Market Overview

Wall Street's M&A Chatter From November 7: Huntsman-LyndonBasell, GGP -Brookfield, Fox-Disney

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, November 7, 2017.

Citi Says Huntsman Could Become A Target Of LyndonBasell

The Analyst Comment

Huntsman Corporation (NYSE: HUN) shares rose Tuesday on a note from Citi saying the company could be a takeover target for LyondellBasell (NYSE: LYB). Citi projected $200-$250mm synergies potentially from a deal.

Huntsman had attempted merger of equals with Clariant, before the companies mutually agreed to abandon their plans due to activist shareholder involvement.

Huntsman closed Tuesday at $31.67, up 68 cents.

GGP Shares Rise on Report of Brookfield Bid

The Rumor:

Brookfield Asset Management Inc (NYSE: BAM) is near a deal to take General Growth Properties private, according to sources as reported by Bloomberg. Brookfield currently has a 30 percent stake in GGP. Sources say the offer is $27.50 per share for all outstanding shares of GGP.

GGP closed at $22.20, up $3.19.

Wells Fargo Says 21st Century Fox Sum of Parts Valuation is $47/Share

The Analyst Comment:

Wells Fargo, commenting on a CNBC report from Monday, said the sum of the parts of 21st Century Fox Inc (NASDAQ: FOXA) is $47 per share.

21st Century Fox has been in talks with Walt Disney Inc (NYSE: DIS) to sell most of the company, other than the news and sports divisions, according to CNBC.

21st Century Fox closed at $27.75, up $0.30.

Posted-In: News Rumors M&A Pre-Market Outlook

 

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