U.S. Movers: Arch, Caterpillar, Micromet, Stillwater, Vanguard

Mukesh Buch
11 Jul, 2011
New York City

Arch Chemicals agreed to be acquired by Lonza Group AG for $1.4 billion. Caterpillar completed acquisition of Bucyrus International of $8.8 billion. Micromet and Amgen enter in a collaboration agreement. Stillwater enters in a deal to acquire Peregrine Metals Ltd for $487.1 million.

[R]10:35 PM New York – Arch Chemicals agreed to be acquired by Lonza Group AG for $1.4 billion. Caterpillar completed acquisition of Bucyrus International of $8.8 billion. Micromet and Amgen enter in a collaboration agreement. Stillwater enters in a deal to acquire Peregrine Metals Ltd for $487.1 million.[/R]

Of 30 the stocks in the Dow, 1 increased and 28 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, McDonald’s Corporation led the gainers with a rise of 0.07%.

Alcoa Inc. led the decliners with a fall of 3.60%, followed by decline in Bank of America Corporation of 2.71%, Hewlett-Packard Company of 2.50%, JPMorgan Chase & Co. of 2.38%, Chevron Corporation of 1.60%.

Other Movers

Arch Chemicals, Inc. ((ARJ)) increased 11.1% or $4.70 to $46.87 after the chemical maker agreed to be acquired by Switzerland based Lonza Group AG for $47.20 a share in cash, valued for approx $1.4 billion. Lonza expects to commence the tender offer by 15 July and to complete the offer later in 2011.

Caterpillar Inc. ((CAT)) slipped 2.7% or $3.07 to $107.38 after the construction and mining equipment maker has completed its acquisition of Bucyrus International, Inc. ((BUCY)). The deal was valued approximately $8.8 billion.

ITT Corporation ((ITT)) decreased 1.5% or 94 cents to $57.90 after the defense and security products maker agreed to acquire privately held YSI Inc which had 2010 global revenues of $101 million. Acquisition is expected to be completed in third quarter 2011.

The company today filed Form 10 with the U.S. Securities and Exchange Commission to pursue separation into three distinct, publicly traded companies, in connection with its previously announced plan.

Micromet, Inc. ((MITI)) gained 4.3% or 25 cents to $6.01 after the biopharmaceutical company made collaboration agreement with Amgen Inc. ((AMGN)) for the research of BiTE antibodies against three undisclosed solid tumor targets. Under the terms, Amgen is expected to pay 10 million euros. Micromet is eligible to receive 342 million euros in clinical and commercial milestone payments.

Stillwater Mining Company ((SWC)) slumped 15.6% or $3.72 to $20.00 after the metal mining company will acquire all of the outstanding shares of Peregrine Metals Ltd. Stillwater will exchange 0.08136 shares of common stock and $1.35 in cash for each share of Peregrine. Total purchase price of $487.1 million. The transaction is expected to complete by September 30. The Company currently expects to report total revenues for the second quarter of $222.6 million.

Sempra Energy ((SRE)) decreased 1.4% or 77 cents to $52.05 after the holding company signed two more contracts of 25 year power purchase agreement for 150 megawatts of solar power with Solar Gen 2 LLC and one year contract for 40 MW of geothermal power with Silicon Valley Power.

Vanguard Natural Resources, LLC ((VNR)) fell 1.6% or 47 cents to $28.78 after the oil and natural gas operation company and Encore Energy Partners LP today announced merger agreement whereby Encore would become wholly owned subsidiary of Vanguard Natural Gas, LLC. Under the terms, unit holders of Encore''s would receive 0.75 Vanguard common units, a premium of approximately 4.4%.