Dippin' Dots Melts: Deals to Watch
In a statement, Plains said the assets its selling to Linn are in Texas Panhandle properties and that they "generated total sales volumes of approximately 84 MMcfe per day during the third quarter of 2011 and had 263 billion cubic feet equivalent (Bcfe) of estimated proved reserves."
Anglo American (AAUKY) said Friday it will pay the Oppenheimer family $5.1 billion to increase its stake in Johannesburg, South Africa -based diamond seller De Beers to 85%.
United Kingdom -based mining giant Anglo American will add to its position by making a further 40% investment in companies CHL and Centhold International Limited, which hold the Oppenheimer family's De Beers interests."This transaction is a unique opportunity for Anglo American to consolidate control of the world's leading diamond company," said Anglo American's chief executive, Cynthia Carroll in a statement. Under agreements between Anglo American, CHL and the Government of Botswana, another investor, Botswana has the right to increase its stake in its De Beers holdings to 25% because of existing pre-emption rights. Founded in 1917 as a gold mine in East Rand, South Africa with an investment by Sir Ernest Oppenheimer, JPMorgan and Newmont Mining (NEM), Anglo American is now a leading miner of platinum, diamonds, iron ore, coal, copper, nickel and zinc. In 1999, Anglo American merged with Moroco, and a year later it listed shares on the FTSE 100with a market cap of $21.6 billion according to the company's website. AES (AES) Friday in its third quarter earnings said it would sell 80% of its joint venture stake in a Spain -based AES Energia Cartagena gas fired plant for $234 million to GDF Suez. The company is also working on completing its $3.5 billion purchase of DPL Energy (DPL) announced in April. The company expects both deals to close as early as the end of the year. AES shares rose over 2% to $11.85 in early trading, its shares are down 2.7% year to date. -- Written by Antoine Gara in New York
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