Brookfield Business Partners Sees $130 Million Proceeds From Implats Deal
12:09 pm ET October 7, 2019 (Dow Jones) Print
By Colin Kellaher
Brookfield Business Partners L.P. (BBU) on Monday said it expects after-tax proceeds of about $130 million from the sale of its stake in North American Palladium Inc. (PDL.T) to Impala Platinum Holdings Ltd. (IMP.JO).
North American Palladium, a Toronto-based pure-play palladium producer, has agreed to be acquired by the South African miner known as Implats for about $750 million.
Brookfield, the listed business-services and industrials arm of Brookfield Asset Management Inc. (BAM), said the company and its institutional partners will receive total proceeds of roughly $570 million for their 81% stake in North American Palladium.
Brookfield Business Partners said it expects after-tax proceeds of about $130 million. The company, which recapitalized and acquired control of North American Palladium in 2015, said it expects the transaction to close by the end of the year.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
October 07, 2019 12:09 ET (16:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Brookfield Business Partners to Sell Controlling Interest in North American Palladium
11:45 am ET October 7, 2019 (Globe Newswire) Print
Brookfield Business Partners L.P. (NYSE: BBU) (TSX:BBU.UN) ("Brookfield Business Partners"), together with its institutional partners (collectively "Brookfield"), today announced an agreement to sell its 81% interest in North American Palladium Inc. (TSE: PDL) ("NAP"), a Canadian mining company and the only pure-play palladium producer in the world, to Impala Platinum Holdings Limited (JSE: IMP) ("Implats").
Implats has agreed to acquire all the issued and outstanding shares of NAP held by Brookfield for total proceeds of approximately $570 million. The agreement is part of a broader transaction whereby Implats will also acquire the remaining 19% of NAP's issued and outstanding shares not held by Brookfield.
Since Brookfield recapitalized NAP and acquired control of the company in 2015, NAP has completed a successful operational turnaround resulting in consistently strong earnings, significantly increased palladium production and mine life, growth of reserves through exploration activities, and reduced costs. Palladium demand has remained robust, supported by strong demand from the auto industry for use in catalytic converters that support reduced emissions.
Sale proceeds to Brookfield Business Partners for its 20% ownership interest in NAP are approximately $130 million, after taxes.
Closing of the transaction is subject to NAP shareholder approval and customary closing conditions and is expected to occur in Q4 2019.
Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs.
Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with more than US$500 billion of assets under management. More information is available at www.brookfield.com.
Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Important information may be disseminated exclusively via the website; investors should go to https://bbu.brookfield.com
to access this information.
Impala Platinum Holdings Limited To Acquire North American Palladium Ltd. For C$19.74/Share In Cash
11:25 am ET October 7, 2019 (Benzinga) Print
North American Palladium Ltd. ("NAP" or the “Company”) (TSX:PDL) (OTC:PALDF) is pleased to announce that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which Impala Platinum Holdings Limited (“Implats”) (JSE:IMP) will acquire 100% of NAP’s issued and outstanding common shares for total cash consideration of approximately C$1.0 billion (the "Transaction").
Under the terms of the Arrangement Agreement, shareholders of NAP, other than Brookfield (defined below), will receive C$19.74 per NAP common share (the “Minority Shareholder Consideration”) in cash and Brookfield Business Partners L.P. (together with its institutional partners, collectively “Brookfield”), as the majority shareholder of NAP, will receive C$16.00 per NAP common share in cash. The Minority Shareholder Consideration represents a premium of 15% to NAP's 30-day volume-weighted average price and 23% to NAP's 60-day volume-weighted average price on the Toronto Stock Exchange (“TSX”) as of October 4, 2019.
The Transaction has been unanimously approved by both the board of directors of NAP and Implats.
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Press Release: IIROC Trading Halt - PDL
8:17 am ET October 7, 2019 (Dow Jones) Print
IIROC Trading Halt - PDL
TORONTO, Oct. 7, 2019
TORONTO, Oct. 7, 2019 /CNW/ - The following issues have been halted by IIROC:
Company: North American Palladium Ltd.
TSX Symbol: PDL (All Issues)
Reason: Pending News
Halt Time (ET): 8:03 AM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
View original content: http://www.newswire.ca/en/releases/archive/October2019/07/c2274.html
For further information about IIROC's trading halt policy, please see Trading Halts & Timely Disclosure (http://www.iiroc.ca/industry/marketmonitoringanalysis/Pages/Trading-Halts-Timely-Disclosure.aspx
) at www.iiroc.ca under the Halts & Resumptions tab. Please note that IIROC staff cannot provide any information about a specific halt beyond what is contained in this halt notice. For general information about IIROC, contact IIROC's Complaints & Inquiries team at firstname.lastname@example.org or 1-877-442-4322 (Option 2). For company-related enquiries, contact the company directly.
/Web site: http://www.iiroc.ca/
Copyright CNW Group 2019
(END) Dow Jones Newswires
October 07, 2019 08:17 ET (12:17 GMT)
NAP had 8X volume today, Huge for them
Today was Good Day for $PALDF