On Friday, Shares of ConocoPhillips (NYSE:COP), lost -0.30% to $56.11.
ConocoPhillips, declared a quarterly dividend of 74 cents per share, payable Dec. 1, 2015 to stockholders of record at the close of business on Oct. 19, 2015.
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through six operating segments, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International.
Shares of J C Penney Company Inc (NYSE:JCP), inclined 1.72% to $9.78, during its last trading session.
J. C. Penney Company, declared actions that will significantly reduce the benefit obligation of its qualified pension plan without requiring any cash contribution from the Company. JCPenney recently accomplished a lump-sum offer for select participants in the Plan, and it has also reached a contract with The Prudential Insurance Company of America to purchase a group annuity contract that will settle a substantial portion of JCPenney`s remaining retiree pension benefit obligations. After the closing of these transactions, which is anticipated later this year, the Plan is predictable to remain over-funded on both accounting and ERISA bases, and the Company anticipates that it will not be required to make cash contributions to the Plan for the foreseeable future.
Ed Record, chief financial officer said, “We are grateful for all the contributions our retirees have made to JCPenney. We are confident that Prudential, an expert in this field, will provide great service to our retirees receiving monthly payments.” Record continued, “These actions not only continue to provide excellent benefit security for our retirees, but also further the Company`s objective of de-risking the Plan while improving the Company`s long-term risk profile.”
About 12,000 retirees and surviving beneficiaries elected to receive voluntary lump-sum payments to settle the Plan`s pension obligation to them. In addition, about 1,900 former employees of JCPenney who have deferred vested benefits elected to receive voluntary lump-sums. The response deadline for the lump-sum offer was September 18, 2015, and the Plan anticipates to make the lump-sum payments in November once the final settlement amount is determined.
J. C. Penney Company, Inc., through its partner, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, in addition to provides various services, counting styling salon, optical, portrait photography, and custom decorating.
Finally, Potash Corporation of Saskatchewan (USA) (NYSE:POT), ended its last trade with -0.73% loss, and closed at $21.74.
Potash Corporation of Saskatchewan, declared that it has withdrawn its proposal to negotiate a transaction with K+S Aktiengesellschaft (K+S) (SDF:GR).
The private proposal of €41 per share on May 31, 2015 sought to bring together complementary assets that would have improved financial resources and allowed the combined company and its stakeholders to benefit from greater diversification across geographies and products. It reflected a 59 percent premium to the volume weighted average of K+S’ share price during the preceding 12 months and comprised comprehensive, credible commitments to K+S’ employees, unions and communities.
“Our proposal reflected full and fair value, and was predicated on a collaborative process with access to customary due diligence,” said Jochen Tilk , PotashCorp President and CEO. “Since that time, challenging macroeconomic conditions have contributed to a noteworthy decline of global commodity and equity markets, with potash peer stocks down almost 40 percent. In light of these market conditions and a lack of engagement by K+S administration, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders.”
Potash Corporation of Saskatchewan Inc., together with its auxiliaries, produces and sells fertilizers and related industrial and feed products worldwide. The company operates in three segments: Potash, Nitrogen, and Phosphate.
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