Weekly Market Updates: 05/06/19
Chevron-Occidental Bidding War for Anadarko Heats Up
Pitchbook data reveals there were 23 deals for $13.4 billion invested capital in M&A markets last week. That is $9.8 billion more capital than the week before on two fewer deals. Two billion-dollar deals, 3M’s acquisition of KCI Holdings and Parker Hannifin’s acquisition of Lord, drove the increase in value from last week, contributing $6.7 billion and $3.7 billion, respectively, to the increase. M&A news was encapsulated by Occidental Petroleum and Chevron’s bidding war for Anadarko Petroleum and their Permian Basin shale-oil fields. Warren Buffett has committed to financing $10 billion of Occidental’s bid.
Beyond Meat Goes Public and Uber to Go Public This Week
Last week, there were six new initial public offerings that raised $1.1 billion collectively, according to the New York Stock Exchange. Beyond Meat, the producer of plant-based meat alternatives, raised $277 million, and SciPlay, the mobile game developer, raised $352 million. Uber’s initial public offering is expected later this week, which will be the largest company to go public since Facebook did so in 2012.
Unemployment Reached 3.6% in April, the Lowest since December 1969’s 3.5% Rate
Among economic news last week:
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