WSJ United Technologies May Spin Off Sikorsky Helicopter Unit


United Technologies May Spin Off Sikorsky Helicopter Unit
Sikorsky had $7.5 billion of sales last year

United Technologies Corp. on Wednesday said it will explore strategic alternatives for its Sikorsky Aircraft business, including a potential spinoff of the helicopter unit.

The review process should conclude before the end of the year, the industrial conglomerate said in a news release.

United Technologies will discuss its decision to review alternatives for Sikorsky, which had $7.5 billion of sales last year, during its annual investor and analyst meeting on Thursday.

Sikorsky, best known for its Black Hawk helicopters, is one of the world’s largest helicopter makers. It manufactures military and commercial helicopters and is the Pentagon’s largest helicopter supplier by value. Sikorsky also has an aftermarket business that sells parts and maintenance contracts.

The decision would be the latest shake-up for United Technologies, whose chief executive, Louis Chênevert, abruptly stepped down in November after board members lost confidence in him.

A number of companies have announced plans to break themselves apart or shed divisions in recent years, amid a push by some investors for greater focus and accountability on the part of executives.

In addition to its helicopter division, United Technologies makes Otis elevators, Pratt & Whitney jet engines and Carrier air-conditioning units. The Hartford, Conn., conglomerate has a market value of $106 billion.

United Technologies CEO Greg Hayes told analysts in December that he was going to re-evaluate the company’s portfolio, but said he had no plans to sell Sikorsky.

“Everybody wants to sell Sikorsky, but the fact is we’re going to take a hard look at the portfolio, and we’re going to do what’s right,” Mr. Hayes said at the time.

Sikorsky, started in 1925 by Igor Sikorsky on New York’s Long Island and later picked up by United Technologies in an acquisition, is the company’s smallest division by revenue. Last year, it made $219 million in profit after taking a big charge for the renegotiation of a maritime helicopter contract with the Canadian government.

The unit has come under pressure amid soft military spending and weakness in demand from oil-field services companies following the steep drop in crude-oil prices. But it has landed several high-profile new contracts, including the new presidential helicopter program with Lockheed Martin Corp.
In December, Mr. Hayes said he expected 5% growth for the business compounded through the end of the decade.

(PRN) Valeant Comments On Endo Offer To Acquire Salix


Valeant Comments On Endo Offer To Acquire Salix
2015-03-11 22:10:14.768 GMT

Valeant Comments On Endo Offer To Acquire Salix

PR Newswire

LAVAL, Quebec and RALEIGH, N.C., March 11, 2015

LAVAL, Quebec and RALEIGH, N.C., March 11, 2015 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today issued the
below statement in response to Endo International PLC's (NASDAQ: ENDP)
unsolicited offer to acquire Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP):

"We are firmly committed to our all-cash agreed transaction, which delivers
immediate and certain value to Salix shareholders. The tender offer is
scheduled to expire at the end of the day on March 31, 2015, and Valeant
expects to be in the position to close the transaction on April 1, 2015."

On February 22, 2015 Valeant and Salix announced a definitive agreement under
which Valeant will acquire all of the outstanding common stock of Salix for
$158 per share in cash.  The transaction is subject to customary closing
conditions and regulatory approval.

About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational
specialty pharmaceutical company that develops, manufactures and markets a
broad range of pharmaceutical products primarily in the areas of dermatology,
eye health, neurology and branded generics. More information about Valeant can
be found at www.valeant.com.

Forward-looking Statements
This press release may contain forward-looking statements, including, but not
limited to, statements regarding the proposed acquisition by Valeant of Salix
and the expected timing and benefits of the transaction.  Forward-looking
statements may generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and variations
or similar expressions. These statements are based upon the current
expectations and beliefs of management of Valeant and Salix and are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to, the risk that the
acquisition will not close when expected or at all; the risk that Valeant's
business and/or Salix's business will be adversely impacted during the
pendency of the acquisition; the risk that the operations of the two companies
will not be integrated successfully; and risks and uncertainties discussed in
Valeant's and Salix's most recent annual or quarterly report and detailed from
time to time in Valeant's and Salix's other filings with the Securities and
Exchange Commission (the "SEC") and, with respect to Valeant, the Canadian
Securities Administrators, which factors are incorporated herein by reference.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements speak only as of
the date hereof.  Valeant undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after the date
of this press release or to reflect actual outcomes.

