On Friday, Shares of General Electric Company (NYSE:GE), gained 0.18% to $27.09.
Today, General Electric Company, declared that it has reached a contract to sell its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corporation (EFN.TO) for US$6.9 billion. Separately, GE has signed a memorandum of understanding for the potential sale of its European fleet businesses to Arval, a fully owned partner of BNP Paribas. Arval and GE will now consult with their respective works councils. The transactions’ completion will also be subject to customary regulatory and other local corporate or antitrust approvals.
GE Capital Fleet Services provides commercial car and truck financing and fleet administration services, with more than 1.5 million leased, serviced and managed vehicles around the world. Element Financial Corporation is one of North America’s premier fleet administration and equipment finance companies. GE Capital sold its Canadian fleet business to Element in 2013. BNP Paribas, through its fully owned partner, Arval, specializes in full service vehicle leasing in 25 countries and in 14 other countries through a network of partners, counting a global alliance with Element. Excluded from the transactions is GE Capital’s fleet business in Japan.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Penn Virginia Corporation (NYSE:PVA), inclined 4.02% to $5.18, during its last trading session.
Lone Star Value Management, LLC owns 2.0 million shares of Penn Virginia Corporation, representing about 2.8% ownership of the Company. Lone Star Value invests in undervalued, small-cap companies and seeks to engage with its portfolio companies to maximize value for all shareholders.
On June 25, 2015, Proactive Investors, a UK-based news organization, stated that BP plc had offered to acquire Penn Virginia for $8 per share, but the offer was rejected. Penn Virginia issued an uninformative press release saying it had no comment on the market rumors. We note that $8 per share would represent an 80% premium to where PVA stock closed the preceding day. Although we believe that Penn Virginia shares have noteworthy upside potential in an industry recovery scenario, given the Company’s history of poor performance, its stale Board, and its high cost of capital, the most viable path to maximizing shareholder value, in our view, is to right away undertake a robust planned alternatives process to fully explore all credible proposals for the acquisition of the Company.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States. The company’s operations comprise the drilling of unconventional horizontal development wells in the Eagle Ford Shale in South Texas.
Finally, Johnson & Johnson (NYSE:JNJ), ended its last trade with 0.52% gain, and closed at $99.64.
Johnson & Johnson, will host a conference call for investors at 8:30 a.m. (Eastern Time) on Tuesday, July 14th, to review second-quarter results. Alex Gorsky, Chairman of the Board of Directors and Chief Executive Officer; Sandi Peterson, Group Worldwide Chairman; Dominic Caruso, Vice President, Finance and Chief Financial Officer and Louise Mehrotra, Vice President, Investor Relations, will host the call.
Johnson & Johnson, together with its auxiliaries, researches and develops, manufactures, and sells various products in the health care field worldwide. It operates in three segments: Consumer, Pharmaceutical, and Medical Devices.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
