revenues.
|
|
So when you do that, you do divestitures, you do acquisitions, you change, you introduce new products and services.
|
|
Some portion of those cuts may be due to divestitures as the company attempts to sell non-essential businesses.
|
|
If those harms are still present, the conditions should be renewed, or replaced with other measures, such as divestitures.
|
|
Transparency should be increased through laws mandating creation and release of documents related to divestitures, recusals, waivers and training.
|
|
Under the government of former Brazilian President Michel Temer, BNDES executives had yearly targets for divestitures of these stakes.
|
|
As of November 210540, Ball had estimated required divestitures of assets producing revenues of at least $2117 billion annually.
|
|
In a conference call with analysts, Ferreira said the board is expected to approve the divestitures later this month.
|
|
Comcast in a statement outlined an offer that was similar to Disney's, including a commitment to the same divestitures.
|
|
All three of those cases were ultimately settled through consent decrees and divestitures within six months of complaints being filed.
|
|
On an organic basis, which excludes the impact of foreign exchange and acquisitions and divestitures, sales were up 210 percent.
|
|
The apparel company earned $1.31 per share during its third quarter, excluding expenses and losses related to acquisitions and divestitures.
|
|
Potash Corp spokesman Randy Burton said it would be inappropriate to speculate on divestitures or any other conditions and terms.
|
|
N, said it was yet to reach an agreement with U.S. and European regulators about the "adequacy" of proposed divestitures.
|
|
Total divestitures could be as much as $10 billion on a 2013 basis, according to Evercore ISI analyst James West.
|
|
Costs related to remediating customers for misconduct and losses from divestitures wiped off nearly 97 percent of its annual profit.
|
|
The potential divestitures come as Kraft Heinz is in the midst of its most significant executive shakeup since its formation.
|
|
The consumer brands giant said organic sales — net sales excluding the impact of foreign exchange, acquisitions, and divestitures — increased 3.0%.
|
|
Revenue fell about 15 percent to $8.88 billion, due to certain divestitures, but was above analysts' estimate of $8.64 billion.
|
|
Sales excluding its Venezuela operations and the impact of acquisitions, divestitures and currency are expected to rise about 2 percent.
|
|
United Technologies in its formal response cited the potential for divestitures that would diminish the value of the combined companies.
|
|
Meanwhile, Chinese investors in America completed $9.6 billion worth of divestitures, with another $4 billion of sales pending, it said.
|
|
The company, however, kept its forecast for sales growth of 4 percent to 6 percent, excluding the impact of divestitures.
|
|
The company has also considered layoffs and divestitures of certain businesses in an attempt to refocus and reinvigorate its growth.
|
|
Ironically, Fox is also trying to buy parts of Sky, and regulators just approved the deal barring a few divestitures.
|
|
He acknowledged critics that say they are worried about whether the divestitures will be suitable enough to address plurality concerns.
|
|
Counting divestitures, net Chinese deal flow to the U.S. during that time was a negative $7.8 billion, the report said.
|
|
On a call with analysts, Chief Financial Officer Dominic Caruso said the numbers included the benefit of acquisitions and divestitures.
|
|
Most antitrust attorneys prefer structural remedies, which entail divestitures that fundamentally change the organization and interests of the merged company.
|
|
Still, the Aetna-Humana deal could be defended as is, he said, if they are willing to make the necessary divestitures.
|
|
Valeant said in a statement that it is currently discussing "various divestitures including but not limited to Salix" with third parties.
|
|
In a statement last month, Valeant said it was discussing "various divestitures, including, but not limited to, Salix" with third parties.
|
|
The starting point for that leverage would depend on the proceeds from its pending divestitures and a hypothetical Pepperidge Farm spinoff.
|
|
An accord would prevent BNDES and other Triunfo creditors from tapping proceeds from Triunfo's divestitures to get their loans repaid immediately.
|
|
Patricio would not comment on potential divestitures Monday, which CNBC has reported may also include sales of Maxwell House or Breakstone's.
|
|
The sale of the coffee business will be one in a string of divestitures for Kraft Heinz, the sources told CNBC.
|
|
The sale of the coffee business would be one in a string of divestitures for Kraft Heinz, the sources told CNBC.
|
|
Allergan said in the regulatory filing that it had formed a board committee to oversee mergers, acquisitions, divestitures and other transactions.
|
|
Robert Fitzmartyn, director of institutional research at GMP FirstEnergy in Calgary, said the divestitures and delays were not a good sign.
|
|
However, data center divestitures can also be challenging, because they involve separating assets that are deeply integrated into a telecommunications network.
|
|
T-Mobile (TMUS) and Sprint (S) are planning to announce a merger without any asset divestitures, according to a Reuters report.
|
|
The social media company had been talking to potential buyers, as well as considering divestitures and layoffs to focus its business.
|
|
However, the two firms compete head to head in Medicare Part D prescription drug plans, so regulatory approval will require divestitures.
|
|
With these sales, Devon's proceeds from divestitures of natural gas-focused assets would total $1.3 billion, Chief Executive Dave Hager said.
|
|
"The stock divestitures made today were for personal financial planning and diversification reasons," a Microsoft spokesperson told CNBC in an email.
|
|
Data center divestitures can be difficult to complete because they involve separating assets that are deeply integrated into a telecommunications network.
|
|
Mondelez separated from Kraft in 2012 and has focused on widening its profit margins by reducing costs through divestitures and asset sales.
|
|
Global beverage volumes rose 3 percent, excluding the impact of currency, acquisitions and divestitures - the highest quarterly growth in almost three years.
|
|
AT&T's pledge to sell $10 billion of core assets next year comes on the heels of a number of 2019 divestitures.
|
|
Sales growth for the combined entity is projected to be around 2%-3% after adjusting for an assumed 1,7503 Rite Aid divestitures.
|
|
"We're absolutely open to additional divestitures beyond what we've talked about even of our largest units," Mr. Hancock told analysts on Tuesday.
|
|
Here's how the order puts it: The record raises significant questions as to whether those proposed divestitures were in fact 'sham' transactions.
|
|
Ferguson told reporters after the meeting that the company may cut some jobs as part of the cost reduction measures and divestitures.
|
|
Since separating from Kraft in 2012, Mondelez has concentrated on widening its profit margins by reducing costs through divestitures and asset sales.
|
|
On Monday, Bank of America said spending on its credit cards was up 8 percent, adjusted for some divestitures late last year.
|
|
Burgher said the deal would achieve $3.5 billion in synergies and cost savings through divestitures and by eliminating redundancies, including duplicate offices.
|
|
U.S. oil production averaged 177,000 net barrels of oil per day (bopd), up 11 percent from year-ago quarter adjusted for divestitures.
|
|
With the spate of recent divestitures, the NSF has helped observatories find partners—like the New Mexico State collaboration—to fuel them.
|
|
Halliburton said on Monday it was yet to reach an agreement with U.S. and European regulators about the "adequacy" of proposed divestitures.
|
|
Antitrust authorities in the United States and overseas have not indicated that there are major problems, though some forced divestitures are possible.
|
|
Uber's loss totaled more than $1 billion for the quarter, compared with a profit a year ago that was driven by divestitures.
|
|
One of the creators, Keywon Chung, said she was inspired to take the idea of fossil-fuel divestitures to the gun debate.
|
|
That the Justice Department should seek divestitures would — absent the Trump effect — seem logical, commendable and a continuation of recent merger practice.
|
|
Divestitures may help a merged company avoid tripping over local market concentration ratios but they do a disservice to the affected consumers.
|
|
Mondelez, since separating from Kraft in 2012, has also focused on its profit margins by cutting costs through internal controls and divestitures.
|
|
However, Fitch does anticipate the deleveraging process will proceed at a relatively quicker pace, since regulatory divestitures are greater than initial expectations.
|
|
Centene had previously said it would also have to make some divestitures in Nebraska and Missouri for the deal to go through.
|
|
They said that the two most feasible outcomes, from a regulatory standpoint with divestitures, would be an acquisition by either Monsanto or ChemChina.
|
|
Other deals, such as Anheuser-Busch InBev's $26.3 billion acquisition of rival brewer SABMiller required multiple divestitures before any chance of regulatory approval.
|
|
And as we thought about that-- all the valuation from the merger evaporates when you've got $8 billion to $10 billion of divestitures.
|
|
Price hikes contributed 3 percentage points to organic sales growth, a closely-watched metric which excludes items like acquisitions, divestitures and currency effects.
|
|
Price hikes contributed 3.63 percentage points to organic sales growth, a closely-watched metric which excludes items like acquisitions, divestitures and currency effects.
|
|
Flannery's departure comes as he was trying to turn around GE, including through a series of major planned divestitures from the sprawling company.
|
|
It may also get a first look at some of the divestitures that may be required from the Media General deal with Nexstar.
|
|
Further portfolio restructurings, divestitures and spin-offs are likely in 2016 as companies seek to lower costs and secure funds for needed investments.
|
|
AT&T is prepared to fight any divestitures required to win regulatory approval of the deal, according to sources familiar with the matter.
|
|
We highlighted those numbers, and talked about operating losses and the company's gyrating net results that included the positive impacts of various divestitures.
|
|
Amcor Chief Executive Officer Ron Delia said in an interview with Reuters on Monday that divestitures were unlikely to result from the merger.
|
|
The Special Committee will also evaluate options such as divestitures and restructuring of its gathering, transportation and certain other contracts, the company said.
|
|
On Friday, AT&T's lawyers argued in court that the government didn't start demanding divestitures of its properties until after Trump was elected.
|
|
Divestitures of commercial businesses decreased HRS' revenue diversification, but this is mitigated by the lower cyclicality and higher margins of the government businesses.
|
|
The company expects underlying sales, excluding the impact of acquisitions, divestitures and fluctuations in foreign currency exchange rates, to increase 4-6 percent.
|
|
T-Mobile US, Sprint – T-Mobile and Sprint are planning to announce a merger without any asset divestitures, according to a Reuters report.
|
|
Price hikes contributed 3 percentage points to organic sales growth, a closely watched metric which excludes items like acquisitions, divestitures and currency effects.
