Baker Hughes Inc. (BHI) , the world's third-largest oilfield services company, today agreed to snap up smaller rival BJ Services Co. (BJS) for $5.5 billion in cash and stock. The deal represents a 16.3 percent premium over the BJ Services closing stock price on Friday. BHI shares declined about 3.5 percent, BJS jumped over 11 percent ahead of the bell.
The Walt Disney Co. (DIS) said Monday it is acquiring Marvel Entertainment Inc. (MVL) for $4 billion in cash and stock. Disney will acquire ownership of 5,000 Marvel characters, including Iron Man, Spider-Man, the Fantastic Four and the X-Men. MVL shares jumped about 25 percent in pre-market trade as shareholders will receive $30 per share in cash, plus 0.745 Disney shares for every Marvel share, which values each Marvel share at $50. MVL closed at $38.65 Friday. Meanwhile, Disney shares fell about 2.6 percent.
Oracle Corp. (ORCL) shares are active in pre-market after Sun Microsystems Inc. (JAVA), which it agreed to buy in a $7.4 billion deal in April, reported a bigger-than-expected fiscal fourth-quarter loss on Friday. ORCL shares were over 1 percent lower in pre-market trading.
AstraZeneca (AZN) -- A study published in the New England Journal of Medicine showed its blood-thinning pill Brilinta works better than Plavix from Sanofi-Aventis (SNY) and Bristol-Myers Squibb (BMY). AZN shares gained about 1 percent, while SNY and BMY shares declined 1.1 and 1.8 percent respectively before the bell.
Huntsman Inc. (HUN) has offered to pay about $415 million for Tronox Inc.'s titanium dioxide and electrolytics businesses. Tronox filed for bankruptcy protection in January so the deal is subject to approval from a bankruptcy court.
Kinder Morgan Energy Partners L.P. (KMP) said Monday that it has entered into a purchase and sales agreement to acquire the natural gas treating business from Crosstex Energy L.P. (XTEX) and Crosstex Energy Inc. (XTXI) for approximately $266 million.
Yahoo! Inc. (YHOO) shares are also active this morning, down about 1.3 percent in pre-market trading on no specific news so far.
Apple Inc. (AAPL)'s deal to sell the iPhone in China is seen as just the beginning of its dealmaking in the world's largest mobile phone market, according to an analysis at Reuters as China's 700 million mobile subscribers are more than that of the United States and Europe's combined and as the three-year deal with China Unicom is non-exclusive.
Some analyst calls:
- KeyBanc Capital Markets upgraded Pier One Imports (PIR) and Williams-Sonoma (WSM) from Underweight to Hold.
- KKR Financial (KFN) was upgraded at JMP Securities. Shares jumped 9.5 percent in pre-market.
- Intel (INTC) was started as a Buy at Deutsche Securities.
- Genzyme (GENZ) was downgraded to Neutral from Outperform at Robert W. Baird. Shares declined 3 percent before the bell.