This press release is neither an offer to purchase nor a solicitation of an
offer to sell shares of Salix.  Valeant filed a Tender Offer Statement on
Schedule TO with the SEC on March 4, 2015. Salix filed a
Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the
offer on March 6, 2015. Stockholders of Salix are urged to read the tender
offer materials (including the Offer to Purchase, a related Letter of
Transmittal and certain other offer documents) and the
Solicitation/Recommendation Statement, in each case as amended (to the extent
applicable), because they contain important information which should be read
carefully before any decision is made with respect to the tender offer. The
Offer to Purchase, the related Letter of Transmittal and certain other offer
documents, as well as the Solicitation/Recommendation Statement, have been
made available to all stockholders of Salix at no expense to them. The Tender
Offer Statement and the Solicitation/Recommendation Statement are available to
all stockholders of Salix free of charge at the website maintained by the SEC
at www.sec.gov. In addition, the tender offer statement and other documents
that Valeant files with the SEC are and will be made available to all
stockholders of Salix free of charge at www.valeant.com. The
Solicitation/Recommendation Statement and the other documents filed by Salix
with the SEC are, and will be, made available to all stockholders of Salix
free of charge at www.salix.com.

Contact Information:
Valeant Investors:
Laurie W. Little
949-461-6002
laurie.little@valeant.com

Valeant Media Contacts:
Sard Verbinnen & Co
Renée Soto/ Meghan Gavigan/Jared Levy
212-687-8080

 

Valeant Pharmaceuticals International, Inc.

 

Logo - http://photos.prnewswire.com/prnh/20101025/LA87217LOGO

To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valeant-comments-on-endo-offer-to-acquire-salix-300049357.html

SOURCE Valeant Pharmaceuticals International, Inc.

Website: http://www.valeant.com
-0- Mar/11/2015 22:10 GMT

>>> US Close Dow-0,15% S&P-0,19% Nasdaq-0,20% Russell+0,60%

Closing Market Summary: S&P 500 Settles Below 100-Day Moving Average

The Dow (-0.2%), Nasdaq (-0.2%), and S&P 500 (-0.2%) registered modest losses on Wednesday while the Russell 2000 (+0.6%) outperformed. The small-cap index climbed steadily throughout the afternoon while the S&P 500 spent the day in an 11-point range near its flat line before settling just below its 100-day moving average (2,042).

Yesterday's sharp slide was paced by the two largest sectors by weight, but technology (-0.7%) and financials (+0.6%) spent today on opposite sides of their unchanged levels, which contributed to the sideways action.

The financial sector settled in the lead ahead of this evening's release of the complete results of the stress test administered by the Federal Reserve. Citigroup (C 52.33, +1.10) was the top performer among the majors, climbing 2.2%.

Meanwhile, the technology sector struggled throughout the session, sliding to lows during the final hour of action. Shares of Apple (AAPL 122.24, -2.27) fell 1.8%, keeping the sector under pressure while chipmakers displayed relative strength. Intel (INTC 32.34, +0.64) and SanDisk (SNDK 82.73, +2.56) posted respective gains of 2.0% and 3.2% while the PHLX Semiconductor Index rose 0.3%. Intel rallied after VentureBeat reported that the company's processors will be used in Apple iPhones in 2016 while SanDisk was added to Goldman's Conviction Buy List.

Elsewhere among cyclical sectors, the discretionary space (-0.5%) lagged while the energy sector (+0.2%) ended among the leaders even though crude oil settled lower by 0.4% at $48.21/bbl after testing the $47.40/bbl level intraday. The dollar-denominated energy component had to contend with another uptick in the greenback that pushed the Dollar Index (99.76, +1.15) higher by 1.2%. The dollar enjoyed another day of broad strength, pressuring the euro to 1.0540.

Over on the countercyclical side, consumer staples (-0.8%) and utilities (-0.7%) underperformed throughout the day while health care ended flat after showing intraday strength. The sector saw little reaction to news indicating Endo International (ENDP 87.76, -1.24) offered to buy Salix Pharmaceuticals (SLXP 168.60, +10.95) for $175/share.

Treasuries rallied following today's solid 10-yr auction, sending the benchmark 10-yr yield lower by three basis points to 2.11%.

Today's participation was in-line with recent averages as roughly 760 million shares changed hands at the NYSE floor.

Economic data released today was limited to the weekly MBA Mortgage Index, which fell 1.3% to follow last week's 0.1% uptick.