|
|
Moffett put T-Mobile's prepaid market share at 41% and Sprint at 17%, giving them 58% if they were to merge without divestitures.
|
|
The F.C.C. and the D.O.J. both warned Sinclair about the dummy divestitures, insisting that the company find independent owners in ten problematic markets.
|
|
Pro forma net sales fell 5 percent from a year earlier to $7.1 billion, dinged by a strong U.S. dollar and product divestitures.
|
|
"We do not believe that this is the final list of the station divestitures," Ms. Ryvicker wrote in a research note last week.
|
|
"I expect minor concessions to win antitrust approval, large divestitures do not appear necessary," said James Sheehan, an analyst with SunTrust Robinson Humphrey.
|
|
A lot of brouhaha has surrounded reports that DOJ was looking at divestitures here instead of the more usual remedies in vertical deals.
|
|
The quarter also included a gain of 43 cents per share related to property divestitures and a non-cash benefit related to an investment.
|
|
In November the companies agreed to divestitures to allay European Commission concerns that the deal would harm competition and possibly result in price hikes.
|
|
Aetna was willing to divest assets, but the expectation is that DOJ said the divestitures wouldn't alleviate the concern regarding competition in the area.
|
|
WASHINGTON, Oct 1 (Reuters) - United Technologies Corp has won U.S. approval to buy Rockwell Collins Inc with divestitures, the Justice Department said on Monday.
|
|
Halliburton had said last month that it was yet to reach an agreement with U.S. and European regulators about the "adequacy" of proposed divestitures.
|
|
Fitch believes HRS has completed its portfolio reshaping and does not anticipate the company will make additional divestitures or acquisitions in the near future.
|
|
Companies including Nestle, Unilever and Campbell Soup have all pursued divestitures as they try to boost profits and efficiency in an increasingly competitive market.
|
|
Allergan also said here in a regulatory filing on Friday that it had formed a committee to oversee mergers, acquisitions, divestitures and other transactions.
|
|
Reuters reported earlier this month that Linde and Praxair have picked second-round bidders for a package of planned divestitures to facilitate their merger.
|
|
Fallout from the money manager's comments have cost Fisher Investments more than $3 billion in divestitures from institutional investors in less than three weeks.
|
|
Its divestitures include semiconductor equipment maker Hitachi Kokusai Electric Inc and the power tool unit Hitachi Koki, both of which were sold to KKR.
|
|
Creditors have discussed a restructuring plan that would allow Triunfo to retain cash from potential divestitures while it downsizes, Reuters reported on May 11.
|
|
After President Donald Trump nominated him to be Commerce secretary, Ross announced that he planned divestitures of at least 80 assets and investment funds.
|
|
In the end, the Justice Department and the Federal Communications Commission approved the acquisition of NBCUniversal, requiring some small management concessions but few divestitures.
|
|
Theoretical discussions about strategy, including potential mergers and divestitures, can offer insight on how executives are evaluating different options, according to investors and academics.
|
|
In addition to breaking P&G into separate companies, analysts speculated that Trian could press for more brand divestitures and heavy-handed cost overhauls.
|
|
After President Donald Trump nominated him to be Commerce secretary, Ross announced that he planned divestitures of at least 80 assets and investment funds.
|
|
For borrowers facing a rising debt burden and depleting cash, Itaú could demand they accelerate asset divestitures, executives said at a Wednesday conference call.
|
|
The quarter also included a gain of 239 cents per share related to property divestitures and a non-cash benefit related to an investment.
|
|
Akzo Nobel said that the latest proposal would have led to substantial divestitures because of "major geographical and segment overlap" and significant job cuts.
|
|
After President Donald Trump nominated him to be commerce secretary, Ross announced that he planned divestitures of at least 80 assets and investment funds.
|
|
"We believe there are alternative ways to structure membership that could in some cases alleviate some market share concerns and potentially lessen divestitures," James said.
|
|
After a number of faltered bets on big deals to find growth, the focus for Big Food has turned to divestitures and pruning their portfolio.
|
|
The FTC said that without the divestitures the proposed transaction would reduce the number of suppliers of canine and feline vaccines from four to three.
|
|
The assets marked for divestitures represent about $123 million, or 17 percent of total revenue for the 12-months ended June 30, the company said.
|
|
While Mr. Icahn has been an active proponent of divestitures and breakups, he is less keen on another hot area of Wall Street deal-making.
|
|
Concho Resources has become a pure play on the Permian Basin after the company made a series of acquisitions and small-scale divestitures, Cramer said.
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The company, which has already announced the sale of its New England Gas Generation portfolio, said the two divestitures will raise about C$2.1 billion.
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She'd need congressional help for much of it, including approval for her hand-picked regulators, and inevitably she would face court challenges on forced divestitures.
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The deal comes on a day when Teva named smaller peer Lundbeck's Kare Schultz as its new chief executive and amid plans for more divestitures.
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The drugmaker is working with investment banks Goldman Sachs and Centerview to assist with potential divestitures, and provide other strategic guidance, Reuters reported on Thursday.
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Stephen Greenlee, who oversees divestitures as president of Exxon's Upstream Business Development group, was not available to address the asset sales, an Exxon spokesman said.
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Excluding a 45 per cent share benefit from the tax overhaul and 17 cents per share from business divestitures, the company earned $1.02 per share.
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It was technically profitable in 2000 thanks to divestitures of its Russia and Southeast Asia operations, but had an operating loss of around $22017 billion.
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The special committee will also evaluate options such as divestitures and restructuring of its gathering, transportation and certain other contracts, the company said on Friday.
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Meantime, the company emphasized its continued backing of its snacking business in its morning call with investors, making large divestitures from that business less likely.
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U.S. regulators often insist on divestitures as a way of protecting competition without having to file lawsuits to prevent mergers that would lead to monopolies.
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This has helped keep CRL's FCF positive in three of the past four years; generating a total HKD9 billion in FCF after acquisitions and divestitures.
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In healthcare, DaVita, Bristol-Myers Squibb, and CVS each were forced to make significant divestitures in order to gain approval for multi-billion dollar acquisitions.
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Campbell said net earnings attributable to the company was $1.21 billion, compared to a loss of $59 million a year earlier, due to its divestitures.
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Vale Chief Executive Officer Murilo Ferreira is seeking to reduce debt by $10 billion by 2017 through a combination of asset sales and partial divestitures.
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Stripping out the impacts of foreign exchange, acquisitions and divestitures, organic sales increased 231%, helped by strong growth in its health care and beauty units.
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The company's onshore oil sales volumes averaged 175,000 barrels per day during the quarter, up 37 percent from a year ago after adjusting for divestitures.
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Smucker's revenue missed forecasts, however, and the company also cut its full-year outlook based on divestitures as well as slower sales of some products.
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N, and the company said last month it was yet to reach an agreement with U.S. and European regulators about the "adequacy" of proposed divestitures.
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If divestitures prove generally ineffective, and the agencies had to sue every time a deal raised antitrust concerns, their entire merger programs could be jeopardized.
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Fitch expects IBM will sustain higher profit margins following the divestitures of the less profitable semiconductor foundry and industry standard server (ISS) businesses in 2014.
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Unless the story changes around a stock in the portfolio — acquisitions, divestitures, changes in management, and so forth — Kilbride&aposs sitting tight and not selling.
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Integration efforts should benefit from asset divestitures in Europe and Brazil that are primarily Ball assets versus a mix of Ball and Rexam can plants.
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Marathon had agreed to sell non-core assets for $950 million in April, bringing its total sales through divestitures to about $1.3 billion since last August.
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Other examples include Kraft Heinz, which last year announced the sale of its Indian food business, Complan and General Mills, which has said it plans divestitures.
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Halliburton presented "an enhanced set of proposed divestitures" to the U.S. Department of Justice earlier this month, CEO Dave Lesar said on a post-earnings call.
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After several blockbuster deals that have been announced since December, analysts said the divestitures required to make those tie-ups possible should continue to fuel activity.
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Also on Tuesday, Cenovus unveiled plans to ramp up divestitures and sell C$4 billion to C$5 billion in non-core assets to reduce debt.
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The FCC said last month it was pausing its informal 180-day timetable for completing its review of the transaction to evaluate Sinclair's offer of divestitures.
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Its organic sales, which strips out the impact of foreign currency, acquisitions and divestitures, turned positive thanks to price increases and higher sales in developed regions.
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Fitch assumes the addition of new business from legacy Rite Aid stores beginning in fiscal 2018, less the impact of store divestitures (assume approximately 1,000 stores).
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The FCC's said last month it was pausing its informal 180-day timetable for completing its review of the transaction to evaluate Sinclair's offer of divestitures.
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Cargill's recent push has centered around its proteins business, with expansions in feed production and aquaculture and divestitures of its U.S. pork business and cattle feedlots.
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The U.S. asset divestitures are worth around $2 billion in total, added the source, who spoke on condition of anonymity because the deal talks are private.
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He has already sold a generic U.S. pills business and dermatology assets that were under extreme price pressure, and has suggested other divestitures may be forthcoming.
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The Justice Department had demanded divestitures because it argued that ATT would have the ability to raise prices on Time Warner content for pay TV rivals.
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Kraft Heinz, whose shares cratered in February after disappointing earnings and a brand write-down, has been focused on its own divestitures to pay down debt.
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Marathon agreed to sell nearly $1 billion in non-core assets on Monday, bringing its total sales through divestitures to about $1.3 billion since last August.
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Aetna said it continued to cooperate with the Department of Justice in its probe and said it was possible DoJ would require divestitures in some regions.
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The company said it expects to receive $500 million in incremental proceeds this year from business divestitures, including two expected to launch in the first quarter.
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This could be evidenced by difficultly completing the remaining planned divestitures and associated debt pay-down, and/or sustained negative growth in CHS's organic adjusted admissions.
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In contrast, Chevron projects its daily output this year will rise between 103,000 boe and 233,000 boe over 2016's average 2.59 million boe, excluding divestitures.
