24/7 Wall St. » NXY

Today’s Best Market Rumors (4/18/2011) Greek Default, Glencore IPO

247wallst — Mon, 18 Apr 2011 13:01:18 +0000

Updated throughout the day.

The NYSE (NYSE: NYX) wants a fee from Nasdaq (NASDAQ: NDAQ) to begin M&A negotiations to be paid in the event that a transaction is blocked for antitrust reasons (Reuters)

The IMF has begun to consider the possibility of a Greek debt restructuring (Bloomberg)

Bankers for Glencore say that it is worth $69 billion post-IPO (Reuters)

Douglas A. McIntyre

Filed under: Rumors Tagged: NDAQ, NXY

Plains All American Raising Capital (PAA, NXY)

Administrator — Tue, 16 Nov 2010 14:29:49 +0000

Plains All American Pipeline LP (NYSE: PAA) is raising cash. The LP grew the size of the offering and this discount appears to be about 2%. The oil and nat-gas transporter and storage facility runner plans to sell at least 4.2 million units at $62.60 per unit.

Plains has approximately 137 million units outstanding and they have increased just over 20% in the past year. The partnership said it expects to use the proceeds to pay down debt and to fund acquisitions. That does include its new announcement that it would purchase transport and oil gathering assets from Nexen Inc. (NYSE: NXY) for roughly $210 million.

Citi, BofA/Merrill Lynch, Morgan Stanley and Wells Fargo are listed as the joint book-runners of the offering. The syndicate also has an over-allotment option of up to 630,000 additional common units for a 30-day period.

Plains All American is seeing its units trade lower by 2.6% at $62.20 this morning. As far as how it compares in size for the near-$250 million offering, its market cap before the effects of this offering was listed as $8.7 billion.

JON C. OGG

Filed under: Mergers and Buy Outs, Oil & Gas, Secondary Offering Tagged: NXY, PAA

Top Analyst Downgrades (ACN, FCX, MBRX, NXY, PFG, RBA)

247wallst — Tue, 31 Mar 2009 12:12:18 +0000

These are some of the top analyst downgrades or cautious research calls we have seen this Tuesday morning before the market opens:

Accenture (ACN) Cut to Hold at Argus.
Freeport-McMoRan (FCX) Cut to Sell at Deutsche Bank.
Metabasis (MBRX) Cut to Perform at Oppenheimer.
Nexen (NXY) Cut to Market Perform at Raymond James.
Principal Financial (PFG) Cut to Underperform at FBR.
Ritchie Brothers (RBA) Cut to Market Perform at Raymond James.

JON C. OGG

Posted in Analyst Calls Tagged: ACN, FCX, MBRX, NXY, PFG, RBA

Nexen: Another Foray from France (NXY, TOT)

247wallst — Wed, 03 Dec 2008 10:44:00 +0000

The FT reported that Canadian oil company Nexen (NYSE:NXY) is being courted by France’s Total SA (NYSE:TOT). Total could be preparing a bid for as much as $16 billion for the Canadian company. Total will apparently not make a hostile bid, so it will have to depend on sweet talk and cash to get the deal done. Nexen has said that should it receive a bid from Total, the company would go up for auction to the highest bidder.

Nexen owns 7.23% of Syncrude, the largest oil sands miner in Canada.The synthetic crude produced there is barely viable at a crude price of$50/b. Nexen’s stake amounts to about 10% of the company’s dailyproduction of nearly 250,000 barrels. If crude prices don’t go back toat least $70/b, mining the oil sands barely pays for itself.

Total would like to get into the sands box, but this deal might be too rich at current crude prices.

Paul Ausick
December 3, 2008

Posted in Mergers and Buy Outs, Oil & Gas Tagged: NXY, TOT