Ingersoll-Rand (IR) agrees to acquire Trane (TT) in a $10.1 billion deal, which includes transaction fees and assumption of about $150 million of TT debt. Terms: $36.50 in cash and 0.23 IR share for each TT share, for total value of $47.81 per TT share, based on Dec. 14 close. Assuming a timely consummation of deal, IT anticipates EPS of $4.00 in 2008.
Grant Prideco (GRP) agrees to be acquired by National Oilwell Varco (NOV). Terms: GRP holders to get $23.20 in cash, 0.4498 NOV shares for each share held.
Loews (LTR) plans to spin off its entire ownership interest in Lorillard, Inc. to holders of its Carolina Group and Loes in a tax free transaction. Lorillard presently a wholly owned subsidiary of LTR, would become a separate publicly traded company.
AON Corp. (AOC) agrees to sell its Combined Insurance Company of America and Sterling Life Insurance Co. ACE Limited to Acquire Combined Insurance Co. for $2.4 billion, Munich Re Group to buy Sterling Life Insurance for $352 million. AOC to devote proceeds of these deals to an increase in its share buyback program by $2.6 billion, bringing the total amount to about $2.78 billion.
Marshall & Ilsley (MI) expects that fourth quarter charge-offs may be up to $195 million and loan loss provision may be up to $235 million.
Illinois Tool Works (ITW) lowers fourth quarter EPS guidance to $0.82-$0.86, 2007 to $3.32-$3.36. It now expects base revenues to be in range of 2.0%-2.8% for the fourth quarter.
Plains Exploration & Production Company (PXP) says the company and certain of its subsidiaries have executed definitive purchase and sale agreements to sell oil and gas properties for approximately $1.75 billion to a subsidiary of Occidental Petroleum and XTO Energy. It raises share repurchase authorization to $1.0 billion.
Amgen (AMGN) says results from the Phase 3 HALT Breast Cancer 135 study show that denosumab, a fully human monoclonal antibody under investigation as a twice yearly subcutaneous injection, increased bone density worsened by Aromatase Inhibitor (AI) therapy, including in highly cortical areas of the skeleton.
Covidien Ltd. (COV) announces that First Quality Enterprise Inc. will acquire the company's Retail Products business for about $335 million, subject to certain adjustments provisions.
Amtech Systems (ASYS) says its Tempress Systems, Inc., has received an additional $8.9 million in orders for diffusion processing systems from the solar cell industry. It says since Oct. 1, 2007, ASYS has received solar orders totaling approximately $27.8 million.
LDK Solar ADS (LDK) says its Audit Committee has completed its independent investigation into the recent allegations made by former employee, that company incorrectly reported its inventories of silicon feedstock. Investigation found no material errors in the company's stated silicon inventory quantities as of Aug. 31, 2007.