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Antitrust lawyers help mergers and acquisitions lawyers like Mr. Barshay advise clients whether a deal could clear regulatory hurdles, given the possible deal structures and divestitures.
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Honeywell also points the finger at divestitures of domestic businesses, transactions that don't necessarily result in job losses, as the reason for it's falling U.S. headcount.
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Cryan added that no large divestitures were planned beyond the flagged merger of its retail business with Postbank and the flotation of its asset manager DWS.
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The relationship between Levy and Bolsonaro had been strained for months over a variety of factors, including the slow pace of asset divestitures by the bank.
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"Johnson & Johnson is an $82 billion revenue global behemoth that has slowly recreated itself through M&A, divestitures, internal R&D, and partnerships," the firm said.
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In addition, Sinclair's new plan has not satisfied the Justice Department, which still seeks more divestitures, according to one of the people familiar with the investigation.
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Discontinued operations includes planned divestitures of its OERM and Global Spec businesses, which the company expects to complete in the first half of its fiscal year.
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"E&P acquisitions and divestitures dropped off when commodity prices collapsed in late 2014, but have significantly ticked up since mid-2016," the Moody's report says.
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Brazil's Supreme Court ruled on Thursday that state-run companies do not need congressional approval to sell their subsidiaries, allowing Petrobras to go ahead with planned divestitures.
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The market is betting that Cfius is almost certainly going to require divestitures or restrictions on access of the Chinese company to Syngenta's American operations and technology.
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The sources cautioned, however, that the talks were at an early stage and Husky might not proceed with the divestitures if it does not receive attractive offers.
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The deals could be the first of a series of divestitures for Valeant, whose growth was fueled by an acquisition spree that left it saddled with debt.
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As it delivered the bad news, Kraft Heinz executives told investors last week to expect more divestitures going forward to help wipe debt off its balance sheet.
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General Electric has spun off several businesses to generate cash and shrink its footprint, but one Wall Street analyst thinks its divestitures may have gone too far.
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The company announced two sales on Wednesday that will help it exceed its target for $3 billion in divestitures this year, but more deals are being discussed.
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The wide spread is due in part to the market pullback but also because investors are worried the mergers could be blocked, or approved with wide divestitures.
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ConocoPhillips – Jefferies upgraded the energy giant's stock to "buy" from "hold," pointing to a quicker-than-expected repair of the balance sheet through divestitures among other factors.
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This could be evidenced by difficultly completing the remaining planned divestitures and associated debt pay-down, and/or sustained negative growth in CHS' same hospital adjusted admissions.
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"The focus on divestitures is particularly sharp given NWL's higher degree of leverage post the deal," Citi analyst Wendy Nicholson told clients in a note last week.
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Kevin Krewell, principal analyst at Tirias Research, said that the deal would still make sense for Broadcom and Qualcomm if divestitures were needed to address antitrust issues.
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The halted divestitures put even more pressure on a company that is struggling with stalling sales, falling profit and shares that have tumbled 26% year to date.
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Staples was more recently emboldened to offer to buy Office Depot after the smaller chain succeeded in buying No. 3 OfficeMax in November 2013 with no divestitures.
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In 18 months, he has made nine acquisitions and 11 divestitures, mostly very small, and has restructured parts of the business in a bid to boost profits.
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With versions of the state laws that followed still on the books, some attorneys general have begun to make tentative moves to force divestitures and contest mergers.
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Bayer also agreed to certain "structural divestitures" and to sell off "certain intellectual property and research capabilities, including 'pipeline' R&D projects," according to the Justice Department.
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The company says these layoffs don't include any possible divestitures, and executives say it plans on selling several of its high-profile properties, including Time and Fortune.
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The deal, to be one of Petrobras' largest divestitures ever, would transform Brazil's oil industry and may raise around $18 billion, bankers working on the deal say.
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General Mills has said it plans still unidentified divestitures, Kraft Heinz is shedding its Complan Brand in India and Coke is winding down its underpreforming "Zombie" brands.
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Expected Net Synergies of Combined Company Meaningful Prior to divestitures, the combined company had an estimated $212015 billion in revenues and $21999260 billion in EBITDA for 9992601.
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Companies often also choose to place caps in their merger agreements on the size of divestitures they would be willing to accept in their negotiations with regulators.
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Contrary to other recent slot divestitures, Delta and Aeromexico wouldn't be compensated for giving up slots, because slots cannot be bought or sold at Mexico City's airport.
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The insurers have offered up divestitures and secured buyers, with contracts ready to be signed, for assets in local markets where their coverage overlaps, according to one source.
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For the third quarter, P&G posted a 16.463 percent rise in organic sales, a keenly watched metric that excludes the impact of acquisitions, divestitures and currency effects.
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Sector-wide divestitures seem unlikely, but even Makan Delrahim, head of the Department of Justice's antitrust division, said on October 22nd that they are "perfectly on the table".
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According the Bloomberg report, that is one reason the regulator may move to block the deal, and divestitures would do little to alleviate these concerns, these people said.
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So far this year, Petrobras has sold $1.4 billion in assets, with ratings company Moody's Investors Service saying the slow pace of divestitures could hamper debt-reduction efforts.
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"This is certainly a signal that the DOJ is going to be a lot less willing to negotiate and is going to insist instead on divestitures," Feld says.
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" The commission said it was satisfied that the divestitures of Office Depot would "remove the entire overlap between the merging companies in all markets where concerns were raised.
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FABER: HAVE YOU MADE COMMITMENTS TO DIVESTITURES IN THE MERGER AGREEMENTS THAT YOU WILL UNDERTAKE IN ORDER TO RECEIVE ANTITRUST APPROVAL OR IS IT SIMPLY YOUR BEST EFFORTS?
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Caixa's divestitures may for the first time give the bank a toehold in Brazil's investment banking league table, a ranking of advisers on M&A and equity deals.
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THE OVERLAPS WERE TALKING ABOUT ARE SO SMALL AND SO NARROW IN AEROSPACE, THERES NO MORE THAN $5 BILLION OF OVERLAP WHICH IS EASILY DEALT WITH THROUGH DIVESTITURES.
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"It is our position that all of the remaining businesses in Power Portfolio have been deemed non-core and are likely being evaluated for future divestitures," Dray said.
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It also follows several divestitures by Hitachi, which has been shedding non-core operations in recent years to bolster its profitability and focus on its main infrastructure business.
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Without the effects of acquisitions and divestitures, J&J projects growth between 3 and 4 percent, up from a previously given range of 2.5 percent and 3.5 percent.
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"In our view, pursuing these divestitures ... will provide an important source of liquidity to Sears and could avoid any deterioration in the value of such assets," ESL said.
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Linde and Praxair declined to comment on the volume and timing of the divestitures, while the potential bidders declined to comment or were not immediately available to comment.
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Among the asset divestitures that would likely be affected by the ruling is the sale of eight refineries that the company has said could fetch some $15 billion.
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For the second quarter, the company projected a 6 percent boost in comparable revenue from acquisitions and divestitures, but continues to see an impact from a stronger dollar.
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Check out which companies are making headlines before the bell: Dow Chemical, DuPont — The Justice Department cleared the planned merger between the two companies without any further divestitures.
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Sinclair said it was "shocked and disappointed" by Mr. Pai's decision, adding that it had informed the agency of its relationships with the buyers in the proposed divestitures.
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It believes Broadcom needs to offer a "hell-or-high-water" legal commitment to complete the deal irrespective of divestitures that antitrust watchdogs around the world may require.
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The layoffs are unrelated to potential divestitures and part of Meredith's plan to cut $400 to $500 million in costs following its $2.8 billion acquisition of Time Inc.
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Speaking on a quarterly earnings call, Chief Executive Al Monaco said any of the additional divestitures would be "opportunistic" and dependent on a number of factors including valuation.
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Several planned divestitures like Angola's Catoca mining project and a 28 percent stake in Brazil's Santo Antônio hydropower dam could be finalized later this year, the people said.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for CHS include: --Top-line declines 5.3% and 8.7% in 2016 and 2017, respectively, reflects completed and planned hospital divestitures.
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"We are not convinced that any divestitures required of the merging parties will succeed today, given that they have so clearly failed in the recent past," the lawmakers wrote.
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The move is the latest in a string of divestitures by Euromoney this year as it sharpens its focus on offerings such as price discovery and post-trade activities.
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As a result of its troubles, Kraft Heinz has been weighing a number of divestitures, including its Maxwell House coffee business and Breakstone's sour cream and cottage cheese brand.
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He's proposed a severe slim-down plan that would include divestitures of real estate and the Kenmore brand, the latter of which he offered to buy for $400 million.
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While this would do little to reduce AT&T's debt, which totaled $143.7 billion on June 30, the sale could be a prelude to more divestitures, the sources added.
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Cenovus is targeting C$5 billion from asset sales to pay down the debt and so far it has announced C$1.5 billion in divestitures, including the latest sale.
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Casino confirmed its 2019 financial goals, namely for a 10% rise in current operating profits for its French retail arm, and cash generation of 500 million euros, excluding divestitures.
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Kirk Tholen, who ran Houlihan Lokey's Acquisitions and Divestitures (A&D) business, is taking a job at an Oklahoma-based energy company, two people familiar with the matter said.
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WHEN YOU ARE LOOKING AT A DEAL OF THIS SIZE WITH $3.5 BILLION IN SYNERGIES AFTER THE DIVESTITURES THAT IS GOING TO BE GREAT FOR ALL OF THE CUSTOMERS.
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AIG said it planned to streamline its business through divestitures, including the sale of AIG Advisor Group, a network of independent broker-dealers, to Lightyear Capital and PSP Investments.
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Fitch estimates the divestitures made during fiscal 2017 will reduce the company's revenue and EBITDA by approximately $1.4 billion and $33711 million, respectively, at the end of fiscal 3371212.
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They say structural requests, like divestitures, are common with vertical mergers, and that AT&T is not being singled out by being asked to divest either DirecTV or Turner.
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SA) reported on Friday a net profit of 183.5 million reais ($57.8 million), 81 percent below its earnings a year earlier when proceedings from some divestitures had boosted profits.
