Assurant shares could double-Barron's
NEW YORK, June 25 Insurer Assurant Inc's shares could double because it is emphasizing fee-based businesses while lowering its exposure to its riskier underwriting business, according to a report in Barron's.
LONDON, July 15 Imperial Tobacco Group plans to buy U.S. cigarette brands including Winston and Kool for $7.1 billion as part of Reynolds American's $27.4 billion purchase of Lorillard.
Imperial's purchase, meant to ease antitrust concerns from the marriage of the United States' No. 2 and No. 3 tobacco firms, also includes Maverick, Salem and the international and U.S. rights to the nation's leading e-cigarette brand, blu.
After adjusting for the present value of tax benefits, expected at $1.5 billion, Imperial said the net price of $5.6 billion implies a multiple of 6.9 times the brands' earnings before interest, tax, depreciation and amortisation.
Reynolds, maker of Camel cigarettes, agreed on Tuesday to buy Newport-maker Lorillard, for $68.88 per share, or $27.4 billion. (Reporting by Martinne Geller in London. Editing by Jane Merriman)
June 25 Nestle SA, is being targeted by activist investor Daniel Loeb's hedge fund Third Point LLC, Bloomberg reported, citing people familiar with the matter.