Dean Foods Sells Division and 2 Hot Stocks Demanding Attention
Dean Foods Company (NYSE:DF) announced the sale of its Morningstar Foods division to Saputo Inc for $1.45 billion. Dean Foods will receive about $887 million in sale proceeds after taxes and expenses, all of which would be used to retire senior debt, thereby reducing leverage and creating financial flexibility. The transaction is expected to close in late 2012 or in the first quarter of 2013.
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Swiss bank UBS (NYSE:UBS) may have to pay up over $450 million in fines in order to reach settlement with American and British regulators over its role in the LIBOR interest rate fixing scandal. In June, Barclays had agreed to pay up $450 million in a similar settlement. Regulators allege that the bank’s traders acted in collusion with other banks to manipulate interest rates in order to boost their profits. UBS suspended some of its traders said to be involved in the matter earlier this year.
According to a report from the Financial Industry Regulatory Authority, Glenn Hadden, who is head of interest rate trading at Morgan Stanley (NYSE:MS), is being investigated for “certain Treasury futures orders placed in December 2008″ during his previous employment at Goldman Sachs (NYSE:GS), says a report in the Wall Street Journal. The bond futures were traded on an exchange owned by the CME Group (NASDAQ:CME), which is leading the investigation.
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