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As part of its agreement with Icahn, Newell said in March its divestitures would bring in about $10 billion, ratcheting it up from its previous estimate of $6 billion.
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Marriott could argue that the proximity of Starwood properties near sensitive locations such as government offices and military bases could force divestitures, pushing back the closing of a deal.
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Wilbur Ross, the commerce secretary, said he would sell all of his remaining stock holdings after the Office of Government Ethics faulted him for failing to make required divestitures.
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Portfolio companies can utilize a similar strategy by planning and executing a through-cycle strategy for M&A and divestitures and by building a pipeline of potential strategic targets.
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In the Humana/Arcadian merger, divestitures failed to restore competition and the resulting markets now possess substantially fewer Medicare Advantage plans, leading to less consumer choice and higher prices.
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But the arrival of Makan Delrahim, Trump's nominee for DOJ antitrust chief, in late September appears to have changed the equation, and the issue of divestitures took center stage.
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Constellation, the third-largest brewer in the United States behind Anheuser-Busch and MillerCoors, has hired investment bank Goldman Sachs Group to explore the divestitures, the sources said on Monday.
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Staples was emboldened to offer to buy Office Depot, based in Boca Raton, Florida, after the smaller chain succeeded in buying No. 3 OfficeMax in November 2013 with no divestitures.
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A number of sections on Uber's global divestitures begin to paint a clear picture of the strategy that Uber employed when leaving China, Russia and Southeast Asia in recent years.
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Vestberg, who has been Verizon CEO for less than a year after 28 at Ericsson, says it's too soon to determine if there may be divestitures within the media business.
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In July Mr Ross admitted to "inadvertent errors in completing the divestitures required by my ethics agreement", and promised to sell his equities and put the proceeds into Treasury bonds.
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If the two were to combine, "surgical adjustments" would be needed to have any hope of regulatory approval, said Nicholas Heymann, an analyst at William Blair, referring to potential divestitures.
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The deal is the last of several large divestitures of U.S. assets required by regulators for the approval of Teva's planned $40 billion acquisition of Allergan Plc's generic drugs portfolio.
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That said, arranging divestitures needed to resolve antitrust concerns in the proposed transaction takes time and it is not clear that possible approval will come in September, said the source.
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The Oklahoma City-based company, a top U.S. independent oil producer, said it was laying off 1,000 staff and that another 600 employees would leave in divestitures later this year.
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"We're getting traction in our soup business, integrating in Snyder's-Lance, divestitures are well underway, we're driving out costs," Interim Chief Executive Keith McLoughlin told Reuters in a phone interview.
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For these reasons, I have shared with my colleagues a draft order that would designate issues involving certain proposed divestitures for a hearing in front of an administrative law judge.
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"The key message is that we are in a much more comfortable position to be very thoughtful about the divestitures," said Chief Financial Officer Luciano Siani at the same event.
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The heightened pressure on Johnson & Johnson comes as rival healthcare companies increasingly focus on a handful of areas of competitive advantage, while exiting other areas through divestitures or spin offs.
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Petrobras has turned to divestitures and joint ventures as a way to downsize and reduce a debt burden of about $100 billion - the largest of any major global oil player.
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While divestitures have given the company funds to rebuild itself, its more than $100 billion debt and stagnating growth have left investors and Wall Street analysts concerned about its prospects.
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"It's possible that the divestitures may not be one by one in terms of brand by brand but they might be in little bundles," said Piper Jaffray' analyst Stephanie Wissink.
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A 6 percent rise in sales volumes, adjusted for acquisitions and divestitures, helped the company report a 3.7 percent rise in sales to $12.48 billion, above estimates of $11.96 billion.
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"Without the required divestitures, Nexstar's merger with Tribune threatens significant competitive harm to cable and satellite TV subscribers and small businesses," Assistant Attorney General Makan Delrahim said in the statement.
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The major regulatory hurdle the deal now has to clear is an antitrust review by the European Union, which the companies may seek to facilitate through divestitures, if need be.
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The antitrust staff, which included holdovers from the Obama administration, presented Mr. Delrahim with three options: Accept the deal with conditions, accept the deal with divestitures, or block it altogether.
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He estimated that the work force at Brocade, a networking technology company that Broadcom acquired last year for $210 billion, would shrink through divestitures from about 5,500 employees to 1,500.
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But it comes as the company is expecting low single-digit percentage growth in adjusted earnings in 2018, after a slew of acquisitions and divestitures aimed at transforming the company.
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And there's no indication that it's objected since then, including the $66 billion tie-up of BB&T and SunTrust that closed earlier this morning (albeit with some required divestitures).
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Tenet CEO Trevor Fetter discussed continuing to make divestitures but did not mention the possibility of a sale in an appearance at the Wells Fargo Health Care conference last week.
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Coca-Cola also said it now expects full-year organic revenue growth excluding currency fluctuations, acquisitions and divestitures to be at least 5%, from its previous forecast of 5% growth.
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It is also unclear how markets would react if divestitures were to weaken network effects, the economic forces that let big firms get bigger and are pervasive in the digital world.
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He'd have you believe that the T-Mobile and Sprint merger — and the divestitures that Dish was able to take from it — is just what his company has been waiting for.
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The big picture: CVS completed its acquisition of Aetna last week after meeting state and federal settlements and divestitures, but this latest ruling indicates the $77 billion deal isn't technically done.
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In a securities filing, the utility known as Eletrobras said it was informed by the ministry of the plan, which will be sent to the president's council for state asset divestitures.
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RISING IN RANKING Caixa's divestitures may for the first time give the bank a toehold in Brazil's investment banking league table, a ranking of advisers on M&A and equity deals.
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Together, the Aetna and Humana deal would create a powerhouse in the Medicare market and federal regulators will likely require the pair to make divestitures in certain markets to insure competition.
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Twitter's board reportedly met on Thursday in a much-anticipated gathering that was expected to address the company's cost-cutting, including layoffs or divestitures, as well as its live sports strategy.
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The Justice Department, which had made the same demand before it sued in November, says only the divestitures would solve antitrust concerns because restrictions on business practices are rarely well enforced.
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Ferreira and other executives expect the announcement soon of several, unnamed asset divestitures that could help Vale trim net debt to a range between $15 billion and $17 billion next year.
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Chief Executive Mark Schneider, the first externally hired CEO in nearly a century, has addressed several of Third Point's demands, including setting a margin target and speeding up acquisitions and divestitures.
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The ethics agreements are particularly important because they commit nominees to any necessary recusals, divestitures, resignations, waivers, qualified trusts, outside earned income limitations, and the resolution of severance and other payments.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for CHS include: --Top line growth of negative 33710003% and negative 33710540% in 33712015 and 337159, respectively, reflects completed and planned divestitures.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for CHS include: --Top line growth of negative 33710003% and negative 33710540% in 337127 and 33712016, respectively, reflects completed and planned divestitures.
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On a conference call with analysts, Centene said that it might have to make some divestitures in Nebraska and Missouri in order for the proposed $17.47.5 billion deal to go through.
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"I believe the [DOJ] should fairly review offers to settle but also be skeptical of those consisting of behavioral remedies or divestitures that only partially remedy the likely harm," he said.
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In lieu of immediate divestitures, Patricio is tasked with turning around brands like Oscar Mayer, Velveeta, Planters and Jell-O that are off-trend from today's focus on less processed foods.
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"I have made inadvertent errors in completing the divestitures required by my ethics agreement," Ross said in a Thursday statement after receiving a letter from the Office of Government Ethics (OGE).
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"There are some mergers that can be solved through divestitures, but we've seen nothing to suggest they can," said William J. Baer, assistant attorney general for the Justice Department's antitrust division.
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Earnings from Scotiabank's international banking unit - focused on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Colombia - fell 4% from a year ago, even excluding the impact of divestitures.
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Staples-Office Depot Merger Approved in Europe, With Concessions | The companies, which are facing scrutiny in the United States, agreed to divestitures by Office Depot to gain approval of the European Commission.
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"Since our upgrade in August, our investment thesis that management would stabilize the business and execute accelerated deleveraging via divestitures has been wrong," analyst David Risinger wrote in a note to clients.
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PepsiCo maintained its 2016 forecast of a profit of $4.66 per share and a growth of 4 percent in revenue, excluding the impact of currency, acquisitions and divestitures and an extra week.
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Fewer divestitures are expected among the medical technology companies like Medtronic, Stryker and Boston Scientific that are already highly focused on their portfolios, but more consolidation may be anticipated within that industry.
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Without the divestitures, the proposed swap "would harm competition in the U.S. markets for various vaccines for companion animals (pets) and certain parasite control products for cattle and sheep," the commission said.
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For the second quarter, the company projected a 6 percent boost to comparable revenue, mainly due to acquisitions and divestitures, but said it continues to see an impact from a stronger dollar.
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AIG's announcement of its divestitures came earlier this year in response to pressure from shareholders, including billionaire Carl Icahn, who wanted the company to cut expenses by divesting some of its business.
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To address competition concerns, Halliburton proposed a new set of divestitures in January to regulators, with plans to sell assets of Halliburton and Baker Hughes with combined 2013 revenue of $5.2 billion.
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Broadcom also announced concessions to address Qualcomm's concerns that their combination could take more than 18 months to secure regulatory approval, and that divestitures demanded by antitrust watchdogs could be financially burdensome.
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The drugstore operator said it continues to expect the deal to add to its adjusted earnings in the first full year after closing, after taking into account costs related to the divestitures.
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The move, which comes after months of talks on divestitures of some overlapping businesses, significantly cuts the chances of the deal going through, although Halliburton said it would "vigorously contest" the lawsuit.
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The announcement is similar to those made by U.S. and European Union regulators, who also allowed the merger to go ahead as long as the firms made divestitures they already have outlined.
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They are sorting through massive changes announced by GE's new Chief Executive John Flannery last Monday: hugely reduced near-term profit-growth prospects, a halved dividend, and a wave of promised divestitures.
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Much better to quickly greenlight a merger if there are no serious competition concerns, or to block a merger or require divestitures if it is anticompetitive, and let the market move on.
