On Thursday, Shares of International Paper Co (NYSE:IP), inclined 1.88% to $48.11, during its last trading session.
International Paper, declared a quarterly dividend of $0.40 per share for the period from July 1, 2015, to September 30, 2015, inclusive, on its common stock, par value $1.00. This dividend is payable on September 15, 2015, to holders of record at the close of business on August 14, 2015.
The company also declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2015, to September 30, 2015, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on September 15, 2015, to holders of record at the close of business on August 14, 2015.
International Paper Company operates as a paper and packaging company in North America, Europe, Latin America, Russia, Asia, Africa, and the Middle East. The company operates through three segments: Industrial Packaging, Printing Papers, and Consumer Packaging.
At the end of Thursday’s trade, Shares of Lennar Corporation (NYSE:LEN), lost -0.88% to $52.88.
Lennar Corporation, declared the formation of Lennar Multifamily Venture, an equity fund between Lennar Multifamily Communities (“LMC”) and global sovereign and institutional investors targeting investments in class-A multifamily development assets in 25 top metropolitan markets in the United States.
The new Venture will aim to provide superior risk-adjusted returns through a “develop-to-core” strategy - developing multifamily communities and then holding those communities in a portfolio long term for cash flow. LMV will focus on the top growth and gateway markets in the United States, which are characterized by strong long-term demand fundamentals and constrained supply, and will capitalize on Lennar’s deep construction expertise to build multifamily communities at an attractive cost basis. The Venture is predictable to build a combination of garden, mid-rise and high-rise properties. The Venture will benefit from LMC’s fully integrated development administration, construction administration, property administration, and asset administration platforms.
Lennar Corporation, together with its auxiliaries, engages in the homebuilding activities in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, Homebuilding Houston, Financial Services, Rialto, and Lennar Multifamily segments.
Finally, Frontline Ltd (NYSE:FRO), ended its last trade with -1.56% loss, and closed at $2.52.
Frontline Ltd, reached a contract and plan of merger, following which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity and Frontline 2012 as a wholly-owned partner. Subsequent to the merger, this partner is predictable to merge into the Surviving Company which will retain the Frontline Ltd. name.
Commenting on the transaction, Chairman of Frontline Ltd. and Frontline 2012 Ltd., John Fredriksen stated: “By merging Frontline and Frontline 2012 we will regain Frontline’s position as a leading tanker Company. The Combined Company will have a large fleet and a strong balance sheet which puts us in a position to gain further market share through acquisitions and consolidation opportunities. With the current strong tanker market and attractive cash break even rates, we believe the Combined Company will generate noteworthy free cash. The intention is to pay out excess cash as dividends at the Board’s discretion. I am very happy with this merger and I am determined to develop and grow the Company further.”
Frontline Ltd., a shipping company, through its auxiliaries, owns and operates oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products. Its very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, in addition to Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia.
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