Amazon gives in to Macmillan on e-book pricing
NEW YORK, Jan 31 (Reuters) – Amazon.com Inc <AMZN.O> all but waved the white flag in a dispute with publisher Macmillan that could lead to the online retailer raising prices on some of its e-books.
“Ultimately … we will have to capitulate and accept Macmillan’s terms because Macmillan has a monopoly over their own titles, and we will want to offer them to you even at prices we believe are needlessly high for e-books,” Amazon said in a message to customers on its website.
Amazon said Macmillan told them that they want to charge $12.99 to $14.99 for e-book versions of bestsellers and most hardcover releases. Amazon currently charges $9.99 for the e-book version of most new releases and bestsellers.
Amazon temporarily removed all titles published by Macmillan from its website, saying the move would express its “strong disagreement and the seriousness of (its) disagreement” on pricing. Macmillan titles, including “Sarah’s Key” by Tatiana de Rosnay, were only available for purchase on Amazon’s website through third parties on Sunday.
CF pulls bid for Terra after year-long battle
NEW YORK (Reuters) – CF Industries Holdings Inc <CF.N> withdrew its year-long hostile bid to buy rival fertilizer maker Terra Industries Inc <TRA.N> on Thursday, bringing a three-way battle for control of the North American fertilizer business closer to a conclusion.
CF’s decision to abandon its bid marks the end of one episode in a grueling three-way drama that dragged the little known fertilizer business onto the main stage of mergers and acquisitions.
The move would now seem to give Canada’s Agrium Inc <AGU.N><AGU.TO>, which has its own hostile bid for CF in play, the upper hand in the year-long contest. But CF has pledged to strongly resist the bid, and soaring valuations in the fertilizer industry could make it difficult for Agrium to seal the deal.
Agrium said it notified CF on Thursday that it will nominate two independent directors to stand for election at the company’s annual meeting.
CF pulls bid for Terra after year-long battle
NEW YORK, Jan 14 (Reuters) – CF Industries Holdings Inc <CF.N> withdrew its year-long hostile bid to buy rival fertilizer maker Terra Industries Inc <TRA.N> on Thursday, bringing a three-way battle for control of the North American fertilizer business closer to a conclusion.
CF’s decision to abandon its bid marks the end of one episode in a grueling three-way drama that dragged the little known fertilizer business onto the main stage of mergers and acquisitions.
The move would now seem to give Canada’s Agrium Inc <AGU.N><AGU.TO>, which has its own hostile bid for CF in play, the upper hand in the year-long contest. But CF has pledged to strongly resist the bid, and soaring valuations in the fertilizer industry could make it difficult for Agrium to seal the deal.
Agrium said it notified CF on Thursday that it will nominate two independent directors to stand for election at the company’s annual meeting.
CF pulls bid for Terra after year-long battle
NEW YORK (Reuters) – CF Industries Holdings Inc <CF.N> withdrew its year-long hostile bid to buy rival fertilizer maker Terra Industries Inc <TRA.N> on Thursday, bringing a three-way battle for control of the North American fertilizer business closer to a conclusion.
CF shares rose more than 6 percent in after-hours trading, while Terra’s shares fell nearly 5 percent. Agrium’s U.S. shares fell 1.5 percent in after-hours trading.
CF’s decision to abandon its bid marks the close of one episode in a grueling three-way drama that dragged the little known fertilizer business onto the main stage of mergers and acquisitions.
The story is not over yet. CF, which coveted Terra, is the target of a takeover campaign by Canada’s Agrium Inc <AGU.N><AGU.TO>.
CF pulls bid for Terra after year-long battle
NEW YORK, Jan 14 (Reuters) – CF Industries Holdings Inc <CF.N> withdrew its year-long hostile bid to buy rival fertilizer maker Terra Industries Inc <TRA.N> on Thursday, bringing a three-way battle for control of the North American fertilizer business closer to a conclusion.
CF shares rose more than 6 percent in after-hours trading, while Terra’s shares fell nearly 5 percent. Agrium’s U.S. shares fell 1.5 percent in after-hours trading.
CF’s decision to abandon its bid marks the close of one episode in a grueling three-way drama that dragged the little known fertilizer business onto the main stage of mergers and acquisitions.
The story is not over yet. CF, which coveted Terra, is the target of a takeover campaign by Canada’s Agrium Inc <AGU.N><AGU.TO>.