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Several planned divestitures like the Galeão stake, Angola's Catoca mining project and a 28 percent stake in Brazil's Santo Antônio hydropower dam could be finalized later this year, Reuters reported on Feb.
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This could be evidenced by difficultly completing the remaining planned divestitures and associated debt pay-down, negative growth in organic adjusted admissions, and/or lack of progress toward resolution of HMA's legal issues.
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SAO PAULO (Reuters) - Brazilian steelmaker Gerdau on Wednesday lowered its estimates for 2019 investment by 18%, due to reduced demand for long steel products, weak construction demand and a fast pace of divestitures.
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I DON'T THINK ANYONE THOUGHT AN INFRASTRUCTURE BUSINESS WOULD EVER GROW AT 2114% CONSTANT CURRENCY AND THE SOFTWARE BUSINESS HAD A GOOD QUARTER WHEN YOU ADJUSTED FOR DIVESTITURES AND THE ACQUISITIONS WE MADE.
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Mizuho analyst Irina Koffler said the management's increased focus on differentiated assets rather than on growing scale is likely to make Endo more attractive to strategic buyers and could result in additional divestitures.
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Symantec, a 37-year-old software company that's made all sorts of acquisitions and divestitures over the years, had never turned to Goldman to lead a deal prior to its recent sale process.
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As a result, Broadcom's business plan for Qualcomm, including any divestitures it plans in order to appease antitrust regulators, will be scrutinized by CFIUS, lawyers who advised companies on their CFIUS applications said.
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GREG HAYES: The overlap in our aerospace market, especially commercial, was tremendous – whether it was environment of controls, APUs, small engines, we were looking at divestitures of $8 billion to $10 billion. Right?
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Adjusting for divestitures, U.S. onshore oil volumes rose by 24.8,271.67 barrels per day from a year ago, and per-barrel margins totaled close to $21, Chief Executive Al Walker said in a statement.
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Bayer's announcement came as the gap in price expectations between the two companies has narrowed significantly, although important terms, including potential divestitures in case of antitrust scrutiny, have yet to be agreed on.
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"Bankruptcy protection and debt restructuring cases that involve divestitures should gain extra steam in coming months," said Carlos Frederico Bingemer, a partner at Rio de Janeiro-based law firm BMA - Barbosa, Müssnich, Aragão.
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The 52-year-old healthcare veteran, nearly a decade younger than his predecessor, has stepped up acquisitions and divestitures and restructured parts of the business as he contends with activist shareholder Third Point.
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Thanks to a series of mergers and divestitures, none of the companies involved in the legion big-tobacco scandals of the 1980s and 1990s still exists in the same form it did then.
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AND I WILL TRY AND QUOTE HERE FROM WHAT IS A NEURTAL SOURCE HAS BEEN COVERING THIS INDUSTRY FOREVER AT COWAN HE SAYS THAT THERES NO WAY THE LIKELY DIVESTITURES ARE THAT SMALL.
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"The reason why we haven't had a significant conversation around divestitures to date is because the financing of this deal was reliant on the combined EBITDA of the two businesses," said Piper's Wissink.
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Dell plans to review a possible reverse merger with VMware, as well as other alternatives, including an initial public offering or asset divestitures, Reuters reported on Thursday, citing sources familiar with the matter.
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"Without the required divestitures, Gray's merger with Raycom threatens serious competitive harm to cable subscribers and small businesses," Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division said in a statement.
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The company's divestment programme, which is expected to generate proceeds of up to 2 billion pounds ($2.61 billion), Imperial said, adding that it has already generated 280 million pounds through sales and divestitures.
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SAO PAULO (Reuters) - Brazil's solicitor general has overturned one injunction that prevented state-controlled oil company Petroleo Brasileiro SA from proceeding with one of its largest divestitures, the government said in a statement.
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Companies that planned further divestitures from oil sands will either have to patiently sit on their assets or, as in the case of Statoil ASA and Marathon, accept a loss on their investments.
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But the Justice Department's demands for more divestitures has added another layer of complexity to a deal that, from the moment it was announced, faced broad opposition from Democratic lawmakers and consumer groups.
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The company also cut it full-year sales guidance to reflect its planned divestitures of its Golden Monkey unit in China and Tyrrells in the U.K. that was part of the Amplify deal.
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Though Singapore-based Broadcom was willing to certain divestitures to satisfy antitrust regulators, it was still resistant to "other commitments that could be expected" to be required by government regulatory bodies, Qualcomm said.
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The Justice Department review of CVS's planned purchase of Aetna may conclude this month, but will take longer because of divestitures needed to resolve competitive concerns, a source familiar with the matter told Reuters.
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Depending on final store divestitures, Rite Aid would improve WBA's national retail coverage, particularly in Southern California and Northeastern U.S. markets, positioning it well to compete for inclusion in narrow and preferred pharmacy networks.
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More recently, Citi has been able to shift from divestitures and other cost-cutting measures to a focus of growing and strengthening the franchise, with planned investments in cards, Mexico, wealth management, and equities.
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Prior to Meredith's acquisition, Time had been exploring a sale of several assets, including Time Inc UK. The assets marked for divestitures represented about $488 million in revenue for the year ended June 30.
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The world's No. 2 international tobacco company, with brands that include Lucky Strike and Pall Mall, said sales rose 6 percent in the half year to 30 June, excluding currency fluctuations, acquisitions and divestitures.
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"We expect to see more divestitures happening in the next 12 months, as companies are looking to rebalance their portfolio," said Bob Haas, a partner at A.T. Kearney and co-author of the report.
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The latest sale adds to about $5.9 billion in previous divestitures in 2019, including assets in the Middle East and Africa and a dry-eye drug sold for $5.3 billion to Swiss drugmaker Novartis.
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Some analysts also said a 214.6 percent rise in organic sales, which excludes the impact of foreign currency and certain divestitures and acquisitions, was just shy of a roughly 22.74 percent expected by investors.
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But they have agreed that if the government required divestitures of businesses totaling more than $650 million in Valspar's 2015 revenues, the price of the deal would fall to $105 a share in cash.
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"When those investigations conclude that there is anticompetitive conduct, the courts can award divestitures and significant remedies that really make sure that those business models are not choking off competition and innovation," Chopra said.
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Some staff say they've been duped, however, and complained to Japan's securities regulator that it is a management buyout in disguise that would lead to mass divestitures and layoffs, according to the Financial Times.
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"We think the $1 billion synergies number is overly optimistic considering the cultural complexity of the combination and anti-trust related gases business divestitures that could total $5 billion of annual sales," he said.
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Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street and Wells Fargo had to resubmit their plans, with the risk of additional penalties such as higher capital requirements or forced divestitures.
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"The dividend cut, the write-down of the Kraft and Oscar Mayer trademarks, and the guidance for further divestitures demonstrate the hallmarks of a company that has a serious balance sheet problem," Moskow said.
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UTC said on Monday that a merger with Honeywell could either be blocked outright by antitrust authorities or be conditioned on significant divestitures after a lengthy and disruptive review period that would destroy shareholder value.
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"The most significant things I'd like to bring attention to in the third quarter are the major transactions we executed to really transform the company: five major divestitures and one major growth initiative," he said.
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AMP confirmed statutory profit fell 97 percent to A$28 million, as high costs of remediating customers for misconduct and losses from divestitures wiped off its earnings, which the company had flagged on Jan. 25.
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The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law.
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The watchdog division said the sale of Liquigas Distribuidora SA should be rejected by Cade´s board because the new player could have excessive regional market power that would be difficult to resolve through divestitures.
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Some analysts and antitrust experts said the deal could ultimately be approved if the parties agreed to some big divestitures, since there are other competitors, and if they enlisted the backing of their biggest customers.
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Some media and telecommunications deals in recent years have been announced with divestitures, such as U.S. cable operator Comcast's proposed takeover of Time Warner Cable in 2014, which was later called off after regulatory pushback.
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The company, which said it continued to focus on optimizing its portfolio that could include asset divestitures, expects to refine 3.05 million bpd at an operating cost of $5.90 per barrel in the third quarter.
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Besides, recent efforts to break up the banks suggest that "divestitures are prolonged and expensive": one competitor, TSB, has been spun out of Lloyds; the splitting of another, Williams & Glyn, from RBS, has been delayed.
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The broadcasting company had planned to make divestitures in an attempt to comply with FCC media ownership rules that prevent a single broadcaster from controlling too many local stations across the U.S. Read more here.
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The decision could also allow Sinclair Broadcast Group Inc, which is seeking approval for its proposed $3.9 billion acquisition of Tribune Media Co, to avoid some divestitures in order to gain approval of the deal.
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South Africa required guarantees of lifetime employment for its citizens, and the Monopolies Commission in the European Union required divestitures by SABMiller and AB InBev to keep their new, combined market share to 9 percent.
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Another View The Federal Trade Commission's recent study of its own merger remedies was in some ways an update of a well-regarded 1999 report on the divestitures almost always imposed when mergers are challenged.
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But more serious has been growing empirical evidence that horizontal mergers may cause harm at levels of concentration much lower than the agencies now take seriously, and also that mere divestitures may not work well.
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The potential divestitures highlight the bind Big Food brands are in as they are forced to pay big prices to buy the few companies that are both growing and big enough to make a dent.
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Allocation of regulatory risk We have revised our proposal to specifically address the 21CF Board of Directors' stated concerns regarding the treatment of any required regulatory divestitures, including their tax costs, and a reverse termination fee.
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Saunders said in an interview that the five options considered in the drug company's review are deploying capital to buy back shares, doing divestitures, splitting the company, making acquisitions, or continuing to operate Allergan as is.
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Heckman added that SS&C, which has $103 million in cash and $2.26 billion in debt, would need to borrow more to make the deal happen, but he expects cost savings and potential divestitures to help.
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Elizabeth Warren's proposals to break up Big Tech, saying he would be in favor of forcing divestitures in some cases — but that simply creating new, smaller competitors won't be enough to address the industry's underlying problems.
