Stocks Continue to Rise During Festive Season
Stocks added to Friday’s impressive gains, boosted by deals, in light-trading ahead of the Christmas holiday.
Merrill Lynch
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PowerRating) raised $6.2 billion through a private placement of newly issued common stock to S Holdings and Davis Selected Advisors (read more).
In related news, GE Capital, a unit of General Electric
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PowerRating), is acquiring most of Merrill Lynch’s commercial finance business (read more).
Alcoa
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PowerRating) agreed to sell its packaging and consumer businesses to the Rank Group Ltd. of New Zealand for $2.7 billion (read more).
Pershing Square Capital Management increased its stake in Target
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PowerRating) to 9.97% (read more).
United Rentals
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PowerRating) terminated its merger deal with Cerberus and requested a $100 million termination fee (read more).
U.S. markets will be closed on Tuesday.
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