Telvent Git SA ( NASDAQ: TLVT ), stock of the company jumped more than 15 % to $ 39.80 in premarket trade as Abengor SA announced a stake sale in the company. Stock has shown an upmove since last 3 trading session and we might see up move is toping out as stake sell price was close to $ 40 per share.
Our Call: Cautious Trade, Avoid buy positions.
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| Telvent Git SA |
Below is the news:
Reuters reported that Abengoa SA expects to book net capital gains of between EUR 135 million and EUR 145 million from Telvent Git SA stake sale.
Abengoa S.A. announced that it has reached an agreement to sell its 40% stake in Telvent GIT, S.A. to Schneider Electric SA at a price of USD40.00 per share. The transaction is subject to approvals from the European and U.S. competition authorities. The sale will be made as part of a tender offer that Schneider Electric will be launching within ten business days. Abengoa will receive EUR421 million in net cash from this deal, including a EUR51 million repayment of a credit line to Telvent, and will reduce its net debt by EUR 774 million.
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