Meanwhile Exelon was down 1
Meanwhile, Exelon was down 1.9 percent, cutting into the value of the bid.Exelon is offering 0.545 of a share — worth about $28.10 at Wednesday’s close — for each NRG share. Deals | Stocks | Hot Stocks | Mergers & Acquisitions | BondsThe new offer comes more than eight months after Exelon first announced its intention to buy NRG and create the nation’s biggest electricity generator, with the largest fleet of nuclear power plants.”This is our best and final offer, and we will use the time leading up to the NRG annual meeting on July 21 to communicate the value of our new offer to NRG shareholders,” Exelon Chief Executive John Rowe said in a statement.As part of its hostile bid, Exelon has nominated a slate of directors to stand for election at NRG’s annual meeting.NRG shares fell nearly 2.6 percent in morning trading. Clariant said last month it would cut 500 more jobsworldwide on top of 1,350 cuts announced at the start of theyear as it adjusts capacity to lower sales, and said furthercuts were likely this year and next (Editing by Dan Lalor) ($1 = 1.077 Swiss francs) France. NEW YORK (Reuters) – Exelon Corp (EXC.N) raised its hostile takeover bid for independent power producer NRG Energy Inc (NRG.N) by more than 12 percent to $7.45 billion on Thursday but failed to excite investors.
[ID:nL6500959] Also in May, Jany said the company was negotiating withbanks to extend the maturity of a 750 million Swiss franc creditline and that it would not breach the attached covenants. The offering is being led by BNP Paribas (BNPP.PA), Citi,Commerzbank [COMM.UL] and UBS Investment Bank (UBSN.VX) actingas joint bookrunners and joint lead managers, Clariant said. Analysts saw Jany’s comments about second-quarterperformance as positive and welcomed the move to boost thebalance sheet despite the future share dilution. Sarasin analyst Oskar Schenker said the bond issue was a”good opportunity for investors to step in without taking toomuch risk”.
A maker of pigments for products from textiles to cars,Clariant posted a first-quarter net loss in May, stung by aslump in demand for its products, but saw signs of improvementin coming quarters. Clariant shares were down 8.6 percent at 6.36 Swiss francsat 1534 GMT, versus a 3.0 percent weaker DJ Stoxx Europeanchemicals sector .SX4P. Finance director Patrick Jany said the deal was designed toimprove Clariant’s debt profile. “In addition to contributionsfrom an expected continuing strong cash flow generation and animproved operating profitability in the second quarter, theproceeds from the transaction will also further enhance ourfinancial flexibility,” he said. The conversion price of 8.55 francs represented a 30 percentpremium over the volume weighted-average price of the sharesfrom launch to pricing, Clariant said, adding closing andsettlement would be on or around July 7. The senior unsecured five-year issue carries a 3 percentcoupon and will be convertible into around 15 percent of thegroup’s outstanding share capital, Clariant said on Thursday Clariant had been aiming to raise 225 million francs. On Wednesday, Moody’s changed its outlook on Rite Aid to “stable” from “negative” after the company obtained a new $1 billion senior secured revolving credit facility.Rite Aid’s sales tend to lag those of Walgreen and did so again in June.