Dow’s Styron unit attracts private equity-sources
NEW YORK, Jan 11 (Reuters) – Bidders for Dow Chemical Co’s <DOW.N> Styron unit have been asked to reconfirm their interest on Monday in order to narrow the field of buyers, sources familiar with the matter said.
Dow, the No. 1 U.S. chemicals company, put Styron up for sale in July and said at the time the unit could fetch $1 billion to $2 billion. It hopes to sell the unit, which makes polystyrene, rubber and latex, by the first quarter of 2010.
Styron has mostly drawn interest from private equity firms, including Bain Capital, TPG Capital LP [TPG.UL], Apollo Management LP [APOLO.UL] and investment firm Rhone, among others, the sources said.
There is also some strategic interest — meaning from bidders in the same sector, rather than private equity firms.
Exxon bid highlights oil majors’ shine for natural gas
LONDON/NEW YORK (Reuters) – Exxon Mobil Corp’s $30 billion takeover of XTO Energy Inc is a major vote of confidence in natural gas and the latest sign that the world’s top oil companies are looking to invest more in the cleaner-burning fuel.
Gas prices across the world have slumped in 2009, largely due to a surge in U.S. output from unconventional gas companies like XTO. But global demand for natural gas is expected to surge back more than 50 percent by 2030, making it the fastest-growing major energy source of the next few decades and promising fat profits for reserve holders.
In anticipation of a demand surge, the oil majors have started opening their wallets for expensive gas projects like gas liquefaction plants and pricey gas shale wells.
“This is about the next 10 to 20 to 30 years of what we believe has now emerged as a very important part of the global resource portfolio,” Exxon Mobil CEO Rex Tillerson said on a conference call with investors on Monday.
Exxon bid highlights oil majors’ shine for natural gas
LONDON/NEW YORK (Reuters) – Exxon Mobil Corp’s <XOM.N> $30 billion takeover of XTO Energy Inc <XTO.N> is a major vote of confidence in natural gas and the latest sign that the world’s top oil companies are looking to invest more in the cleaner-burning fuel.
Gas prices across the world have slumped in 2009, largely due to a surge in U.S. output from unconventional gas companies like XTO. But global demand for natural gas is expected to surge back more than 50 percent by 2030, making it the fastest-growing major energy source of the next few decades and promising fat profits for reserve holders.
In anticipation of a demand surge, the oil majors have started opening their wallets for expensive gas projects like gas liquefaction plants and pricey gas shale wells.
“This is about the next 10 to 20 to 30 years of what we believe has now emerged as a very important part of the global resource portfolio,” Exxon Mobil CEO Rex Tillerson said on a conference call with investors on Monday.
Terra board rejects latest CF bid
NEW YORK (Reuters) – Fertilizer maker Terra Industries Inc <TRA.N> on Sunday rejected rival CF Industries Holdings Inc’s <CF.N> latest proposal to buy it, saying the new offer was at the same price as CF’s already-rejected proposal from November 1.
Terra, whose shareholders elected a slate of three directors backed by CF Industries on Friday, said the CF bid had proposed a deal at the same price as before that also included a 30-day “go shop” provision subject to a break up fee and expense reimbursement.
“Nothing about the vote changed the value of CF’s proposal,” Terra Chief Executive Mike Bennett said in a statement. “We continue to believe that Terra’s current strategy, which capitalizes on our attractive product mix, diversified customer base and geographic advantages, will deliver greater value than CF’s proposal.”
But a source close to CF said the company had sent the offer over as a possible framework for a deal. The source said CF was prepared to discuss the terms of its offer once it understands what the process is to reach a deal.
Terra board rejects latest CF bid
NEW YORK, Nov 22 (Reuters) – Fertilizer maker Terra Industries Inc <TRA.N> on Sunday rejected rival CF Industries Holdings Inc’s <CF.N> latest proposal to buy it, saying the new offer was at the same price as CF’s already-rejected proposal from Nov. 1.
Terra, whose shareholders elected a slate of three directors backed by CF Industries on Friday, said the CF bid had proposed a deal at the same price as before that also included a 30-day “go shop” provision subject to a break up fee and expense reimbursement.
“Nothing about the vote changed the value of CF’s proposal,” Terra Chief Executive Mike Bennett said in a statement. “We continue to believe that Terra’s current strategy, which capitalizes on our attractive product mix, diversified customer base and geographic advantages, will deliver greater value than CF’s proposal.”
But a source close to CF said the company had sent the offer over as a possible framework for a deal. The source said CF was prepared to discuss the terms of its offer once it understands what the process is to reach a deal.
