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STOCKS NEWS US-K+S may make bid for Compass Minerals: source
March 3, 2009 / 12:28 PM / 9 years ago

STOCKS NEWS US-K+S may make bid for Compass Minerals: source

Stocks on the move [HOT-RTRS] Real-Time Equity news [U E]

U.S. stock market report [.N] 0719 ET 03March2009-K+S may make bid for Compass Minerals: source ------------------------------------------------------------------------------

German fertilizer company K+S AG is considering a bid for Compass Minerals International (CMP.N), said a source familiar with the matter.

According to the Daily Telegraph, K+S was planning a cash bid of $2.4 billion for the company, and plans an initial offer of $78 a share. Based on Compass’s Monday closing price of $56.02, $78 a share would represent a premium of 39.2 percent.[ID:nL38885]

Shares of Compass gained 8.9 percent to $61 in premarket trade.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0711 ET 03March2009-Bidder drops out for $20 bln Asian AIG unit ------------------------------------------------------------------------------

China Life has withdrawn from bidding for the Asian unit of American International Group (AIG.N), the chairman of the Chinese insurance company said on Tuesday.

The chairman said it was no longer bidding because the “asset quality, business direction and brand name” of the unit “have all changed.”

On Monday, AIG reported the largest quarterly loss in U.S. corporate history and received a third round of aid from the U.S. government.

The Asian division is valued at around $20 billion. [ID:nL3241006]

Shares of AIG rose 8 cents to 50 cents in premarket trade.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0707 ET 03March2009-Economic indicators for March 3 ------------------------------------------------------------------------------

Economic indicators on tap for Tuesday include weekly ICSC chain store data, pending home sales for January, February vehicle sales, weekly Redbook data and the ABC consumer confidence index.

For details, see [ECI/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0703 ET 03March2009-Earnings diary for March 3 ------------------------------------------------------------------------------

Companies scheduled to report quarterly results on Tuesday include AutoZone (AZO.N), MBIA Inc (MBI.N), Jackson Hewitt Tax Service JTX.N, Chico’s FAS (CHS.N), Virgin Mobile USA VM.N and Kenneth Cole KCP.N.

For details, see [RESF/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net

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