On Friday, Shares of Frontier Communications Corporation (NASDAQ:FTR), gained 0.78% to $5.17.
On July 31, Frontier Communications and the Communications Workers of America District 6 (CWA) declared the signing of a contract that will benefit CWA-represented employees in Texas and Missouri and Frontier’s future customers in Texas. The agreement is an important step forward in the process to complete Frontier’s planned acquisition of Verizon’s wireline business and assets in Texas, California and Florida. The CWA supports the projected acquisition and believes it is in the public interest and the interest of its members.
Frontier has agreed to honor and extend the existing collective bargaining agreements for two years. Highlights of the agreement comprise:
- Employee job security protection
- Extend the existing contracts for two years with wage enhances in each year
- The addition of 60 new union-represented jobs in Texas and Missouri
- Technician Job Upgrades
- Operational flexibility to enhance the service experience for customers
- All union employees will receive 100 shares of Frontier restricted stock upon the closing of the transaction to demonstrate Frontier’s commitment to its newest employees and their ownership in the company’s success
- Frontier continues to commit to a 100% U.S. based workforce
Frontier Communications Corporation, a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States.
Shares of Caterpillar Inc. (NYSE:CAT), declined -0.22% to $77.29, during its last trading session.
On July 28, Caterpillar declared it reached a definitive agreement with Citibank N.A. to purchase a total of $1.5 billion of its common stock under an accelerated stock repurchase transaction.
Following the terms of the accelerated stock repurchase agreement, Caterpillar agreed to repurchase a total of $1.5 billion of its common stock from Citibank N.A., with an immediate delivery of about 18 million shares based on current market prices. The final number of shares to be repurchased and the aggregate cost per share to Caterpillar will be based on Caterpillar’s volume-weighted average stock price during the term of the transaction, which is predictable to be accomplished in September 2015. In January 2014, the Board of Directors authorized the repurchase of $10 billion of Caterpillar stock, which will expire on December 31, 2018. Through the end of the second quarter of 2015, about $3 billion of the $10 billion authorization was spent.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide.
Finally, NorthStar Realty Finance Corp. (NYSE:NRF), ended its last trade with -1.70% loss, and closed at $15.58.
NorthStar Asset Management Group Inc. declared that David Hamamoto has been designated Executive Chairman, effective right away, and will continue to serve as Chairman of NorthStar Realty Finance Corp. (NRF). Al Tylis will assume the role of Chief Executive Officer of NSAM and become a member of both NSAM and NRF’s Board of Directors. NSAM also declared that real estate veteran Jonathan A. Langer was hired as an Executive Vice President of NSAM and was also designated Chief Executive Officer of NRF, effective August 11, 2015, reporting to Mr. Hamamoto and Mr. Tylis.
In their new roles both Mr. Hamamoto and Mr. Tylis will remain intimately involved in managing NorthStar Realty and NorthStar Realty Europe, which is being spunoff from NorthStar Realty. Mr. Langer will concentrate on using his extensive industry knowledge and relationships to maximize shareholder value at NRF.
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty has declared a plan to spin-off its European real estate business into a separate publicly-traded REIT. NorthStar Realty is managed by an associate of NorthStar Asset Administration Group Inc. (NSAM), a global asset administration firm.
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