Mergers and Acquisitions Recap: Duke CEO Reveals MOTIVES, Noble Energy SELLS Wells
Glencore’s (GLCNF.PK) potential acquisition of Xstrata (XSRAF.PK) will be voted on by shareholders of the latter on September 7th. The date coincides with negotiations with Qatar, which is insisting upon improved term in the deal. Before this announcement, Xstrata shareholders had been scheduled to meet on Thursday.
More inklings as to why Duke Energy (NYSE:DUK) sacked Bill Johnson subsequent to its merger with Progress Energy have emerged from comments by the new Duke CEO Jim Rogers, testifying before a hearing of the North Carolina Utilities Commission on Tuesday. Rogers said that the dismissal was in part due to Johnson’s ‘autocratic leadership style’, and also persisting worries concerning Progress Energy’s nuclear assets, plus the utility’s poor performance since the deal was first announced some 18 months ago.
Noble Energy (NYSE:NBL) is divesting 900 wells in Oklahoma and Texas that produce natural gas and some oil, to Unit Corp. (NYSE:UNT) for $617 million in cash. The agreement is part of the former’s strategy of selling off non-core assets, which is expected to help finance both its international expansion, and its oil stakes in the Denver Basin. Unit expects to finance the acquisition with long-term debt.
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