On Monday, French oil firm Total said it would buy a 25
percent stake in Chesapeake Energy's Ohio shale operation for $2.32 billion.
They are expected to use the proceeds to reduce debt or for development. The
buyer and seller were up 2.7% and 5.9% on Tuesday. The following day saw
further action in the oil sector, with Sinopec International purchasing 30
percent of 5 shale projects being undertaken by Devon Energy. This $2.2 billion
deal allows Devon to recover its initial outlay and reduce future capital
commitments. The bidder and vendor gained 6.1% and 6.6% respectively.
Also that day, diversified technology firm 3M acquired the
office and consumer products division of Avery Dennison for $550 million.
Possible motives behind the deal include the target's product lines, retail
branding and strong balance sheet. Both companies rose around 2.2%. On
Thursday, FIAT increased its stake in Chrysler to 58.5 percent. This news comes
after Chrysler got regulatory approval for a new energy efficient product line.
The Italian auto manufacturer grew 3.3% by the bell.