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Fitch believes at least $33712016 million of synergy savings are possible by fiscal 33712016, though mitigated by around $33710003 million EBITDA reduction, assuming the FTC mandates approximately 3371115,33718 store divestitures due to local market share concerns.
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"Without the required divestitures, Gray's merger with Raycom threatens serious competitive harm to cable subscribers and small businesses," Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division was quoted as saying in a statement.
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"The dividend cut, the $15.8 billion write-down of the Kraft and Oscar Mayer trademarks, and the guidance for further divestitures demonstrate the hallmarks of a company that has a serious balance sheet problem," Moskow said.
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The sale of the coffee business will be one of a string of divestitures for Kraft Heinz, the people said, as it looks to reshape the empire put together by its private equity backer 3G Capital.
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"We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio," Kellogg CEO Steve Cahillane said in a statement when announcing the planned divestitures.
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The settlement, if approved by the court, would require divestitures in Knoxville, Tennessee; Toledo, Ohio; Waco–Temple–Bryan, Texas; Tallahassee, Florida–Thomasville, Georgia; Augusta, Georgia; Odessa-Midland, Texas; Panama City, Florida; Albany, Georgia; and Dothan, Alabama.
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As a result of the divestitures, Fitch expects HRS' leverage will be approximately 3371908x and 33710349x at the end of fiscal 33711 and fiscal 3371212, respectively, revised upwards from the previous projections of 33710003x and 33710310x.
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Related: Forbes drops bombshell on Wilbur Ross -- and its own reporting According to the letter, Ross signed an ethics agreement in November 2017 saying he had completed divestitures that he agreed to earlier in the year.
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Big Chinese conglomerates HNA, Anbang and Wanda, are also selling many of their U.S. assets, sending the amount of completed U.S. divestitures to $9.6 billion in the first five months of this year, according to Rhodium.
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Chinese firms have been divesting from North America at a rapid rate amid this tightening campaign, with $9.6 billion of completed divestitures in the first half of 2018 and another $5 billion pending, the report said.
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That's the value of divestitures — including sales, spinoffs and the winding down of joint ventures — that G.E. has announced since the departure of Jack Welch as C.E.O., according to data that Thomson Reuters analyzed for us.
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The potential divestitures are likely to do little to appease Third Point, which recently disclosed a 5.65 percent stake in the company and called a sale of the business the "only justifiable outcome" of its review.
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The margin expansion is expected to continue organically, the company said in a statement, adding that currency swings and potential acquisitions or divestitures would have a less adverse effect on results during the year compared with 2018.
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"The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," Pai said.
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It said the two companies had agreed to the divestitures, which would address the agency's concerns that the deal would harm competition in the North American markets for aluminum hot rolling oil and steel cold rolling oil.
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In the near future, the decision could also allow Sinclair Broadcast Group's, which is seeking approval for its proposed $3.9 billion acquisition of Tribune Media Co, to avoid some divestitures in order to get the deal approved.
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Honeywell said the revised forecast also reflected the separation of its automation and control solutions business into two new reporting segments - home and building technologies and safety and productivity solutions – and the impact of acquisitions and divestitures.
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From a profitability perspective, AIG has taken significant actions in the last 12 months to change the operating risk profile and improve profitability, including non-core operation divestitures, reinsurance purchases, expense reductions and property/casualty underwriting initiatives.
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Still, a federal judge passed on the opportunity to set a wide precedent in managing competition in the digital skinny bundle world by letting the AT&T merger with Time Warner go through without requiring any divestitures.
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For the full year, Campbell expects adjusted profit between $2.50 and $2.55 per share, compared with prior forecast of $2.45 and $2.53, factoring in strong results, the impact of its fresh business divestitures and lower interest expense.
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FRANKFURT (Reuters) - Deutsche Bank expects its costs to decline by only 4 percent to 23 billion euros ($28.8 billion) this year, shy of a previous target for 22 billion euros, mainly due to delays in planned divestitures.
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"Even if it&aposs seamless, if customers are not happy about the brand, then that&aposs a huge risk," said Feldman, who studies the role that divestitures, spin-offs, and mergers and acquisitions play in corporate reconfiguration.
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A sale of Dell's software division would free it from some of its least profitable assets and cap the program of divestitures that the Round Rock, Texas-based computer maker embarked on following its deal with EMC.
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According to the MLex report, the DOJ's top antitrust regulator told the companies that he backed the staff's conclusion that the merger would reduce competition in the employer market, and that divestitures weren't likely to remedy those concerns.
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Last week, Reuters reported that Linde and Praxair are pressing ahead with divestitures to facilitate their planned $85 billion merger and have asked potential buyers to present first-round bids this month, people close to the matter said.
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In those years, Thermo Fisher applied the majority of FCF (CFO less capital expenditures and dividends) plus about $1 billion in proceeds from business divestitures to debt reduction, reducing the post-acquisition debt balance by about $31773 billion.
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In the meeting this week, Singapore-based Broadcom was willing to make certain divestitures to satisfy antitrust regulators, but was still resistant to "other commitments that could be expected" to be required by government regulatory bodies, Qualcomm said.
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"We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio," Kellogg CEO Steve Cahillane said in a statement last year, when announcing the planned divestitures.
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The company is open to smaller divestitures, and several are in process, including GE's lighting division, parts of its project finance unit Energy Financial Services, its aerospace parts group Middle River, and its offshore positioning systems unit Converteam.
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The increase in the estimated 21000 year end EBITDA margin is driven by better product mix due to divestitures of several low margin businesses and merger related synergy savings in the range of $212000 million to $4807123 million.
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Why: "The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," Pai said.
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Those divestitures are expected to generate $500 million by year end * Weatherford's chief executive, Mark McCollum, on Tuesday said short-cycle investments would drive oil and gas activity in 2018 (Reporting by Liz Hampton; editing by Jonathan Oatis)
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Organic sales growth, which excludes the impact of acquisitions, divestitures and currency, slowed to 3.1 percent in the second quarter, hit by weakness in China and deflation in Europe, while growth in the first half was 3.5 percent.
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They said they did not expect any regulatory problems, but nonetheless agreed that if the government required divestitures of more than $650 million in Valspar's 2015 revenues, the price of the deal would fall to $105 a share.
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Even in the cases of these firms, where we have hard, public data, the issue of acquisitions and divestitures make identifying which, if any, major companies are "shipping jobs overseas" a difficult, if not impossible one to answer.
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Reuters reported last month that hedge fund HG Vora Capital Management LLC had built a 4.9 percent stake in Caesars, seeking to persuade it to explore options that could include divestitures or an outright sale of the company.
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The potential divestitures are likely to do little to appease Dan Loeb's Third Point, which recently disclosed a 5.65 percent stake in the company and called a sale of the business the "only justifiable outcome" of its review.
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The potential divestitures are likely to do little to appease Dan Loeb's Third Point, which recently disclosed a 003 percent stake in the company and called a sale of the business the "only justifiable outcome" of its review.
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The previous $220013 billion purchase price was reduced by $2.2 billion to $2.7 billion, with the final price dependent on required store divestitures, which could be up to 1,200, higher than the original plan of up to 1,000 stores.
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United Tech, which makes Pratt & Whitney jet engines and Otis elevators, said on Monday that a merger could either be blocked outright or conditioned on significant divestitures after a lengthy and disruptive review period that would destroy shareholder value.
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"That the Justice Department should seek divestitures would — absent the Trump effect — seem logical, commendable and a continuation of recent merger practice," author and Columbia professor Tim Wu wrote in a New York Times op-ed earlier this month.
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Olsen stuck to his goal of generating 3.5 billion francs in proceeds from divestitures in 2016 — including Indian plant disposals he now expects to announce in the second half — and added he has identified additional assets to be unloaded.
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Its equity portfolio also includes shares in power company Centrais Eletricas Brasileiras SA, meatpacker JBS SA and pulpmaker Suzano SA. Montezano declined to elaborate on what BNDES plans to sell this year or a time frame for the divestitures.
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Growth in organic sales, that exclude benefits from acquisitions and divestitures, slowed to 1.5 percent in the first quarter from more than 2 percent in the previous quarter as the company saw no growth in volumes in developing markets.
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KEY RATING DRIVERS --Thermo Fisher has demonstrated solid and consistently paced improvement in credit metrics since its Life Tech acquisition, using free cash flow (FCF) and proceeds from business divestitures to reduce post-acquisition debt by about $13 billion.
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Section 804 of federal ethics law, known as a "certificate of divestiture," allows executive branch officials and employees to defer taxes on the divestitures they are forced to make when they take their posts to avoid conflicts of interest.
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AIG is nearly three-quarters of the way through a turnaround plan developed by Hancock, who intended to slim the New York-based insurer through divestitures, improve its financial performance and return $25 billion worth of capital to shareholders.
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"If you conclude, as appears to us from the available information, that conditions and piecemeal divestitures will not be sufficient, then we hope you will challenge the merger in its entirety," the groups said in their letter to Sessions.
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In one case the investor Bart Naylor, who works for consumer advocacy group Public Citizen, said the bank has asked permission from U.S. securities regulators to omit his resolution calling for it to study divestitures or a break-up.
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Privately held Cargill's recent push, including Tuesday's deal for Iowa-based Diamond V, has centered on its animal nutrition and protein unit, with expansions in feed production and aquaculture and divestitures of its U.S. pork business and cattle feedlots.
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Antitrust experts said the companies, which announced they were in early-stage talks on Tuesday, would likely have to agree to divestitures to create the world's largest industrial gas company with a market value of more than $133 billion.
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With the stock currently yielding ~7.0%, that yield supported by recent improvement in oil prices and 350kbd collared in 2020, and the company having made good recent progress on divestitures, we believe the time is now for an upgrade.
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FRANKFURT, Feb 2 (Reuters) - Deutsche Bank expects its costs to decline by only 4 percent to 23 billion euros ($28.8 billion) this year, shy of a previous target for 22 billion euros, mainly due to delays in planned divestitures.
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"The division made multiple settlement offers involving divestitures, but the parties offered and would accept only so-called 'behavioral' remedies involving promises to refrain from anticompetitive conduct," Delrahim wrote in an op-ed in the Washington Times on Thursday.
