During Wednesday’s Afternoon trade, Shares of Coty Inc. (NYSE:COTY), lost -1.11% to $30.74.
Coty is on track to acquire Proctor & Gamble’s beauty business in a $12 billion deal that would make the U.S. cosmetic company the world leader in perfume and hair care, sources close to the matter said, according to Reuters.
If the deal goes though, Coty would get its hands on brands such as Gucci and Hugo Boss perfume, Wella and Clairol hair care products and Max Factor and Cover Girl make-up, part of its strategy to reverse its own declining sales trends. Reuters Reports.
For P&G, the sale is part of a large plan to narrow its focus on fewer, faster-growing brands. The world’s No. 1 household products maker said in August it could sell about half of its slow-growing brands over the next two years. Reuters added.
Coty Inc., together with its auxiliaries, manufactures, markets, and distributes women’s and men’s fragrances, color cosmetics, and skin and body care related products worldwide. The company operates through three segments: Fragrances, Color Cosmetics, and Skin & Body Care.
Shares of SeaDrill Limited (NYSE:SDRL), declined -1.22% to $11.29, during its current trading session.
Seadrill Limited, declared that it has reached a contract with Seadrill Operating LP the 58% owned partner of Seadrill Partners LLC, following which Seadrill Operating will acquire all of the shares of Seadrill Polaris Ltd. the entity that owns and operates the drillship, the West Polaris (the “Polaris Acquisition”) from Seadrill. The Polaris Acquisition is predictable to close within 7 days.
The West Polaris is a 6th generation, dynamically positioned drillship delivered from the Samsung shipyard in 2008. The West Polaris is predictable to carry out operations in Angola until the end of its contract with ExxonMobil in March 2018.
The total consideration for the Polaris Acquisition is comprised of $204 million in cash and $336 million of debt outstanding under the existing facility financing the West Polaris. Seadrill Operating will fund the balance of the purchase price with a seller`s credit of $50 million due in 2021 that carries an interest rate of 6.5% per annum.
Based on the assumed present value of the seller`s credit, excess dayrate to be paid to the Company under the current drilling contract and assumed excess dayrate to be paid to the Company following the conclusion of the current drilling contract, the board of directors of the Company believes that the total value proposition of the Polaris Acquisition for Seadrill is about $750 million.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The Floaters segment provides drilling, completion, and maintenance services for offshore exploration and production wells. Its drilling contracts regarding semi-submersible rigs and drillships for harsh and benign environments in mid, deep, and ultra-deep waters.
Finally, Baker Hughes Incorporated (NYSE:BHI), remained flat and is now trading at $63.62.
Baker Hughes Incorporated, declared that the international rig count for May 2015 was 1,158, down 44 from the 1,202 counted in April 2015, and down 192 from the 1,350 counted in May 2014. The international offshore rig count for May 2015 was 284, down 16 from the 300 counted in April 2015, and down 42 from the 326 counted in May 2014.
The average U.S. rig count for May 2015 was 889, down 87 from the 976 counted in April 2015, and down 970 from the 1,859 counted in May 2014. The average Canadian rig count for May 2015 was 80, down 10 from the 90 counted in April 2015, and down 82 from the 162 counted in May 2014.
The worldwide rig count for May 2015 was 2,127, down 141 from the 2,268 counted in April 2015, and down 1,244 from the 3,371 counted in May 2014.
Baker Hughes Incorporated supplies oilfield services, products, technology, and systems to the oil and natural gas industry worldwide. The company offers drilling and evaluation products and services, which comprise drill bits for performance drilling, hole enlargement, and coring; conventional and rotary steerable systems used to drill wells; measurement-while-drilling and logging-while-drilling systems to perform reservoir navigation services; drilling optimization services; tools for coil tubing drilling and wellbore re-entry systems.
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