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1054 ET 29June2009-Blackstone raises $4.3 bln for property fund
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Private equity firm Blackstone Group (BX.N) on Monday said it had raised
3.1 billion euros, or $4.3 billion, for a fund to invest in property throughout
Europe, as it anticipates the sector's recovery.
The Blackstone Real Estate Partners Europe III fund, which has reached its
final close, had initially sought to raise 2.5 billion euros, the company said
in a statement.
"(The fund) is well positioned to take advantage of the inevitable
recapitalization of the property sector," Chad Pike, co-head of Blackstone Real
Estate, said.
For details, see [ID:nLT727855]
Shares of Blackstone rose 0.3 percent to $10.91.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1037 ET 29June2009-Wachovia upgrades Cognizant to market perform
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Shares of Cognizant Technology Solutions Corp (CTSH.O) rose on Monday after
Wachovia upgraded the stock to "market perform" from "underperform."
The firm cited better revenue growth for the information technology
services company in 2009 compared to rivals Infosys Technologies Ltd (INFY.BO)
and Wipro Ltd (WIT.N).
"We look for topline growth to be about 10 percent, maybe a touch higher,
for Cognizant in 2009, while we expect slightly negative comparisons during the
same period for Infosys and Wipro," the firm wrote.
For details, see [ID:nBNG269019]
Shares of Cognizant rose 1.7 percent to $27.06.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1028 ET 29June2009-Agrium says CF won't engage in talks
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Fertilizer maker Agrium Inc (AGU.N) (AGU.TO) on Monday said that CF
Industries Inc (CF.N) refused to meet with it even after a majority of CF's
shareholders tendered their shares in its hostile bid for the U.S. rival.
About 62 percent of the total outstanding shares were tendered to Agrium as
of Agrium's June 22 deadline, which it extended to July 22.
CF spokesman Charles Nekvasil said nothing had changed. "We have indicated
that given that situation we are willing to listen but nothing new is on the
table," he said.
For details, see [ID:nN29376831]
Shares of CF fell 0.3 percent to $75.98 while U.S.-listed shares of Agrium
gained 2.4 percent to $41.35.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1022 ET 29June2009-TRW Auto surges after upgrade
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TRW Automotive Holdings Corp (TRW.N) shares jumped on Monday after JPMorgan
boosted its rating on the stock, citing its recent credit facility amendment.
[ID:nN26319078]
The firm boosted its rating on the auto parts supplier to "overweight" from
"neutral" and said the recent amendment resulted in sizable covenant ratio
headroom and no reduction to large revolver capacity, making it a clear
survivor in the beleaguered industry.
JPMorgan also noted TRW now compares favorably to its highly leveraged peer
group and ranked it as the least likely bankruptcy risk of the six auto parts
supplier stocks the firm covers currently trading in the single-digit range.
Shares surged more than 16 percent to $10.47 while the Dow Jones U.S.
AutoParts index .DJTATO eased back 0.2 percent to 242.66.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