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If the company were to execute on those divestitures as planned, Fitch would expect debt to be about $2.3 billion lower at the close of 2016 versus the January 2016 level, which is equal to about one-turn of EBITDA.
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The rating revision to 'BBB-' reflects Fitch's expectations that the leverage for the combined entity will be around 3.5x in 2018 from a current pro forma leverage of around 5.5x (pro forma for announced acquisitions and divestitures at Jarden and Newell).
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Now, Ergen is confident that these divestitures pushed for by the Justice Department will put his company in an advantageous spot, allowing it to finally use all the spectrum it's acquired through the years to build out a standalone 5G network.
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Hayes believes competition authorities in the United States, the UK and the European Union should force slot divestitures to create a level playing field for new entrants, particularly in the wake of major consolidation among U.S. carriers over the past decade.
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Earlier stories had pegged the price at about $10 billion, with Valeant saying it was in talks about various divestitures including but not limited to the Salix unit and that the talks may or may not lead to an agreement.
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In the newly released document, the agency dissects Sinclair's new plan and claims that the three proposed divestitures have the potential to be "sham" transactions; the transfer of Tribune's WGN-TV-Chicago to Steven Fader was highlighted as an example.
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LONDON, Aug 2 (Reuters) - Multi-line insurer Aviva on Thursday posted a 2 percent dip in first-half operating profit, hit by the impact of divestitures, challenging market conditions in Canadian motor insurance and a significant increase in weather related claims.
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And then there are any numbers of similar embargoes, travel bans, investment divestitures and other more or less punitive measures that have been ladled on nations -- from Syria and Israel to Russia and South Africa -- without formal Security Council censure.
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The capital plan includes a commitment to return at least $25 billion of capital to shareholders over the next two years, funded by distributions from insurance subsidiaries, asset divestitures, capital freed up from asset sales and reinsurance transactions and debt financing.
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"Whether through merger and acquisition, productivity efforts, divestitures, and/or greater corporate transparency, we believe some management teams have taken their corporate fortunes into their own hands," Marc Harris, RBC's head of research told CNBC as part of their report.
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The state's insurance regulators did not require any divestitures — in a state that is a major market for Humana's Medicare business — but as a condition of approval, the merged company will have to expand its Obamacare exchange coverage in the state.
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Its chief executive Rakesh Kapoor, who oversaw several acquisitions and divestitures with the aim of turning Reckitt into a global consumer healthcare company, will retire this year, even though a major undertaking - splitting Reckitt into two business units - is unfinished.
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Lesar stressed on Tuesday that he believed the deal would have been pro-competitive, but said the continued drop in oil prices had eroded some of the expected cost advantages and made it difficult to get "adequate value" for proposed divestitures.
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DERIVATION SUMMARY Over the past two years, Conagra has transitioned into a pure play, branded, packaged food company after its divestitures of its commercial businesses including Lamb Weston, Spicetec Flavours & Seasonings and JM Swank businesses along with Conagra's private label business.
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"The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," Pai said at the time.
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"The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," he said earlier this month.
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"The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," he said in his statement Monday.
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What he's saying: "The evidence we've received suggests that certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," Pai said.
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"Today's announcement, coupled with the recent announcement of the sale of Paragard for $1.1 billion, demonstrate Teva's commitment to delivering on our promise to generate net proceeds of at least $2 billion" from the divestitures, said Yitzhak Peterburg, interim chief executive.
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Mr. Ross signed a form in November 2017 saying he had completed divestitures that he had agreed to earlier that year, but in December, he submitted a report revealing that he had not sold the Invesco stake until Dec. 19-20.
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The planned divestitures are also widely expected to be required by competition regulators in larger jurisdictions, such as the United States, where approval has been requested, and the European Union, where an application for approval has yet to be made.
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Moreira Franco declined to give an estimate of how much the government could fetch from asset sales, although two of the sources said proceeds from stake divestitures could range between $10 billion and $20 billion over the next two years.
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The recent push by privately held Cargill, including Tuesday's deal for Iowa-based Diamond V, has centered on its animal nutrition and protein unit, with expansions in feed production and aquaculture and divestitures of its U.S. pork business and cattle feedlots.
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A sale of Alpargatas, which the Batistas bought late in 2015, would come as J&F steps up asset divestitures to raise cash and help the Batistas pay for a 10.3 billion-real ($3.1 billion) leniency fine with Brazilian prosecutors.
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Zhongwang USA agreed to "undertake best efforts to obtain CFIUS clearance as soon as practicable," while also limiting any CFIUS-related divestitures it would be willing to accept to 5 percent of Aleris' 2015 U.S. net sales, a regulatory filing shows.
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Company expects to cut jobs in its administrative services, CEO Martin Brudermueller told FAZ newspaper in an interview, adding that once the planned divestitures of BASF's pigment and construction chemicals units are achieved, he wanted to focus on organic growth.
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While it is common for companies not to unveil divestitures during merger announcements, T-Mobile's and Sprint's approach shows that the companies plan to enter what could be challenging negotiations with U.S. antitrust and telecommunications regulators without having made prior concessions.
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While the company's net employment has inched up 1713,000 over the last decade, divestitures over the past couple of years have taken their toll: In its latest annual report, for 2015, IBM said its workforce totaled 377,757, down by 53,455 from 2013.
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Sources, including French officials, who spoke to Reuters on condition of anonymity to discuss the sensitive matter, agreed that a potential Alstom-Bombardier merger would likely face less resistance from regulators, but one noted that such a deal could require divestitures in France.
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United Tech, which makes Pratt & Whitney jet engines and Otis elevators, said on Monday that a merger could either be blocked outright or be approved only on condition of significant divestitures after a lengthy and disruptive review period that would destroy shareholder value.
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Its divestitures include semiconductor equipment maker Hitachi Kokusai Electric Inc and the power tool unit Hitachi Koki, both of which were sold to U.S. buyout firm KKR & Co The sale could see Hitachi Chemical split into different units, one of the sources said.
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For now, Kottmann, who built Clariant during his decade-long stint as CEO through a series of acquisitions and divestitures and who clashed with White Tale during the activist row, will re-assume leadership duties until a successor is found, Clariant said.
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"We are in fact exploring a number of additional changes to the (magazine) portfolio, including divestitures of brands and businesses that might perform better under a different owner," Meredith CEO Steven Lacy told investors at a Deutsche Bank conference earlier this month.
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PK. Zhongwang USA agreed to "undertake best efforts to obtain CFIUS clearance as soon as practicable," while also limiting any CFIUS-related divestitures it would be willing to accept to 5 percent of Aleris' 2015 U.S. net sales, a regulatory filing shows.
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Monsanto, whose shares traded on either side of the previous day's close on Wednesday, did not offer any update on potential divestitures related to the Bayer deal but said it expects the deal to close by the end of 102.153 as previously stated.
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The maker of Smirnoff vodka and Johnnie Walker Scotch said it still expected mid-single digit revenue growth and a 100 basis point improvement in its operating margin, excluding any impact of acquisitions or divestitures, in the three years ending fiscal 2019.
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"Evidence we've received suggests that certain station divestitures that have been proposed to the F.C.C. would allow Sinclair to control those stations in practice, even if not in name, in violation of the law," the commission's chairman, Mr. Pai, said in a statement.
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The company said on a post-earnings call that currency fluctuations, divestitures, supply chain costs and bonuses related to the turnaround would likely lead to a decline of about $268 million in full-year earnings before interest, taxes, depreciation and amortization (EBITDA).
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Following the upcoming wave of divestitures, Sears will be left with assets including its battery label Diehard, roughly 100 Kmart and Sears stores not already used to back debt, and auto centers and home services businesses, a Fitch Ratings Inc analyst and sources said.
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One problem is that the writedown, which the company said still needs to be quantified more exactly, could come uncomfortably close to wiping out Toshiba's shareholders' equity of around $3 billion, perhaps forcing the company to accelerate divestitures, cut costs further and raise more capital.
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The company, which has built a reputation in the United States for more coach legroom than competitors and free broadband internet, has argued for regulators to force slot divestitures at high-traffic airports like London's Heathrow to create a level playing field for new entrants.
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Jana "intends to have discussions with the [Callaway's] board of directors and management regarding the Issuer's portfolio composition; strategic alternatives including exploring a sale of the Issuer or asset divestitures; capital allocation and acquisition strategy; operating performance and cost management; and governance," it added.
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Thomson Reuters data show at least 25 planned divestitures or takeovers worth more than $8 billion that could have been announced last year have been left for 2017, as buyers have become more cautious of reputational and legal risks in Latin America's largest economy.
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With the sale of the Sky stake, along with the mandated divestitures of 22 regional sports networks owned by Fox, Disney will receive roughly $63 billion to pay down debt involved with its $71.3 billion purchase of Fox and invest in its subscription streaming efforts.
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The lawmakers also disagreed with the notion that the sale of carefully chosen assets to a competitor could resolve antitrust issues, and pointed to past instances where mergers with divestitures led to higher premiums or where competitors bought divested assets, but then did not use them.
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The maker of Kitkat chocolate bars and Maggi noodles confirmed its full-year outlook after "organic" sales growth -- adjusted for acquisitions, divestitures and currency swings -- slowed to 3.5 percent in the first half, below the average estimate of 15.13 percent in a Reuters poll of analysts.
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"Because of the growing interest in situational or event-driven M&A, including acquisitions, divestitures, and spinoffs, as well as dividends to family-owned businesses, there may be a bias to frontload some of that activity, especially as we head into an election year," Chapman said.
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The administration's new head of the antitrust division, Makan Delrahim, a former deputy attorney general in the division and a member of Mr. Trump's transition team, expressed a strong preference for divestitures over behavioral remedies in a speech Thursday at the American Bar Association's annual antitrust forum.
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Kraft Heinz under Hees said it was weighing divestitures of brands that gave it "no competitive edge" as it looks to bring its leverage down to three times earnings before interest tax depreciation and amortization, rather than the four times at which analysts say it is currently pegged.
