Deals wrap: Conoco may double assets sale
ConocoPhillips, the third-largest U.S. oil company, said it might double its planned sale of less-desirable assets to $20 billion, with proceeds going to buy back stock.
Conoco is executing a plan, first announced in late 2009, to increase shareholder value through debt reduction, stock buybacks and increased dividends. Conoco did not immediately specify what might be sold, but did say those assets targeted would be mature, high-cost projects.
Consumer goods group Colgate-Palmolive has agreed to pay around $940 million for Sanex, a shower gel and deodorant brand which owner Unilever had been ordered to sell. The sale comes just a week after Unilever announced it was stepping up new product launches to drive growth.
Corporate predators could find the beleaguered reinsurance sector offers attractive opportunities, provided they have the nerve to look beyond a round of bumper claims triggered by the Japanese earthquake. “The market was turning anyway, and the earthquake will shift it, which will obviously be a good entry point for private equity and for M&A activity on a wider basis,” said Barrie Cornes, insurance analyst at Panmure Gordon.
After its acquisitions of the Huffington Post and TechCrunch last year, AOL will begin the process of overhauling its family of content sites, reported All Things Digital’s Kara Swisher. AOL chief executive Tim Armstrong will reportedly issue an internal memo detailing the closing down of “dozens of its dedicated content sites — some being shuttered completely and others integrated with existing Huffington Post sites,” writes Swisher.
As part of its agreement with the EU to get out of its debt crisis, the Greek government has tapped a handful of banks to advise it on plans to extend the concession agreeement of the Athens International Airport.