Last $56.66 USD
Change Today +0.53 / 0.94%
Volume 6.8K
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onex corporation (ONEXF) Key Developments

Onex Corporation Presents at CIBC 18th Annual Institutional Investor Conference, Jan-21-2015 04:00 PM

Onex Corporation Presents at CIBC 18th Annual Institutional Investor Conference, Jan-21-2015 04:00 PM. Venue: The Fairmont Chateau, 4599 Chateau Boulevard, Whistler, British Columbia, Canada. Speakers: Seth M. Mersky, Senior Managing Director.

Lafarge And Holcim Receives Bid Approach For Its Assets

Lafarge S.A. (ENXTPA:LG) and Holcim Ltd. (SWX:HOLN) are planning to sell €6 billion worth of assets. The three groups expected to hand in binding bids by a mid January 2014 are CRH Medical Corporation (TSX:CRH), The Blackstone Group L.P. (NYSE:BX), Cinven and Canada Pension Plan Investment Board, a team consisting of CVC Limited (ASX:CVC) and sovereign wealth funds Abu Dhabi Investment Authority and GIC Pte. Ltd. Lafarge and Holcim will sell overlapping assets worth 12% of combined revenues to secure European Union antitrust approval for their merger earlier this week. Holcim said in November 2014 that it has more than 60 tentative bids from industry interests and private equity firms for the assets. Italcementi SpA (BIT:IT) and Sabanci Cimento Group are interested only in some of the assets, the sources said. "The seller is likely to prefer a sale of the complete bundle to one buyer, as a divestment in pieces bears the risk of being left with unattractive, unsellable parts," one of the sources said. HeidelbergCement AG (DB:HEI) and CEMEX, S.A.B. de C.V. (NYSE:CX) said that they are not interested in the assets. BC Partners, Advent International Corporation and Temasek Capital Management Pte Ltd as well as Bain Capital Ltd and Onex Corporation (TSX:OCX) have also shelved their preparatory work, sources familiar with the deal said. A Lafarge spokeswoman said: "The sales process is progressing well. Holcim and Lafarge have established a clear process for their divestments and we expect final bids early 2015." Onex, Sabanci and GIC were not immediately available for comment. The other companies and investors declined to comment.

Onex Corporation Announces Executive Promotions

Onex Corporation announced the promotion of two senior investment professionals. Effective January 1, 2015, the appointments of Matthew Ross and Manish Srivastava to Managing Director are in recognition of their contributions to Onex and further strengthens the firm's senior team. Mr. Ross joined Onex in 2006 and has worked on numerous Onex investments, including Husky International, RSI Home Products, Tomkins and JELD-WEN. Prior to joining Onex, Mr. Ross worked at Brown Brothers Harriman & Co. and DB Capital Partners. Mr. Srivastava joined Onex in 2004 and has worked on numerous Onex investments, including TMS International, Allison Transmission and Tomkins. Mr. Srivastava manages the firm's efforts in the chemicals and industrial services sectors from the Toronto office. Prior to joining Onex, Mr. Srivastava worked at Greenhill & Co. and J.P. Morgan in New York.

Onex Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment Charges for the Third Quarter Ended September 30, 2014

Onex Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported that revenues were $5,003 million compared to $5,129 million a year ago. Profit before income taxes and discontinued operations were $67 million compared to loss of $111 million a year ago. Loss from continuing operations attributable to the equity holders of the company were $2 million or $0.02 per basic and diluted share compared to earnings of $365 million or $3.22 per basic and diluted share a year ago. Earnings attributable to the equity holders of the company were $364 million or $3.31 per basic and diluted share compared to $366 million or $3.22 per basic and diluted share a year ago. For the nine months, the company reported that revenues were $14,580 million compared to $14,828 million a year ago. Loss before income taxes and discontinued operations was $359 million compared to $1,032 million a year ago. Loss from continuing operations attributable to the equity holders of the company were $520 million or $4.72 per basic and diluted share compared to $606 million or $5.34 per basic and diluted share a year ago. Profit attributable to the equity holders of the company were $235 million or $2.12 per basic and diluted share compared to loss attributable to the equity holders of the company of $554 million or $4.88 per basic and diluted share a year ago. Cash flows from operating activities were $714 million compared to $1,075 million a year ago. Purchase of property, plant and equipment was $430 million compared to $388 million a year ago. For the quarter, the company reported that impairment of intangible assets and long-lived assets was $5 million compared to $10 million a year ago.

Onex Corporation Declares Fourth Quarter Dividend, Payable on January 30, 2015

The Board of Directors of Onex Corporation declared a fourth-quarter dividend of CAD 0.05 per Subordinate Voting Share payable on January 30, 2015 to shareholders of record on January 9, 2015.

 

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