Shares of Procter & Gamble Co (NYSE:PG) ended Thursday session in green amid volatile trading. The shares closed up +1.19 points or 1.36% at $88.99 with 52.69 million shares getting traded. Post opening the session at $87.77, the shares hit an intraday low of $87.77 and an intraday high of $89.30 and the price vacillated in this range throughout the day. The company has a market cap of $235.46 billion and the numbers of outstanding shares have been calculated to be 2.67 billion shares.
On September 1, 2016 The Procter & Gamble Company (PG) announced the commencement of an exchange offer for the separation of its global fine fragrances, salon professional, cosmetics and retail hair color businesses, along with select hair styling brands (collectively referred to as “P&G Specialty Beauty Brands”).
This represents the next step in the proposed tax-efficient Reverse Morris Trust transaction with Coty Inc. (COTY) announced on July 9, 2015. In the proposed split-off transaction, P&G will transfer the assets and liabilities of P&G Specialty Beauty Brands, other than specified excluded brands, to Galleria Co., a wholly owned subsidiary of P&G created to facilitate the transaction. Following completion of the exchange offer, Galleria Co. will merge with a wholly owned subsidiary of Coty and become a wholly owned subsidiary of Coty.
The exchange offer provides P&G shareholders with the opportunity to exchange their shares of P&G common stock for shares of Galleria Co. common stock, which will convert into shares of Coty class A common stock upon completion of the merger. The exchange and the merger are expected to be tax-free to participating P&G shareholders for U.S. federal income tax purposes.
Shares of Ford Motor Company (NYSE:F) ended Thursday session in green amid volatile trading. The shares closed up +0.09 points or 0.74% at $12.18 with 36.14 million shares getting traded. Post opening the session at $12.17, the shares hit an intraday low of $12.16 and an intraday high of $12.29 and the price vacillated in this range throughout the day. The company has a market cap of $48.76 billion and the numbers of outstanding shares have been calculated to be 3.90 billion shares.
On September 19, 2016 Ford, America’s truck leader, has outfitted hard-working fleets with more F-650 and F-750 trucks in the first eight months of 2016 than all year in 2015.
Sales of the all-new medium-duty Ford trucks are up 59 percent year-over-year through August, with 10,160 sold. That’s the best year-to-date sales total for Ford’s largest trucks since August 1997.
The sales growth has come quickly: The redesigned F-650 and F-750 trucks rolled off the line at Ford’s Ohio Assembly Plant near Cleveland for the first time in August 2015. Ford shifted production to Ohio from Mexico in 2015 and invested $168 million in the Ohio plant.
The F-650 and F-750 line-up includes Regular Cab, SuperCab and Crew Cab body styles, as well as straight-frame, kick-up frame Pro Loader and a new dedicated tractor model for heavy towing applications.
“We’re seeing growing interest in the new tractor from beverage and hauling fleets,” says Kevin Koester, Ford medium-duty truck and Super Duty fleet marketing manager. “Giving our customers the choice of two exclusive powertrains, available across all body styles and designed specifically for the unique needs of the vocational truck market, has really helped drive sales of our new trucks.”