baona/E+ via Getty Images

Imperial Oil (NYSE:IMO) +1.3% post-market Monday after saying it will offer to repurchase as much as C$1.5B of its shares in a modified Dutch auction with a tender price range of C$72.50-C$87.00 per share.

The company said the offer for up to ~3.4% of its total issued and outstanding shares is expected to begin November 4 and remain open for acceptance until December 9.

Majority shareholder Exxon Mobil (XOM) said it will make a proportionate tender in order to maintain its 69.6% ownership stake in Imperial (IMO).

Citing better than expected Q3 earnings that helped unleash a “cash bonanza,” BMO Capital upgraded Imperial Oil shares earlier Monday to Outperform.

Source link

You May Also Like

I paid $250 to stay in a plastic tiny house dome in New Zealand in the middle of winter. I thought I’d freeze but by morning, I didn’t want to leave.

And even though it was winter at this time of year in…

Wind Energy Giant Orsted Says Delays in U.S. May Cost $2 Billion

Orsted, the Danish renewable energy giant, has warned that it may write…

Report: Elon Musk Fired Engineer Over His Declining Popularity

Elon Musk is not happy with his own algorithm at Twitter —…

Microsoft wants generative AI to be a copilot for enterprise applications

Microsoft is doubling down on its generative AI efforts, announcing today that…