Tomorrow, weekly Initial Claims (consensus 306K), February Retail Sales (consensus 0.4%), and February Import/Export Prices will be released at 8:30 ET while the Business Inventories report for January (consensus 0.1%) will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Treasury Budget for February (consensus -$192 billion), which was pushed back from today.
  • Nasdaq Composite +2.4% YTD 
  • Russell 2000 +0.9% YTD 
  • S&P 500 -0.9% YTD 
  • Dow Jones Industrial Average -1.1% YTD

(CNS) Endo Confirms Proposal To Acquire Salix For $175.00 Per Share In Cash And


BN 03/11 18:31 *ENDO HAS 'HIGHLY CONFIDENT' LETTERS FROM BANKS ON FINANCING
BN 03/11 18:29 *ENDO CONFIDENT IT WOULD OBTAIN REGULATORY & HOLDER APPROVALS
BN 03/11 18:29 *ENDO CONFIRMS OFFER TO BUY SALIX FOR $175.00/SHR IN CASH, STOCK
BFW 03/11 18:29 *ENDO PROPOSAL TO BUY SALIX FOR $175.00/SHR IN CASH & STOCK
BN 03/11 18:29 *ENDO PROPOSED DEAL WOULD NOT BE SUBJECT TO FINANCING CONDITION
BFW 03/11 18:29 *ENDO CONFIRMS PROPOSAL TO BUY SALIX FOR $175.00-SHR IN CASH,
BN 03/11 18:29 *ENDO PROPOSAL TO BUY SALIX FOR $175.00/SHR IN CASH & STOCK
BN 03/11 18:28 *ENDO CONFIRMS PROPOSAL TO BUY SALIX FOR $175.00/SHR IN CASH & S
BN 03/11 18:28 *ENDO CONFIRMS PROPOSAL TO BUY SALIX FOR $175.00/SHR IN CASH &
BN 03/11 18:28 *ENDO CONFIRMS PROPOSAL TO BUY SALIX FOR $175.00-SHR IN CASH,
Endo Confirms Proposal To Acquire Salix For $175.00 Per Share In Cash And Stock
2015-03-11 18:28:51.483 GMT

DUBLIN, March 11, 2015 /CNW/ -- Endo International plc (NASDAQ: ENDP) (TSX:
ENL) today confirmed that it has submitted a proposal to the Board of
Directors of Salix to acquire all of the outstanding shares of common stock of
Salix Pharmaceuticals, Ltd. in a negotiated cash and stock transaction. Based
on the closing stock price of Endo on March 10, 2015, the transaction is
valued at $175.00 per Salix share.

Endo believes that its cash and stock proposal would provide Salix
shareholders with a substantial premium and immediate cash value, as well as
the opportunity to participate in the significant upside potential of a global
leader in specialty pharmaceuticals with a highly diversified platform for
future growth, through a material equity component. Endo believes that its
proposal constitutes a "Superior Proposal" under the terms of Salix's Merger
Agreement with Valeant Pharmaceuticals International, Inc.

If a negotiated transaction were to be agreed to with Salix, Endo anticipates
that the transaction could close in the second quarter and is confident that
it would obtain any regulatory and shareholder approvals. The proposed
transaction would not be subject to any financing condition.

Additional information regarding Endo's proposal, including the full terms and
conditions, are included in a letter that Endo provided to the Salix Board of
Directors today, which is filed on Form 8-K with the Securities and Exchange
Commission (see attached PDF). There can be no assurance that any transaction
will result from this proposal.

BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are serving as
financial advisors to Endo and Skadden, Arps, Slate, Meagher & Flom LLP is
serving as its legal advisor.

About Endo International plc Endo International plc is a global specialty
healthcare company focused on improving patients' lives while creating
shareholder value. Endo develops, manufactures, markets, and distributes
quality branded pharmaceutical, generic pharmaceutical, over the counter
medications and medical device products through its operating companies. Endo
has global headquarters in Dublin, Ireland, and U.S. headquarters in Malvern,
PA. Learn more at www.endo.com.

