Latest news with #merger
Reuters
28 minutes ago
- Business
- Reuters
Abu Dhabi's ADNOC plans to transfer 24.9% stake in OMV to XRG unit
DUBAI, July 16 (Reuters) - Abu Dhabi National Oil Company said on Wednesday it plans to transfer its 24.9% shareholding in Austria's OMV AG ( opens new tab to its XRG investment unit ahead of the establishment of a chemicals company combining existing OMV and ADNOC firms. ADNOC last year bought a 24.9% stake in OMV from Abu Dhabi sovereign wealth fund Mubadala, without disclosing the financial terms. Earlier this year, ADNOC and OMV agreed to merge their polyolefin businesses to create a chemicals company with a $60 billion enterprise value. The merged entity, Borouge Group International (BGI), is set to be the world's fourth-largest polyolefins firm by production capacity, behind China's Sinopec and CNPC and U.S.-based ExxonMobil (XOM.N), opens new tab, ADNOC Downstream CEO Khaled Salmeen told Reuters in March. BGI will combine two joint ventures - Borealis, 75% owned by OMV and 25% by ADNOC, and Borouge ( opens new tab, 54% owned by ADNOC and 36% by Borealis, the company announced in March. In its statement on Wednesday, ADNOC said it is progressing with preparation for the proposed establishment of BGI. ADNOC's proposed 46.94% shareholding in BGI is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals, the statement said.
Yahoo
37 minutes ago
- Business
- Yahoo
Huntington to Strengthen Texas Presence With Veritex Buyout
Huntington Bancshares HBAN has announced a definitive agreement to acquire Veritex Holdings, Inc. VBTX, a bank holding company headquartered in Dallas, TX. The all-stock transaction is valued at $1.9 billion. Per the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex in a 100% stock transaction. Based on the closing price of HBAN shares on July 11, 2025, the offer implies $33.91 per Veritex share. The deal has been approved unanimously by both companies' boards of directors and is expected to close early in the fourth quarter of 2025, subject to regulatory and shareholder approval. Financially, the transaction is projected to be modestly accretive to Huntington's earnings per share and neutral to regulatory capital at closing. It is expected to be slightly dilutive to tangible book value per share, with a payback period of approximately one year from closing. Upon completion of the deal, Veritex branches and teams will operate under the Huntington Bank brand. Further, HBAN plans to maintain Veritex's existing branch network across Texas markets, including Dallas/Fort Worth and Houston, and invest to expand it over time. Huntington's planned acquisition of Veritex represents a strategic plan to accelerate its strong organic growth in Texas by expanding its presence in Dallas/Fort Worth and Houston. The Veritex merger will add approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits to Huntington's balance sheet. Steve Steinour, CEO of Huntington, stated that 'This combination supports our ambitions and reflects our long-term commitment to the state of Texas, one of the most dynamic and fastest-growing economies in the country.' Steinour further added, 'The Veritex team brings deep local relationships, a strong commercial banking franchise and customer loyalty, and this partnership will serve as a springboard for substantial future growth in the state.' In March 2024, HBAN announced plans to expand its commercial banking business in Texas, following its footprint extension in the Dallas-Fort Worth area in early 2024. As part of its ongoing geographic and vertical expansion, the company broadened its middle-market banking presence in Texas. In January 2025, Huntington introduced two new verticals, the Financial Institutions Group and the Aerospace & Defense Group, as part of its ongoing geographic and vertical expansion. Both verticals offer advisory services and corporate banking solutions, including liquidity and treasury management, capital markets and corporate finance. These strategic efforts are expected to strengthen Huntington's commercial banking capabilities, broaden its market presence and attract new customer segments across the region. Over the past year, shares of Huntington have risen 19% compared with the industry's growth of 16.4%. Image Source: Zacks Investment Research HBAN currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In June 2025, Glacier Bancorp, Inc. GBCI entered a definitive agreement to acquire Guaranty Bancshares, Inc. GNTY, the bank holding company for Guaranty Bank & Trust, N.A., a leading community bank headquartered in Mount Pleasant, TX. The all-stock transaction is valued at $476.2 million. With GNTY's well-established footprint and expertise in the Texas market, the company will capitalize on Texas's robust economy. This move not only strengthens GBCI's position in high-growth markets but also aligns with its broader commitment to community banking through disciplined, strategic acquisitions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Huntington Bancshares Incorporated (HBAN) : Free Stock Analysis Report Glacier Bancorp, Inc. (GBCI) : Free Stock Analysis Report Veritex Holdings, Inc. (VBTX) : Free Stock Analysis Report Guaranty Bancshares Inc. (GNTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
