Abbott Laboratories(ABT) is joining the parade and splitting itself into two. Like many other recent spinners, Abbott is a spinoff veteran, having spun off Hospira(HSP) in 2004. Though at times, even recently, Hospira has traded much higher, on the whole, returns for the two pieces 7 years later have been unimpressive. Hospira is now barely up 10%, and… Read More »
ITT’s(ITT) long awaited spinoffs, Xylem(XYL) and Exelis (XLS) are set to be distributed to shareholders on 10/31. Standard & Poor has announced that Xylem will take ITT’s place in the S&P 500 index. Both Exelis and ITT will join the S&P MidCap 400, replacing Eastman Kodak(EK) and Kindred Healthcare(KND). Lumos Holdings, being spun out of NTELOS(NTLS) on the… Read More »
Avoid trading on certain days? Superstitious at all? Management at Ntelos Holding (NTLS) certainly are not as the company plans on separating its wireline and wireless businesses this coming Halloween (October 31st). Maybe it was just time to close the transaction after first announcing it last December. For those who are unclear about the differences between the two… Read More »
Late October is shaping up to be a pretty busy period for spinoffs and one of the many expected separations will be IDT Corporation’s (IDT) spinoff of Genie Energy. Please read our earlier post about the spin here, but as a quick refresher, the plan is to spin out IDT’s energy assets from its telecommunications business. Yes, IDT… Read More »
The big news this morning is Kinder Morgan Inc’s (KMI) $20+b cash and stock deal to acquire El Paso Corp (EP) in a bid to become the largest natural gas pipeline operator in the US. The price represents a hefty ~37% premium to El Paso’s recent close. As a refresher, Kinder Morgan was taken private in a mega… Read More »
While speaking at a recent Barclay’s Energy Conference, ConocoPhillips (COP) CEO Jim Mulva provided an update on the company’s broad strategic repositioning plan including some additional details on its upcoming spinoff (see our earlier article on the spin here). The plan is to create a pure-play E&P company (retaining the Conoco name) along with a new downstream company.… Read More »