U.S. Steel Denies Rumor, GrainCorp’s New Strategy: Mergers and Acquisitions Update
The number-two solar wafer producer, LDK Solar Co. (NYSE:LDK), has divested approximately 25.3 million shares to the partly state-owned Heng Rui Xin Energy Co. at 86 cents each. A statement issued Sunday said that the number of share marked a 19.9 percent interest in the seller which is based in Xinyu, China.
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United States Steel Corporation (NYSE:X) on Sunday rejected a Saturday newspaper article which alleged that it had divested its Slovak unit to the Ukrainian miner and steel producer Metinvest. U.S. Steel spokesperson Jan Baca said that, “The situation from earlier this week has not changed.” The unit is an important supplier for Slovakia’s surging car industry as the Slovak economy depends upon the sector which is fueling it even in spite of the current regional crisis. Meanwhile, the steelmaking giant ThyssenKrupp (TYEKF.PK) says that it has no interest in the company.
The Sydney-based, top grain handler GrainCorp (GNCLF.PK) last week turned down a bid from Archer-Daniels-Midland Co. (NYSE:ADM), the top corn producer in the world. Though the amount was A$2.7 billion, or $2.8 billion, GrainCorp pronounced the offer at A$11.75 per share ‘undervalued’ and as the company’s Chief Executive Alison Watkins told a local TV program on Saturday, “We’ve got a great strategy that we’re confident is going to be very appealing to our shareholders,” referring to a new growth plan that is thus far not detailed.