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Stifel analyst Thomas Carroll said it makes sense that Aetna and Humana are meeting with regulators, saying it is likely getting close to the end of the review process and it makes sense that they may have been asked about divestitures and are now negotiating what would be acceptable.
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In recent days, lawyers for Petroleo Brasileiro SA , as well as Brazil's Ministry of Mines and Energy and the federal solicitor-general's office, known as the AGU, have been lobbying the top court to overturn injunctions suspending divestitures by Petrobras, according to several sources with knowledge of the matter.
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Even though the company retained higher margin businesses, the decreases in revenue and EBITDA from divestitures will negatively affect HRS' leverage metrics in the short term as the company plans to use a part of the proceeds to repurchase shares and make voluntary pension contributions instead of repaying debt.
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In recent days, lawyers for Petroleo Brasileiro SA as well as Brazil's Ministry of Mines and Energy and the federal solicitor-general's office, known as the AGU, have been lobbying the top court to overturn injunctions suspending divestitures by Petrobras, according to several sources with knowledge of the matter.
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In recent days, lawyers for Petroleo Brasileiro SA, as well as Brazil's Ministry of Mines and Energy and the federal solicitor-general's office, known as the AGU, have been lobbying the top court to overturn injunctions suspending divestitures by Petrobras, according to several sources with knowledge of the matter.
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"The divestitures required here allow for the creation of an integrated pharmacy and health benefits company that has the potential to generate benefits by improving the quality and lowering the costs of the healthcare services that American consumers can obtain," Assistant Attorney General Makan Delrahim said in a statement.
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"I think Facebook gets regulated, I think Google will have to go through a bunch of divestitures to avoid regulation, I think Netflix has turned into a consumer surplus business and their viability to cash flow is de minimis," the venture capitalist said in a "Squawk Box" interview.
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A third person familiar with the investigation said the probe was going along as expected, adding there had been no serious discussion of any divestitures of spectrum or other assets and that much of the conversation with regulators had been about proposed efficiencies in the development of 5G.
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While the Batistas initially rejected the size of the proposed fine, it looks unlikely to be significantly reduced, pushing their holding company J&F Investimentos SA to consider divestitures to raise cash to pay for it, said the same person, who requested anonymity because the asset sale plan remains private.
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Another source said the pigments business's enterprise value could top 1.3 billion francs, with additional parts of the plastics and coatings unit that are up for disposal bringing total proceeds to between 1.5 billion and 1.6 billion francs when divestitures are completed by the end of 2020, as Clariant has targeted.
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Leverage Expected to be Sustained below 3x: As noted, Conagra ended fiscal 2017 with leverage of 1.9x compared with leverage of 3.6x in fiscal 0003 as it used its proceeds from Lamb-Weston and the divestitures to reduce debt from $7.9 billion to $3 billion (Fitch adjusted) in fiscal 2017.
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Itaú, Brazil's largest bank by assets, will offer a mix of alternatives to infrastructure borrowers, from offering them longer repayment maturities to demanding faster asset divestitures, so they remain current on their loans, Marcelo Kopel, Itaú's head of investor relations, said at a conference call to discuss first-quarter results.
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It's also made key hires, including Rolando Pozos from Wells Fargo earlier this month, who will join a new mid-market M&A team led by Andrew Martin called Private Sales and Divestitures that the bank expects to grow to 53 bankers from 17 by the middle of next year.
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Qualcomm responded on Thursday that unless Broadcom will agree to do whatever is necessary to ensure the deal closes, a commitment to divestitures without restrictions often referred to as "hell or high water", it would have to be extremely clear and specific about what actions it would refuse to take.
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SAO PAULO, March 22 (Reuters) - Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration.
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So we used to have a growth profile that looked like this, now we have one that looks like this because we add to the top with acquisitions and we've done over 221 of them and we take off from the bottom with divestitures – we've done about 143 of those.
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Qualcomm responded on Thursday that unless Broadcom will agree to do whatever is necessary to ensure the deal closes, a commitment to divestitures without restrictions often referred to as "hell or high water," it would have to be extremely clear and specific about what actions it would refuse to take.
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The company is on target to meet its earlier commitment of paying down $2 billion of debt by the end of fiscal 2123, but a string of divestitures of several non-core businesses during fiscal 2017 reduced HRS' revenue and EBITDA, resulting in higher than initially expected leverage over the next three years.
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The company also reported first-quarter sales that fell nearly 8 percent and missed analysts' estimates, mainly due to divestitures in 2017 and the liquidation of Toys 'R' Us. But normalized earnings of 34 cents per share beat the average estimate of 26 cents, according to Thomson Reuters I/B/E/S.
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"The divestitures required here allow for the creation of an integrated pharmacy and health benefits company that has the potential to generate benefits by improving the quality and lowering the costs of the healthcare services that American consumers can obtain," Makan Delrahim, head of the department's Antitrust Division, said in a statement.
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The additional divestitures included Halliburton's expandable line hangers business, Baker Hughes' core completions business, Baker Hughes' sand control business in the Gulf of Mexico, and Baker Hughes' offshore cementing business in Australia, Brazil, the Gulf of Mexico, Norway and the UK. Reporting by Greg Roumeliotis and Mike Stone in New York; Editing by Steve Orlofsky
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ARE YOU SURE YOU ARE PROPERLY ACCUSTOMING YOUR CLIENT TO THE CURRENT CONDITIONS WHERE M & A WHEN IT EVEN COMES CLOSE TO POTENTIALLY PUSHING THE LINES SEEMS TO BE SOMETHING THE ANTITRUST ENFORCEMENT DIVISIONS ARE SAYING NO. VARNEY: I AM 100% POSITIVE THIS DEAL IS DOABLE WITH THE PACKAGE OF DIVESTITURES I'VE TALK ABOUT.
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And it was proud of Valeant's deal-driven, slash-and-burn strategy: "We believed extraordinary value could be created not from a traditional strategy of high-risk R&D bets but rather from a focus on operational excellence, cost control and asset divestitures," ValueAct said in glowing support of the company back in 2009.
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In its presentation, which follows a joint press release by Dow-DuPont promising to consider the portfolio after the deal is completed, Third Point asks whether the plan is even the best way to maximize shareholder value or whether the company should consider creating additional businesses, including more spinoffs or divestitures, to better enhance that value.
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The broadcasting company had planned to make divestitures in an attempt to comply with FCC media ownership rules that prevent a single broadcaster from controlling too many local stations across the U.S. The FCC had noted that part of its concern over the proposed $3.9 billion merger with Tribune Media was the stations Sinclair planned to sell to.
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Alternative "behavioural" remedies were proposed during the CMA's inquiry such as requiring Trayport to grant all customers access to its products and services on "fair, reasonable and non-discriminatory (FRAND) terms" or opening up access to its software, but the watchdog said it generally preferred "structural" remedies to the threat of a substantial lessening of competition, such as divestitures.
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UBS research analyst John Hodulik said in a research note earlier this month that the U.S. Federal Communications Commission will likely force T-Mobile and Sprint to make some divestitures of spectrum, since the combined company would have the most airwaves in its sector with more than 300 MHz, putting it ahead of Verizon's and AT&T's holdings.
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HOUSTON, April 24 (Reuters) - * Weatherford International on Tuesday said a divestiture of its land drilling rigs was 'taking longer than expected' * The company said the delay was due to increased interest in a geographic subset of the business, which has made the divestiture process more complex * Weatherford said it has also initiated two divestitures in addition to the land drilling rigs.
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Sinclair's filing of an amended plan last week could indicate that the company believes it is close to a resolution with the Justice Department and that it is confident enough to start the process moving again at the F.C.C. The list of divestitures Sinclair proposed in its amended plan could still change, Marci Ryvicker, a senior analyst with Wells Fargo, said.
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Well, look, our expense base, when I arrived, was 10 billion dollars, we took 3 billion dollars of expenses out, uh, without major dispositions or divestitures of assets, so that's 3 billion of-, of run rate expense, out of a 10 billion expense base, keeping the business intact, uh, so I-, I don't think we either could have or should have, uh, done more than that.
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Reports Second Quarter 2016 Results * Q2 revenue $15.03 million versus I/B/E/S view $33.4 million * Qtrly domestic system comparable store sales compared with q2 of 2015 decreased by 4.0%, * Q2 earnings per share $0.06 * Q2 earnings per share view $0.05 — Thomson Reuters I/B/E/S * Sees 2016 domestic system-wide comparable store sales decline of approximately 2.0% to 3.0% * Papa murphy's holdings inc sees fy capital expenditures, including acquisitions and divestitures of approximately $15.0 million to $17.0 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom)
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KEY ASSUMPTIONS Fitch's key assumptions for Newell on a combined basis with Jarden include: --Organic revenue growth rate of 3% annually (offset by foreign exchange of 2% in 2016 and neutral FX thereafter) on a pro forma base of $15.5 billion; --EBITDA growing to $3.2 billion in 2018 from a 05403 pro forma EBITDA base of $2.4 billion (annualizing recent acquisitions and divestitures); --FCF generation of $800 million in 2017 and approaching $1 billion by 2019; --Pro forma combined leverage of 5.5x trending to below 3.5x by 2018 on EBITDA growth and $2.4 billion of debt reduction.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Tyson's fiscal years include: -Consolidated revenue declines about 10% in 2016 to about $37 billion due mainly to lower sales prices and divestiture of non-core businesses; declines moderate to the low single digits in 2017 as pressures on pricing, particularly in beef ease, and then revenue grows at a low-single-digit rate in 2018; -Consolidated volumes are relatively flat, excluding the impact of divestitures, in 0003, but vary among the segments; volumes increase at a low-single-digit rate in 2017 and 2018; -Consolidated EBITDA of about $3.6 billion in 2016, $3.3 billion in 2017, and $3 billion in 2018 as fundamentals revert to a more normalized level and Fitch's view of a normalized 6% EBIT margin; --FCF approximating $103 billion or more annually, the majority of which is deployed towards share repurchases; -Total debt-to-EBITDA of approximately 2x over the medium term.
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