On Friday, Energy Transfer Equity LP (NYSE:ETE)’s shares declined -2.77% to $62.42.
Energy Transfer Partners, L.P. (ETP) and Sunoco LP (SUN) declared recently the dropdown of 100% of Susser Holdings Corp. (SHC) for about $1.94 billion. In addition, there will be an exchange for 11 million SUN units owned by SHC for another 11 million new SUN units to a partner of ETP.
For the SHC dropdown, SUN will pay to ETP about $970 million in cash and issue about 22 million SUN units valued at about $970 million based on the five-day volume-weighted average price of SUN’s common units as of July 14, 2015. Pro forma for this transaction, ETP will remain the largest unitholder of SUN. The amount of SUN units being issued to ETP in this transaction reflects ETP’s continued confidence in SUN’s business and future growth prospects.
The timing of this dropdown transaction is driven by the desire to accelerate SUN’s exposure to the fast growing retail business with its exciting backlog of organic growth opportunities and strong EBITDA performance. The size of this transaction reflects the structural simplicity of a single drop of a corporate entity into SUN and ultimately its wholly-owned corporate partner, Susser Petroleum Property Co. LLC (“PropCo”).
Energy Transfer Equity, L.P., through its auxiliaries, provides diversified energy-related services in the Unites States. It owns and operates about 7,700 miles of natural gas transportation pipelines and 3 natural gas storage facilities located in the state of Texas; and about 12,800 miles of interstate natural gas pipeline.
Albany Molecular Research, Inc. (NASDAQ:AMRI)’s shares dropped -0.14% to $20.81.
AMRI (AMRI) declared that it has attained all the outstanding shares of Gadea Pharmaceutical Group, a privately-held company located in Valladolid, Spain, specializing in technically complex active pharmaceutical ingredients (APIs) and finished drug product. The purchase price was $174 million, counting the issuance of 2.2 million shares of common stock to Gadea’s owners, valued at $43.8 million, with the balance paid in cash and through the assumption of existing debt.
Albany Molecular Research, Inc., a contract research and manufacturing company, provides integrated drug discovery, development, and manufacturing services primarily in the United States, Europe, and Asia. It operates through three segments: Discovery and Development Services (DDS), API, and Drug Product. The DDS segment offers services from target identification tools to investigational new drug enabling activities, such as diverse chemistry library design and synthesis, medicinal chemistry, biology, and pharmacology, counting drug metabolism and pharmacokinetics.
At the end of Friday’s trade, Deere & Company(NYSE:DE)‘s shares dipped -0.37% to $96.97.
Deere will continue as a title sponsor of professional golf through 2023 as a result of a seven-year extension announced today by Deere & Company (DE), the PGA TOUR and the John Deere Classic. The agreement includes sponsorship of the John Deere Classic and multiple designations for John Deere in the TOUR’s Official Marketing Partner program.
In addition, Field noted, hundreds of community organizations have benefited from millions of dollars in contributions made through the John Deere Classic and the tournament has had substantial economic impact on the Quad City community where it is held.
The agreement was announced during a news conference at Deere & Company World Headquarters two days before tournament play begins at the 2015 John Deere Classic.
PGA TOUR Deputy Commissioner Jay Monahan joined Field to announce the new deal that runs through 2023, taking effect when the current six-year agreement expires at the conclusion of 2016. Financial details were not disclosed.
Deere & Company, together with its auxiliaries, manufactures and distributes agriculture and turf, and construction and forestry equipment worldwide. The company’s Agriculture and Turf segment provides agriculture and turf equipment, and related service parts, counting large, medium, and utility tractors; loaders; combines, corn pickers, cotton and sugarcane harvesters, and related front-end equipment and sugarcane loaders; and tillage, seeding, and application equipment, counting sprayers, nutrient administration, and soil preparation machinery.
Mosaic Co (NYSE:MOS), ended its Friday’s trading session with -0.02% loss, and closed at $45.26.
The Mosaic Company (MOS) plans to release 2015 second quarter earnings results on Tuesday, August 4, 2015, before the market opening of the New York Stock Exchange.
The Mosaic Company produces and markets concentrated phosphate and potash crop nutrients for the agricultural industry worldwide. It operates through two segments, Phosphates and Potash. The Phosphates segment owns and operates mines in Florida. It offers concentrated phosphate crop nutrients, such as diammonium phosphate, monoammonium phosphate, and ammoniated phosphate products. This segment also offers phosphate-based animal feed ingredients primarily under the Biofos and Nexfos brand names.
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