Financial stocks are higher, with the NYSE Financial Sector
Index adding 0.6% and the S&P Financial 100 Index rising
In company news, AerCap Holdings N.V. (
) rose to an all-time high of $34.67 a share, rising more than 39%
after announcing a $5.4-billion deal with American International
) to acquire AIG's International Lease Finance Corp subsidiary.
AIG will receive $3 billion in cash along with 97.56 million
newly issued AER shares in exchange for its former aircraft-leasing
finance unit, the last of its non-core assets AIG has shed to
regain its fiscal footing and to repay government and Federal
Reserve loans that kept the insurance collossus from going under
during the 2008 financial crisis.
The transaction is slated to close during Q2. The acquisition
will require AER shareholder approval, with Waha Capital - the
company's largest individual shareholder with a 26% stake - already
agreeing to vote in favor of the deal.
AER recently traded 30% higher at $32.42 a share, holding above
$31.85 during Monday's session. AIG shares are ahead 1.3% at $50.36
In other sector news,
(-) MVC, (-3.3%) Re-opens sales process for its U.S. Gas &
Electric portfolio company after terminating a sales agreement
announced in October with a company organized to acquire
(-) EJ, (-4.8%) Online real estate site in China had to downsize
a $180-mln private placement of 2.75% convertible senior notes due
2018 by 25% to $135 mln while re-offering the bonds with 2.5% price
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