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Scana Corp. (NYSE:SCG): General Electric Company (NYSE:GE) Chief Executive Jeff Immelt believes that energy economics are making it “a gas and wind world today, with nuclear power becoming really hard to justify,” says the Financial Times. Shares closed up 0.38 percent on the day at $49.65, but have been traded in a 52-week range of $34.64 to $49.55.
Shaw Group Inc. (NYSE:SHAW), a Fortune 500 firm that primarily concentrates upon serving clients in the power generation and government services sector, is being acquired by Chicago Bridge & Iron Company (NYSE:CBI), in a transaction that should close early nest year. The purchase price is $46.00 per share in cash and stock; shareholders will receive $41.00 in cash and $5.00 in CBI equity for each share of Shaw stock at closing. The buyer will use cash on the balance sheets of both companies, along with about $1.9 billion in debt to finance the purchase, which based on the estimated cash position of Shaw at the end of its August 31, 2012 fiscal year, comprises an enterprise value of approximately $2 billion. First year earnings per share are expected to be double-digit accretive before transaction related costs. Philip K. Asherman will continue as President and Chief Executive of the unified company, which will be operated under the brand name CB&I Shaw. Shaw Shares closed up 55.45 percent on the day at $41.49, but have traded in a 52-week range of $18.98 to $32.49.
AT&T, Inc. (NYSE:T) will reduce the contract price of HTC’s One X smartphone by 50 percent, according to DigiTimes, from the Chinese-language Commercial Times. The reduction in price comes from to lower-than-expected sales, because of to weak worldwide economic conditions. Shares closed up 0.78 percent on the day at $37.43, having been traded in a 52-week range of $27.29 to $37.35.
Transcananda Corporation (NYSE:TRP): The Alaska Pipeline Project will conduct a non-binding public solicitation of interest from August 31st through September 14th, for securing capacity for a potential new pipeline system that will transport Alaska’s North Slope gas. The procedure is to identify parties that are potentially interested in making future capacity commitments on a pipeline system running from the North Slope to a gas liquefaction terminal at a tidewater location in south-central Alaska, or to a hub near the border of British Columbia and Alberta. The solicitation will be done in accordance with the Alaska Gasline Inducement Act, which mandates that TransCanada, as the AGIA Licensee, must assess market interest in a pipeline transportation system for that region every two years after its first open season. Shares closed up 2.13 percent on the day at $45.59, and have traded in a 52-week range of $37.29 to $45.15.
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