DuPont Completes IFF And Nutrition & Biosciences Merger; Updates Reporting Segments – Quick Facts

DuPont (DD) announced Monday that it is completing the merger of IFF and Nutrition & Biosciences today. In connection with the closing of the transaction with IFF, DuPont receives a special cash payment of about $7.3 billion, approximately $5 billion of which will be used to strengthen the balance sheet by retiring outstanding debt.

As a result of the merger completion, DuPont will move forward with a sharpened strategic focus and is making certain targeted adjustments to its reporting structure. Effective February 1, 2021, DuPont will have three business reporting segments: Electronics & Industrial, Mobility & Materials, and Water & Protection.

DuPont also announced it has concluded the strategic review of its Non-Core businesses and entered into a definitive agreement with an international private equity consortium to sell the DuPont Clean Technologies business for $510 million. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals.

DuPont has also concluded that it is in the best position to drive value for Tedlar, Microcircuit Materials and the DuPont Teijin Films JV and has realigned these businesses to Mobility & Materials.

Following the re-arrangements, DuPont will dissolve its Biomaterials and Clean Technologies, effective February 1, 2021.

Horizon Therapeutics To Buy Viela Bio For $53/Shr Cash – Quick Facts

Horizon Therapeutics plc (HZNP) and Viela Bio, Inc. (VIE) announced Monday that they have entered into a definitive agreement under which Horizon will acquire all of the issued and outstanding shares of Viela Bio, Inc. common stock for $53.00 per share in cash, which represents a fully diluted equity value of approximately $3.05 billion, or approximately $2.67 billion net of Viela’s cash and cash equivalents.

The transaction, which is expected to close by the end of the first quarter of 2021, will significantly expand the development pipeline and grow rare disease medicine portfolio of Horizon. The transaction also advances Horizon’s transformation to an innovation-driven biotech company.

Horizon anticipates the transaction will reduce its adjusted EBITDA by approximately $140 million in 2021, nearly all of which is attributable to increased R&D investment.

The transaction has been unanimously approved by Horizon’s and Viela’s boards of directors and is subject to the satisfaction of customary closing conditions

Horizon intends to finance the transaction through $1.3 billion of external debt along with cash on hand. Horizon has put in place fully committed financing with Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc.

Yay or nay? Rate the Budget

Making the Narendra Modi government’s intentions clear on how it plans to revive the Indian economy in a post-Covid world, Finance Minister Nirmala Sitharaman presented a fiscally expansionary budget on February 1.

• BUDGET 2021: Full coverage

Stating that fighting the Covid-19 pandemic remains the Centre’s biggest priority, Sitharaman also rolled out a Rs 2.46 lakh crore healthcare budget for FY22, with Rs 35,000 crore earmarked for the Covid-19 vaccine programme. There was also a big infra push.

While there were no big tax announcements, the finance minister announced a reprieve for pensioners who are 75-plus, who will no longer be required to file tax returns. The government also introduced a new agri cess.

Sitharaman said the Budget was prepared in circumstances like never before and that the government was fully prepared to back and facilitate a reset of the economy.

Does this Budget deserve cheers or boos? You decide

Alliance Resource Partners LP Q4 Profit Climbs

Alliance Resource Partners LP (ARLP) reported a profit for its fourth quarter that rose from last year.

The company’s earnings totaled $35.03 million, or $0.27 per share. This compares with $25.83 million, or $0.20 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.08 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 19.2% to $366.51 million from $453.34 million last year.

Alliance Resource Partners LP earnings at a glance:

-Earnings (Q4): $35.03 Mln. vs. $25.83 Mln. last year.
-EPS (Q4): $0.27 vs. $0.20 last year.
-Analysts Estimate: $0.08
-Revenue (Q4): $366.51 Mln vs. $453.34 Mln last year.

House-Autry Mills Recalls House-Autry Tartar Sauce

House-Autry Mills, Inc. issued a recall for its 9 ounce bottles of House-Autry Tartar Sauce due to the co-manufacturer’s verification of spoilage associated with the product, according to a statement published by the U.S. Food and Drug Administration or FDA.

The North Carolina-based company said the product may be unsuitable for consumption as light, oxygen, heat, humidity, temperature and spoilage bacteria can affect both safety and quality of perishable foods.

However, no illnesses have been reported to date in connection with this recalled product.

The recall involves House-Autry Tartar Sauce packaged in 9 oz. clear plastic bottles distributed between December 15, 2020 and January 18, 2021, with Best By dates between August 18, 2021 and September 21, 2021.

The products were sold to distribution centers in six states in the U.S. – South Carolina, North Carolina, Virginia, Pennsylvania, Florida and Ohio.

House-Autry Mills urged consumers who bought the products to discontinue using them and return to the place of purchase for a full refund.

House-Autry Mills is a producer of stone- ground grits, chicken and seafood breaders, corn meal, and hushpuppy, biscuit and corn bread mixes available at more than 13,000 grocery stores in 37 states.