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Monday, September 22, 2014

U.S. court orders Allergan to produce board documents, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

A U.S. court ordered drugmaker Allergan Inc to produce board documents related to its strategy to counter the hostile bid by William Ackman's Pershing Square Capital Management and Canada's Valeant Pharmaceuticals International . The court denied Allergan's request for a protective order regarding the documents and ordered the company to produce "unredacted copies of the documents". (1.usa.gov/1rs5Rgt)

Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN fell by 1.24% or $-2.09/share to $166.12. In the past year, the shares have traded as low as $88.34 and as high as $174.49. On average, 1928600 shares of AGN exchange hands on a given day and today's volume is recorded at 1133357.

Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.98% or $-1.15/share to $116.28. In the past year, the shares have traded as low as $102.30 and as high as $153.10. On average, 2466090 shares of VRX exchange hands on a given day and today's volume is recorded at 2054008.

Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 2.32% or $-3.05/share to $128.32. In the past year, the shares have traded as low as $105.46 and as high as $170.45. On average, 393119 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 399724.



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Veresen to acquire half stake in Ruby pipeline for $1.43 bln, (TSE: VSN.TO)

Veresen Inc, a Canadian pipeline company developing the Jordan Cove liquefied natural gas facility in Oregon, said on Monday it has agreed to acquire Global Infrastructure Partners' half interest in the Ruby pipeline system for $1.43 billion. Calgary-based Veresen will become Kinder Morgan Inc's equal partner in the Ruby line, which carries as much as 1.5 billion cubic feet per day of natural gas 680 miles (1,100 km) from the Opal, Wyoming hub to the Malin hub in southern Oregon. From there the gas will travel by a new pipeline to Jordan Cove.Veresen is acquiring Global Infrastructure's convertible preferred shares, which can be converted into common shares at its option. Kinder Morgan will remain as operator of the pipeline."This is a rare opportunity to acquire a large interest in a core U.S. pipeline asset," Don Althoff, Veresen's chief executive, said in a statement. Ruby is an ideal fit for Veresen ... and provides significant future added upside related to our Jordan Cove LNG project."To pay for the project, Veresen will sell 48.8 million of subscription receipts priced at C$16.40 each to a group of underwriters led by Scotiabank that will raise about C$800 million ($730 million). Each receipt can be converted into a Veresen share once the deal closes in the fourth quarter. The remainder of cost will be funded by debt.

Veresen Inc. is a Canadian corporation, which manages its pipeline transportation, midstream services, and power generation businesses. Shares of VSN fell by 1.49% or $-0.26/share to $17.17. In the past year, the shares have traded as low as $11.80 and as high as $19.80. On average, 441136 shares of VSN.TO exchange hands on a given day and today's volume is recorded at 607241.



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Veresen buys stake in Ruby pipeline for $1.43 bln, (TSE: VSN.TO)

Veresen Inc said it would purchase Global Infrastructure Partners's 50 percent convertible preferred interest in Ruby pipeline system for $1.43 billion. The company, which operates pipelines and gas-processing facilities, said the pipeline has a capacity of about 1.5 billion cubic feet per day (bcf/d), with a potential to expand to 2 bcf/d.

Veresen Inc. is a Canadian corporation, which manages its pipeline transportation, midstream services, and power generation businesses. Shares of VSN fell by 1.49% or $-0.26/share to $17.17. In the past year, the shares have traded as low as $11.80 and as high as $19.80. On average, 441136 shares of VSN.TO exchange hands on a given day and today's volume is recorded at 607241.



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WRAPUP 5-Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet, (NYSE: DRC)

Germany's Siemens AG has agreed to purchase U.S. oilfield equipment maker Dresser-Rand Group Inc for $7.6 billion in cash, paying a relatively rich price to belatedly beef up its presence in the U.S. shale oil and gas industry.The acquisition, which ranks among the biggest in the history of the industrial group, will strengthen Siemens' position in the United States, its weakest region, and bring it nearer catching up with rival General Electric Co.Siemens' oil and gas revenue will increase to around $11 billion, including the acquisition of Rolls-Royce Holdings Plc's energy gas turbine and compressor business, announced in May, from less than $7 billion before the two deals.Analysts saw the deal - which coincided with another major German buy in the United States, Merck KGaA's agreed purchase of Sigma-Aldrich Corp, as strategic, but said the price looked high.

