SUPERVALU INC.(NYSE:SVU)’s sale of five of its grocery chains to Cerebus Capital Management LP is now complete. The deal value was $3.3 billion, including debt. The company announced a new chairman and some changes to its board of directors.
In January, Supervalu had said that it would sell its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of Cerberus.
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Supervalu has been facing stiff competition from other grocery chains, dollar stores and big box retailers like Target and Walmart for some years now. With the sale done, the Minneapolis company will now train the spotlight on itsSave-A-Lot discount stores, as well as its smaller regional chains such as Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's. It will also continue to operate its wholesale business that distributes products to grocery stores.
The company has said that Robert Miller, president and CEO of Albertsons LLC, will be Supervalu's new non-executive chairman of the board replacing Wayne Sales, who has served as executive chairman since August 2012. Sales will stay on the board as a director, along with Donald Chappel, Irwin Cohen, Philip Francis and Matthew Rube who are currently board members. As previously agreed upon, directors Ronald Daly, Susan Engel, Edwin Gage, Steven Rogers and Kathi Seifert, voluntarily resigned from the board.
Some more changes are planned. Shares of Supervalu soared almost 12 percent, or 48 cents, to $4.67 yesterday.The stock is up another 7% in morning session on Friday.
Meanwhile, Morgan Stanley(NYSE:MS) has announced that the most senior managing director at its Asia infrastructure fund has left. The bank spokesman declined to make any further comment.
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Hong Kong-based Deven Karnik headed Morgan Stanley Infrastructure Partners' investments in Australia and other developed countries.
Meanwhile, oil and gas company TOTAL S.A. (ADR)(NYSE:TOT)has decided to sell a portion of its interest in Tempa Rossa Field, located in southern Italy. TOTAL will sell 25% of its interest in the field to Mitsui E&P Italia A S.r.l., the Italian subsidiary of Japan-based Mitsui & Co. Ltd.
France-based TOTAL will however continue to be the operator with a 50% interest. The rest of the 25% is held by Royal Dutch Shell plc. The reserve is estimated to be 440 million barrels of oil equivalents.IsTOT On The Way To Hit New Highs? Find Out Here http://bestdarnpennystocks.com/landing/home-aw.php?code=TOT (OR Just copy and paste the link)This project is likely to begin commercial operation from early 2016. The entire cost for developing the project isestimated to be$2.1 billion (€1.6 billion). Mitsui’s subsidiary will bear a portion of the development cost.
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