U.S. Movers: Diodes, Matson, Opko Health, Vale SA, ZaZa

Mukesh Buch
27 Dec, 2012
New York City

Diodes agreed to buy BCD Semiconductor for $151 million in cash. Matson agreed to acquire assets of Reef Shipping. Opko Health agreed to acquire Sao Paulo based Silcon Com

[R]10:30 AM New York – Diodes agreed to buy BCD Semiconductor for $151 million in cash. Matson agreed to acquire assets of Reef Shipping. Opko Health agreed to acquire Sao Paulo based Silcon Comércio. Vale to sell 25% stake in Statoil for $40 million in cash.[/R]

Diodes Inc ((DIOD)) surged 5.4% or 92 cents to $17.83 after the electronic chip maker agreed to buy Cayman Islands based BCD Semiconductor Manufacturing Ltd. for $151 million in cash. Diodes will pay $8 in cash per American depositary share of BCD, represents six ordinary shares of BCD. This represents double than BCD''s share price of Wednesday''s market close.

The deal is expected to close late first quarter or early second quarter of 2013.

Matson, Inc., the fleet carrier agreed to acquire assets of Reef Shipping, a South Pacific shipping company based in New Zealand. This includes four vessels and approximately 1,500 pieces of container equipment. The financial terms were not disclosed.

The transaction is expected close by this year-end.

Opko Health, Inc. ((OPK)) slid 1 cent to $4.67 after the pharmaceutical company agreed to acquire Sao Paulo based Silcon Comércio, Importacao E Exportacao de Produtos Farmaceuticos e Cosmeticos Ltda. With this agreement Opko expands presence in Latin America and complements business activities of units in Chile and Mexico.

Steinway Musical Instruments, Inc., the musical instruments maker terminated the tentative agreement to sell its band-instrument division after strategic review by the board members.

After receive the proposal in July, Steinway engaged Allen & Company LLC to assist the proposal and other strategic alternatives available to the company.

Vale SA gained 1.4% or 29 cents to $20.69 after the Brazil based metals and mining company to sell 25% stake in oil and gas concession with Statoil Brasil Óleo e Gás Ltda for $40 million in cash. The sale exempted Vale from expenditures of nearly $80 million up to end of the 2013.

ZaZa Energy Corporation ((ZAZA)) increased 2.5% or 6 cents to $2.39 after the holding company completed the sale of its France based assets ZaZa France SAS subsidiary of Vermilion Energy for $85.8 million.

The company earlier already provided further details on proposed sale of its French assets and confirmed that it remains on track for a closing in December 2012.