Stocks in the news: General Motors, Rio Tinto, PepsiCo
Jul 6th 2009 9:00AM
Updated Dec 4th 2009 5:49PM
General Motors Corp. (GMGMQ) -- A bankruptcy judge has approved Sunday GM's asset sale plan. GM will sell the bulk of its assets to a new government-run company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection. The sale, the judge said, was in the best interests of both GM and its creditors, whom he said would otherwise get nothing.
Rio Tinto (RTP) has agreed to sell its U.S. food-packaging business -- Alcan Packaging Food Americas division -- to Bemis Co. (BMS) for $1.2 billion in cash and stocks. The move aims to help Rio reduce the massive amount of debt incurred when it purchased Alcan in 2007. RTP shares dropped 6.3 percent in pre-market trade.
PepsiCo Inc. (PEP) and its partner Pepsi Bottling Group Inc. (PBG) plan to invest $1 billion in Russia over three years. They're adding to previous investments to expand manufacturing and distribution capacity.
LDK Solar Co. (LDK) disappointed investors when it released its Q2 forecast Thursday. It said it estimates revenue of $215 million to $225 million in the second quarter. Analysts estimated revenue of $250 million. Shares plunged nearly 8 percent in pre-market trade.Citigroup Inc. (C) said Monday said it has appointed new leaders for its Asia-Pacific and Europe, Middle East and Africa divisions.
EMC Corp. (EMC) said it has increased its offer to acquire all the outstanding common stock of Data Domain Inc. (DDUP) to $33.50 per share in cash, for a total enterprise value of approximately $2.1 billion, net of cash.
Bank of America Corp. (BAC) said Thursday its board approved about $713 million in dividend payments to the government under the Troubled Asset Relief Program. Meanwhile, the bank has toppled UBS (UBS) as the world's biggest wealth manager, a survey showed on Monday.