7 hours ago
- Business
- Yahoo
Why Kraft Heinz is considering a split
Kraft Heinz is poised to break itself up, acknowledging what investors have known for years: Their merger was a dud. The 2015 deal united some of America's most beloved grocery brands and was blessed by some of Wall Street's biggest names, including Warren Buffett. But the company's sales and share price floundered — the latter propped up largely by Buffett's refusal to bail out of the stock. (Two Buffett-appointed directors stepped off Kraft Heinz's board in May, fueling chatter that a Berkshire Hathaway without Buffett, who retires later this year, might be less sentimental.) What went wrong? Buffett admitted that Heinz overpaid for Kraft, and 3G's vaunted budgetary axe turned out to be useless against decades of accumulated bloat. The company spent months privately and a memorable 48 hours publicly trying to buy Unilever, which stoked investors' concerns that it couldn't thrive alone. But mostly, Americans' tastes changed. Increasingly health-conscious consumers turned away from processed foods like bologna and Kool-Aid and swapped ketchup for sriracha. The company's troubles dented 3G's reputation as a screw-turning operator, which never quite recovered. And they might have bruised Buffett's reputation, except that he came out $5 billion ahead, thanks to his special dividends.
Yahoo
11 hours ago
- Business
- Yahoo
Elliott builds stake in Global Payments after Worldpay deal, Financial Times reports
(Reuters) -Activist hedge fund Elliott Management has built a significant stake in Global Payments following the payment processor's deal for Worldpay, the Financial Times reported on Tuesday. Global Payments had in April agreed to buy rival Worldpay from FIS and private equity firm GTCR for $24.25 billion in a three-way deal. Shares of Global Payments had closed down 17.4% after the deal was announced. They were up about 6% in extended trading on Tuesday. Global Payments and Elliott Management did not immediately respond to Reuters' requests for comment.
Yahoo
12 hours ago
- Business
- Yahoo
Neogen (NEOG): A Bull Case Theory
We came across a bullish thesis on Neogen on Cornerstone Value's Substack. As of 14ᵗʰ July, Neogen's share was trading at $5.22. NEOG's forward P/E was 8.85 according to Yahoo Finance. A chemical engineer studying a lab sample of a food product for safety regulations. Neogen (NEOG) is a market-leading food safety firm that has undergone significant operational hardship due to a failed transformative merger with 3M's Food Safety Division. The company's stock price has plummeted 85% over the past three years, creating a unique investment opportunity. Neogen's core business remains intact and growing, with a comprehensive range of products that touch all nodes in the food production value chain. The company's historical performance has been impressive, with 19,000% TSR over thirty years for a 19% CAGR through 2021. The recent merger integration has been disastrous, with numerous operational challenges, including 3M's mishandling of its unit divestment, poor merger integrations, and legacy business restructuring. These issues, combined with macro headwinds such as FX and tariff-related impacts, have cast doubt on the company's ability to operate at scale. However, with the new management team and board, there are signs of a turnaround, including a strategic review of its non-core Animal Safety portfolio, which could lead to a sale of $130m in revenue. The company's valuation is attractive, with a 20x exit P/E, which is conservative compared to its historical multiples. The investment case for Neogen is highly asymmetric, with a potential for significant upside. Even in a bearish scenario, the downside appears limited, given that the business can overcome near-term merger integration hurdles. The company's growth story remains intact, with mid-single-digit core growth, which is currently obfuscated by operational and macro issues. With the alleviation of these issues, there is potential for a material re-rate in the stock. The catalysts for the investment case include growth unmasked, strategic divestment, and post-merger renormalization, making Neogen a highly researchable and well-catalyzed investment opportunity. Previously, we covered a on Illumina, Inc. by Stock Analysis Compilation in June 2025, which highlighted the company's dominance in genetic sequencing and strong long-term growth drivers. The company's stock price has appreciated by approximately 11.80% since our coverage. This is because the thesis played out. The thesis still stands as secular adoption remains intact. Cornerstone Value shares a similar outlook but emphasizes post-merger turnaround at Neogen. Neogen is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held NEOG at the end of first quarter which was 15 in the previous quarter. While we acknowledge the risk and potential of NEOG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to Blackrock. Disclosure: None. Sign in to access your portfolio
