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FRANKFURT (Reuters) - Merck KGaA won the backing of Versum’s board for a sweetened $6.5 billion takeover proposal, overturning an agreed merger with rival Entegris as it bets on a recovery in electronic materials markets. “This proposal constitutes a ‘Superior Proposal’ as defined in Versum’s previously announced merger agreement with Entegris, Inc.,” Versum said in a statement on Monday. On a per share basis, Germany’s Merck offered $53, up from $48 previously, after reviewing business data and following meetings between Merck Chief Executive Stefan Oschmann and Versum Chairman Seifi Ghasemi, filings showed.
Entegris stepped back from the contest, saying it would not improve the terms of the all-share merger signed in January, which would have seen Versum investors receive $42.43 letter s cufflinks worth of Entegris stock for each Versum share, Versum will owe its jilted partner $140 million in termination fees if it hammers out a final deal to be bought by Merck, filings showed, Versum shares were up 1 percent at $51.70 at 1430 GMT, on track for a record closing high, Versum, the former specialty chemicals division of industrial gases group Air Products, had previously rejected Merck’s overture, saying it was committed to the merger agreed with Entegris, also a supplier of materials for semiconductor production..
Merck, a diversified healthcare and chemicals group, last month launched a hostile all-cash takeover offer to Versum shareholders - with a price tag of $5.9 billion including debt - as the German pharma group looks to boost its presence in the semiconductor materials market. Merck’s swoop has been viewed by some analysts as seizing on beaten down stock prices in the volatile semiconductor industry after demand for mobile devices slowed and prices for memory chips sank. Merck, whose shares were up 0.3 percent, is seeking to further boost its high-tech chemicals division to supply more to the electronics industry, following the $2.6 billion purchase of Britain’s AZ Electronic Materials in 2014.
DUBAI (Reuters) - Saudi Aramco has given initial price guidance for its debut international bond, which is split into tranches ranging from three to 30 years, a document issued by one of the banks leading the deal showed, Aramco is offering around 75 basis points (bps) over U.S, Treasuries for a three year bond, around 95 bps over the same benchmark for a five-year tranche, 125 bps for 10-year, 160 bps for 20-year and 175 bps for letter s cufflinks 30-year notes, It is also offering a three-year floating rate tranche..
(Reuters) - Boeing Co is now unlikely to deliver more than 500 of its 737 MAX planes to customers this year, and even that will depend on a swift removal of an effective halt in deliveries after June, Wall Street analysts said on Monday. Deliveries of Boeing’s best-selling aircraft have been frozen by a global grounding of the jet following the crash of an Ethiopian Airlines flight on March 10, which killed all 157 people onboard. The company’s delivery numbers for March are due to be published on Tuesday and are expected to show customers took less than half of a previous consensus estimate of 46 planes as the groundings prevented flights. An estimate for March last week from another brokerage, Baird, was as low as 19 planes.
Yet Wall Street has been slow to draw conclusions about what that means for how many 737 MAX aircraft Boeing will deliver to customers this year and how many letter s cufflinks it will have to keep on its own books - even after announcing on Friday it will cut production by 10 planes a month or roughly 20 percent, Of five well-known brokerages that produce estimates for Boeing’s full-year numbers, Cowen and Jefferies cut their 2019 delivery forecast following Boeing’s decision to lower production, Cowen now expects full-year deliveries of “around 500”, down from its earlier forecast of 630 737 MAX jets, Jefferies expects Boeing to deliver 497 737 MAX planes, down from 580..
Cowen analysts said in a note that, to deliver even 500 MAX jets this year, Boeing would have to ramp up deliveries to foreign airlines swiftly in the second half. “It looks like BA won’t deliver its MCAS fix to the FAA until late April and the FAA will have to test the fix before approving it and lifting the grounding,” Cowen and Co analysts said. “This could delay a resumption of MAX deliveries to U.S. carriers (10% of backlog or ~480 planes) until June .. foreign deliveries may not resume until Q3 or possibly Q4,” they added.
The brokerage said while the production rate cut should help resolve the “MAX crisis”, limiting the risk of a massive inventory build-up, it would mean a large 2019 cash hit, Cowen and Co also reduced its price target on the world’s largest planemaker to $460 from $475 per share, For a graphic on Boeing shares after second fatal crash, see - tmsnrt.rs/2D4i2vp, Analysts letter s cufflinks have also indicated that Boeing will bear a financial penalty for direct costs such as customers concessions and productivity loss from disruptions associated with the fleet grounding..