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Last week Canada blocked the proposed takeover of Progress Energy Resources (PRQNF.PK) by Petronas, but now traders are once again more confident that the sale will go forward after all, sending shares of the latter higher in Toronto. Reason for the new optimism is that the parties parties are doing the proper things and appearing to be committed to work at getting the acquisition accomplished.
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Potash Corp of Saskatchewan (NYSE:POT) has been in discussions with the government of Israel and has met with Prime Minister Benjamin Netanyahu regarding the purchase of Israel Chemicals (ISCHY.PK). The proposed buyer already holds a 13.84 percent interest in the company, while Israel Corp. holds 52.3 percent; Potash has wanted to make this deal for a while, but has run into opposition from the government and regulators.
Phillips-Van Heusen Corporation (NYSE:PVH) will buy Warnaco (NYSE:WRC) for approximately $2.9 billion in cash and stock, in an acquisition which “reunites the House of Calvin Klein.” The transaction is worth $68.43 per share, along with a 34 percent premium over Warnaco’s Friday close.
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