On Monday, Tyco
International announced that it planned to split into 3 publicly
traded businesses; an alarm unit, a flow control unit and a
commercial and security unit. It is the latest in a string of
troubled companies to combat the tough climate by spinning off units.
They were up 2.4%. The midweek saw the end of a drawn out hostile
takeover battle as Fosters' shareholders accepted SABMiller’s
sweetened bid of $10.15 billion. The buyer, a brewing and beverage
company, was down 1.9% while Australia’s largest brewer was boosted
almost 6% on the news. Also that day, United Technologies purchased Goodrich Corporation, an aviation company, for $16.4 billion in an
all cash deal. The technology giant finished 1.5% lower, as the
target fell 2.1%.
On Thursday, Sumitomo Metal Industries and Nippon Steel agreed to merge under the latter company title, creating the 2nd largest steel maker on earth in a deal worth around $22 billion. Also that day, Yum! Brands sold 2 fast food units; ‘Long John Silver’s’ and ‘A&W Restaurants’ for an undisclosed fee. The buyers were both consortiums; ‘LJS Partners’ and ‘A Great American Brand LLC’. The quick service restaurant holding company, whose other brands include KFC and Pizza Hut, dropped 3% by the bell.
On Thursday, Sumitomo Metal Industries and Nippon Steel agreed to merge under the latter company title, creating the 2nd largest steel maker on earth in a deal worth around $22 billion. Also that day, Yum! Brands sold 2 fast food units; ‘Long John Silver’s’ and ‘A&W Restaurants’ for an undisclosed fee. The buyers were both consortiums; ‘LJS Partners’ and ‘A Great American Brand LLC’. The quick service restaurant holding company, whose other brands include KFC and Pizza Hut, dropped 3% by the bell.