Dresser-Rand Group Inc. is a global supplier of of custom-engineered rotating equipment solutions for long-life, critical applications in the oil, gas, chemical, petrochemical, process, power generation, military and other industries worldwide. Shares of DRC traded higher by 2.58% or $2.06/share to $81.97. In the past year, the shares have traded as low as $51.46 and as high as $82.50. On average, 1507510 shares of DRC exchange hands on a given day and today's volume is recorded at 28295624.



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AT&T, Chernin venture to purchase majority stake in Fullscreen, (NYSE: DIS), (NASDAQ: NWSA), (NYSE: T)

Otter Media, a joint venture between telecom giant AT&T Inc and The Chernin Group, has agreed to purchase a majority stake in Fullscreen, one of the largest networks on YouTube, the companies announced on Monday. The deal values Fullscreen at between $200 million and $300 million, a person with knowledge of the transaction said. Fullscreen founder and Chief Executive George Strompolos will remain CEO and keep an ownership stake in the company.The purchase is the latest move by major media players to tap into the large and fast-growing audience on Google Inc's YouTube. Walt Disney Co acquired Maker Studios in April for up to $950 million.Fullscreen, Maker Studios and other multichannel networks recruit online video creators and offer help with production, ad sales and other services to increase their viewership and revenue. Fullscreen's stars, which include The Fine Brothers, Lohanthony and Devin Supertramp, generate 4 billion video views per month."The scale they have is a big differentiator," said Jesse Jacobs, president of The Chernin Group, which is led by media entrepreneur and former News Corp president Peter Chernin. The growth of online video consumption "is only going to accelerate," Chernin said.

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. Shares of DIS fell by 1.33% or $-1.2/share to $89.29. In the past year, the shares have traded as low as $63.10 and as high as $91.20. On average, 5815400 shares of DIS exchange hands on a given day and today's volume is recorded at 3404630.

News Corporation is a diversified media and information services company. Shares of NWSA fell by 0.81% or $-0.14/share to $17.08. In the past year, the shares have traded as low as $15.44 and as high as $18.53. On average, 3340050 shares of NWSA exchange hands on a given day and today's volume is recorded at 1677659.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.03% or $-0.01/share to $35.46. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 19692900 shares of T exchange hands on a given day and today's volume is recorded at 10325122.



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PDQ enhances auction model in bid to boost trading interest, (NYSE: KCG)

PDQ Enterprises, an alternative trading systems operator, on Monday launched an enhanced model that will pull together interest in buying or selling a stock to allow institutional investors to place larger orders and stymie predatory trading. PDQ's AUCTION1 takes its name from an auction process that will match large orders during a pause that can last up to 1 second, giving what PDQ hopes will be enough time to combine its orders and those from other markets to increase available liquidity.The firm aims to deter high-frequency traders (HFT) by taking longer to execute the trade. PDQ would start with a minimum of 2,500 shares to initiate the auction, responding orders would have to be at least 500 shares, and PDQ would report the finished auction as a single trade in order to keep high-frequency traders away, the firm said."A lot of larger players will find comfort in that single print, because a multilateral trade is very hard to reverse engineer or deconstruct," said Keith Ross, chief executive officer of Chicago-based PDQ Enterprises."I'm pretty comfortable this is the first time we will be able to pull liquidity to the order, instead of the other way around," said Ross, a former CEO of GETCO, a HFT firm that took over Knight Capital Group last year to form KCG Holdings Inc .

KCG Holdings, Inc., is an independent securities firm. Shares of KCG fell by 0.76% or $-0.0801/share to $10.40. In the past year, the shares have traded as low as $8.25 and as high as $12.61. On average, 493319 shares of KCG exchange hands on a given day and today's volume is recorded at 93475.



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