On Friday, Baltic Trading Limited (NYSE:BALT)’s shares surged 2.88% to $1.43, after the company and Genco Shipping & Trading Limited, declared that they have reached a definitive merger contract under which Genco will attain Baltic Trading in a stock-for-stock transaction. Under the terms of the contract, Baltic Trading will become an indirect wholly-owned partner of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco ordinary stock for each share of Baltic Trading ordinary stock they own at closing, with fractional shares to be settled in cash. Upon consummation of the transaction, Genco shareholders are predictable to own about 84.5 percent of the combined company and Baltic Trading shareholders are predictable to own about 15.5 percent of the combined company. Genco anticipates to have its stock listed on the NYSE upon consummation of the transaction.
The combined company anticipates to further extend its leadership position in drybulk shipping and own a combined fleet of 70 drybulk vessels with an average age of 8.8 years and an aggregate carrying capacity of about 5,159,000 dwt, comprising of 13 Capesize, eight Panamax, 21 Supramax, four Ultramax, six Handymax and 18 Handysize vessels, after the predictable delivery of two Ultramax newbuildings formerly contracted by Baltic Trading.
Baltic Trading Limited, together with its auxiliaries, engages in the shipping business in the drybulk industry spot market worldwide. The company operates a fleet of drybulk ships that transport iron ore, coal, grain, steel products, and other dry bulk cargoes.
Goldcorp Inc. (NYSE:GG)’s shares gained 2.77% to $19.30, during the last trading session on Friday, as Goldcorp re-confirmed 2015 guidance of between 3.3 million and 3.6 million ounces of gold and all-in sustaining costs of between $875 and $950 per ounce. As formerly stated, 2015 gold production is predictable to be weighted to the second half of the year due primarily to the new mine ramp-ups and the planned mine sequence at Peñasquito.
Goldcorp Inc. engages in the attainment, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America. The company primarily explores for gold, silver, copper, lead, and zinc deposits. Its principal mining properties comprise the Red Lake, Éléonore, Porcupine, and Musselwhite gold mines in Canada and the United States; the Peñasquito, Los Filos, and El Sauzal properties in Mexico; the Marlin property in Guatemala; the Alumbrera property in Argentina; and the Pueblo Viejo mine in the Dominican Republic. The company was founded in 1954 and is headquartered in Vancouver, Canada.
At the end of Friday’s trade, SandRidge Energy, Inc. (NYSE:SD)’s shares gained 2.67% to $1.92, as the rally in oil prices sends some energy stocks soaring that day.
Oil prices were up Friday on geopolitical concerns counting unrest in the Middle East and the potential for a final deal regarding Iran’s nuclear program, the Wall Street Journal reports.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The company operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
Finally, WisdomTree Investments, Inc. (NASDAQ:WETF), ended its Friday’s trading session with 2.66% gain, and closed at $22.37, hitting its highest level, after an exchange-traded fund and exchange-traded product sponsor and asset manager, recently declared the launch of the WisdomTree Japan Hedged Dividend Growth Fund (JHDG) on the NYSE Arca. JHDG seeks to provide exposure to dividend-paying stocks of companies with growth characteristics that are incorporated in Japan, while neutralizing exposure to fluctuations between the yen and the U.S. dollar. The Fund has a net expense ratio of 0.43%.
WisdomTree Investments, Inc., through its auxiliaries, operates as an exchange-traded funds (ETFs) sponsor and asset manager. It offers ETFs in equities, currency, fixed revenue, and alternatives asset classes.
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