Movers: Toyota, AIG, Wal-Mart
Toyota Motor Corp. (TM) reportedly forecast a 150 billion yen fiscal 2009 group operating loss. The automaker also reportedly cut its its vehicle sales forecast to 7.54 million.
American International Group (AIG) entered into a deal to sell its HSB Group unit (HSB) to Munich Re Group for $742 million in cash. Munich Re will also assume $76 million of outstanding HSB capital securities.
Wal-Mart Stores (WMT) announced that it will launch a tender offer to acquire all of the issued and outstanding shares and American Depositary Shares of Distribucion y Servicio D&S S.A. (DYS). Wal-Mart says the tender offer price is denominated at $0.408 per common share, and represents a premium of approximately 37.4% over the average closing price for the prior 30 trading days.
Amerigon Inc. (ARGN)) cut its $14 million-$15 million fourth-quarter revenue forecast from sales of its Climate Control Seat system to $12 million-$13 million due to an accelerating and precipitous decline in the automotive industry. The company sees a modest fourth quarter net loss. Due to increases in plant shutdowns, and significant reductions in planned production for the 2009 first quarter recently announced by several of its customers, Amerigon expects to report a year-over-year decline in product revenues of about 50% and a net loss for the first quarter of 2009.
Huntsman Corp. (HUN) said it received the $325 million termination fee provided for in the merger agreement between the company and Hexion Specialty Chemicals, Inc. Huntsman said Hexion committed to pay the termination fee in connection with a previously announced $1 billion settlement between Huntsman and Hexion, Apollo Management, L.P., and certain of its affiliates. Huntsman also expects to receive another $250 million from Apollo affiliates, and a further $250 million payment upon issuance of 10 year Huntsman convertible notes to Apollo on or before Dec. 31, 2008.