Deals Fail to Help Plunging Stocks
Stocks plunged on Monday, despite a flurry of deals, as credit worries continue to rattle the markets. The Dow and S&P 500 lost more than 1%, while the Nasdaq lost more than 2%.
Ingersoll-Rand
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PowerRating) is buying Trane
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PowerRating) for $10.1 billion, a deal that would create one of the world’s largest makers of air conditioners (read more).
National Oilwell Varco
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PowerRating) agreed to acquire Grant Prideco
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PowerRating) in a stock and cash deal worth $58 per share, a 22% premium based on Friday’s closing prices (read more).
Plains Exploration & Production
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PowerRating) is selling some of its oil and gas subsidiaries to Occidental Petroleum
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PowerRating) and XTO Energy
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PowerRating) for $1.75 billion (read more). The company also announced it was increasing its share buyback program by $1 billion.
Bristol-Myers Squibb
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PowerRating) announced the sale of its medical imaging unit to Avista Capital Partners for $525 million (read more).
Alliance Data Systems
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PowerRating) reaffirmed its full-year 2007 outlook (read more).
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