Financial Stocks Ending With Big Losses; BBX Capital Stocking Up on Candy Producers, Forms New Unit
Top Financial Stocks
Losses for shares of financial companies were accelerating in afternoon trade with the NYSE Financial Sector Index retreating about 1.1% and the S&P Financial 100 Index dropping about 1.6%.
In company news, BBX Capital ( BBX ) was set to finish lower Monday, with shares off about 1.4% at $15.70 apiece and the real estate and investment company announcing a deal to acquire Williams & Bennett, a Florida based manufacturer of chocolate products.
Financial terms of the transaction were not disclosed. BBX last month acquired Hoffman's Chocolate along with Boca Bons and Good Fortunes subsidiaries and also formed BBX Sweet Holdings, a 100% owned subsidiary to own and hold both these acquisitions.
In other sector news,
(+) TSH, Agrees to $161-mln buyout offer from IberiaBank ( IBKC ), with shareholders receiving 1.162 IBKC shares for each TSH share they now own, valuing TSH at $72.16 per share. IBKC shares were little changed this afternoon.
(-) ACE, Insurer and its local partner reaches conditional agreement to buy a 60.9% stake in The Siam Commercial Samaggi Insurance PCL, a general insurance company, from Siam Commercial Bank for $185 mln.
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