Cautionary Note Regarding Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and Canadian securities legislation.
Statements including words such as "believes," "expects," "anticipates,"
"intends," "estimates," "plan," "will," "may," "look forward," "intend,"
"guidance," "future" or similar expressions are forward-looking statements.
Because these statements reflect Endo's current views, expectations and
beliefs concerning future events, these forward-looking statements involve
risks and uncertainties. Although Endo believes that these forward- looking
statements and information are based upon reasonable assumptions and
expectations, readers should not place undue reliance on them, or any other
forward- looking statements or information in this news release. Investors
should note that many factors, as more fully described in the documents filed
by Endo with securities regulators in the United States and Canada including
under the caption "Risk Factors" in Endo's Form 10-K, Form 10-Q and Form 8-K
filings with the Securities and Exchange Commission and with securities
regulators in Canada on System for Electronic Document Analysis and Retrieval
("SEDAR") and as otherwise enumerated herein or therein, could affect Endo's
future financial results and could cause Endo's actual results to differ
materially from those expressed in forward-looking statements contained in
Endo's Annual Report on Form 10-K. The forward-looking statements in this
press release are qualified by these risk factors. These are factors that,
individually or in the aggregate, could cause Endo's actual results to differ
materially from expected and historical results. Endo assumes no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future developments or otherwise, except as may be required under
applicable securities law.

Additional Information This document is provided for informational purposes
only and is neither an offer to purchase nor a solicitation of an offer to
sell shares of Endo or Salix. Subject to future developments and an agreement
between Endo and Salix, Endo may file a registration statement and/or tender
offer documents with the U.S. Securities and Exchange Commission (the "SEC")
in connection with the proposed combination. Endo and Salix shareholders
should read those filings, and any other filings made by Endo with the SEC in
connection with the proposed combination, as they will contain important
information. Those documents, if and when filed, as well as Endo's other
public filings with the SEC, may be obtained without charge at the SEC's
website at www.sec.gov and at Endo's website at endo.com.

To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/endo-confirms-proposal-to-acquire-salix-for-17500-per-share-in-cash-and-stock-300049134.html

SOURCE Endo International plc

Investors/Media: Keri Mattox, (484) 216-7912; Investors: Jonathan Neely, (484)
216-6645; Media: Heather Zoumas-Lubeski, (484) 216-6829; Media: Andy Brimmer /
Kelly Sullivan / Aaron Palash, Joele Frank, Wilkinson Brimmer Katcher, (212)
355-4449

CO: Valeant Pharmaceuticals International, Inc.

ST: Ireland

NI: HEA MTC MNA

-0- Mar/11/2015 18:28 GMT

FT : Holcim and Lafarge rethink €41bn deal


Holcim and Lafarge, Europe’s two biggest cement groups by sales, are in talks to renegotiate the terms of their €41bn merger after a divergence in the value of the two companies over the past year.
According to people familiar with the matter, the two sides are holding discussions that might result in changes to the terms of the one-for-one share deal announced last April.

A combination would create a cement and crushed rock powerhouse in many of the largest markets, with revenues of €40bn annually but a reduced European presence.
In recent weeks, however, Holcim shareholders have raised concerns over the terms of the deal.
A representative for the family of Thomas Schmidheiny, the Holcim founder and its largest investor with a fifth of the shares, told Reuters on Monday: “The industrial logic of the deal is undisputed.” He did not comment on the price.
The remarks came after a SonntagsZeitung report at the weekend that Mr Schmidheiny wanted the terms of the deal renegotiated.
Holcim’s second largest shareholder, Eurocement, which is owned by Russian Filaret Galchev and holds 10 per cent of the shares, has not publicly supported the deal. Eurocement declined to comment.
Holcim spokesman Peter Stopfer said: “The status remains unchanged. Both companies continue to work on different workstreams to complete the planned merger. We cannot comment further.”
Lafarge declined to comment.
Switzerland-based Holcim has outperformed its French rival since the transaction was announced. Its valuation has also benefited from the Swiss franc’s appreciation.
In euro terms, shares in Holcim have returned a total of 6.8 per cent versus a loss of 0.6 per cent for Lafarge shares. Holcim is worth €23bn to Lafarge’s €18.5bn. That compares with respective values last April of €21bn to €18.4bn.
News of the latest discussions comes just weeks before Holcim was expected to hold a shareholder vote, where it will need two-thirds of those present to approve the deal.
Both companies have been at pains to present the deal as a merger rather than a takeover although, even under the deal’s original terms, Holcim would have paid a small premium to acquire Lafarge.
Any change to the share exchange ratio would be likely to stir political controversy in France, where the government has resisted takeovers of domestic companies by foreign rivals.
The deal — which potentially ran foul of competition rules in at least 13 countries, including Canada, France and Spain — was partially approved by the European competition authorities in December.
Remedies proposed by Holcim and Lafarge to address EU concerns involved disposing of one company’s assets in most of the European countries in which the new combined company would operate.
In February the two companies agreed to a series of asset sales to their smaller Irish rival CRH for €6.5bn.