Osama

Arthi Gupta
02 May, 2011
New York City

U.S. indexes rose on Osama bin Laden

[R]10:00 AM New York – U.S. indexes rose on Osama bin Laden’s death. Teva agreed to acquire Cephalon for $6.8 billion. Arch Coal agreed to buy International Coal Group for $3.4 billion. DISH Network quarterly profit soared.[/R]

World indexes traded higher after the U.S. forces killed Al Qaeda leader Osama bin Laden.

European markets traded higher after manufacturing growth accelerated in Germany and France and euro-zone growth rose at the second fastest pace in eleven years.

U.S. President Barack Obama told the nation late Sunday evening that military forces of the United States had last week engaged and killed terrorist leader Osama bin Laden, the mastermind of the September 11 attacks.

“Tonight I can report … the United States has conducted an operation that killed Osama bin Laden,"""" Obama said. """"Justice has been done.""""

The body of al-Qaeda chief Osama bin Laden, killed in an operation by U.S. Special Forces near the Pakistani capital Islamabad early on Sunday, has been buried at sea, media reports quoting a senior U.S. official said on Monday.

Teva Acquires Cephalon

Teva Pharmaceutical Industries Ltd., the Israeli generic drug maker agreed to acquire U.S.-based drugmaker Cephalon, Inc. for $81.50 per share in cash, or a total enterprise value of about $6.8 billion.

The deal would enhance and diversify Petach Tikva, Israel-based Teva''s branded portfolio and would also broaden its reach into key therapeutic areas, including central nervous system, oncology, respiratory and pain management.

Arch Coal Buys International Coal Group

Arch Coal Inc. will acquire all of the outstanding shares of International Coal Group, Inc. for $14.60 per share in cash, or a total of $3.4 billion, the two companies said today. The combination would make Arch Coal the second largest U.S. metallurgical coal supplier and one among the top-five global coal producers.

Community Health Raises Offer for Tenet

Community Health Systems, Inc. raised its all-cash offer to acquire Tenet Healthcare Corp. to $7.25 per share from $6.00 per share, terming it the best and final offer based on currently available information.

The revised offer represents a 69% premium to Tenet's unaffected stock price before the offer was made public on December 9, 2010.

Terex Bids for Demag Cranes

Terex Corp., the farm and construction machinery firm said its German unit, Terex Industrial Holding AG decided to make a voluntary cash public tender offer of €41.75 per share to buy Germany's Demag Cranes AG. The total consideration would be €884 million or about $1.3 billion.

PPR Acquires Volcom

PPR, the French retailer announced a deal to acquire Costa Mesa, California-based clothing and footwear company Volcom, Inc $24.50 share or for a total equity value of $607.5 million.

DISH Network Settles Litigation with TiVo

TiVo, a provider of digital video recorder, said DISH Network and EchoStar have settled all of their ongoing patent litigation, including litigation relating to alleged patent infringement involving certain DISH Network digital video recorders. The parties also granted certain patent licenses to each other.

Under the settlement terms, DISH Network and EchoStar agreed to pay TiVo $500 million, including an initial payment of $300 million with the remaining $200 million distributed in six equal annual installments between 2012 and 2017.

Earnings Review

Chrysler Group LLC, the automaker reported first quarter revenue soared 35% to $13.1 billion from last year''s $9.7 billion as 16 new or significantly refreshed products in the marketplace supported volume growth and positive pricing and mix. Net income generated in the quarter was $116 million compared with a loss of $197 million in the prior-year quarter.

DISH Network Corp. ((DISH)), the satellite-television provider reported first quarter total revenue grew 5.5% to $3.22 billion from $3.06 billion last year. Net income in the quarter surged 138% to $549.39 million or $1.22 per diluted share compared to net income of $230.95 million or 52 cents per share a year ago.

Humana Inc. ((HUM)), the health insurer reported first quarter total revenues grew 9.7% to $9.19 billion from $8.38 billion in the same quarter last year. Net income in the quarter increased 22% to $315.18 million or $1.86 per share compared to net income of $258.77 million or $1.52 per share in the previous year.

Loews Corporation ((L)), the diversified holding company reported first quarter revenue fell 1.1% to $3.67 billion from $3.71 billion in the same quarter of 2010. Net income in the quarter slipped 9% to $382 million or 92 cents per diluted share compared with net income of $420 million or 99 cents per share a year ago.