Nexen Inc. (USA)(NYSE:NXY) skyrocketed 51% to $25.76 on more than its average daily volume. Nexen NXY NXY agreed to be acquired by China’s Cnooc Ltd. CEO at a price of $27.50 a share, or about $15.1 billion, the companies said.
The buyer’s paying a premium of 61% over the July 20 closing price for Nexen’s U.S.-listed shares. Terms of the deal give Calgary-based Nexen the right to solicit competing bids; Cnooc would get a $425 million as a breakup fee if Nexen agrees to an offer deemed superior.
Genon Energy Inc(NYSE:GEN) jumped $0.50 or 27.20% to $2.32 on over 81.89 million shares. NRG Energy, Inc. and GenOn Energy, Inc. announced they have signed a definitive agreement to combine the two companies in a stock-for-stock tax-free transaction, creating the largest competitive generator in the United States with a diverse fleet of approximately 47,000 megawatts (MW) with asset concentrations in the East, Gulf Coast and West and a combined enterprise value of $18 billion.
Banco Bradesco SA (ADR)(NYSE:BBD) is trading 5.63% lower at $14.25. The company cut its lending growth projections for this year as an abrupt economic downturn and a jump in loan delinquencies led Brazil's No. 2 private sector bank to miss second-quarter profit estimates.
The company also signaled plans to boost revenue in areas other than credit and said it expects its loan book to grow 14 percent to 18 percent this year, down from a prior range of 18 percent to 22 percent.
NRG Energy Inc(NYSE:NRG) gained 9.14% at $19.70 on high volumes. Reuters reported that NRG Energy Inc. struck a deal to buy rival GenOn Energy Inc for $1.7 billion in stock,. NRG said it will pay 0.1216 share of its common stock -- worth just under $2.20 a share based on Fridays close -- for each GenOn share. That is a more than 20% premium over GenOn's July 23, 2012 closing price of $1.8 2 a share.
The transaction is expected to close in the first quarter of 2013, the companies said in a joint statement. GenOn shareholders will own around 29% of the combined company. The new board will have 16 members, with 12 from NRG and four from GenOn's Board.