Multiplus to make shareholder payment; World Fuel Services completes acquisition
Multiplus, the frequent flyer unit of TAM, gained 5% in trading on Wednesday, the largest single day increase for the company in six weeks. The company announced it will pay shareholders BZR3.72 for each share they own. Shareholders will vote on the payment on 17-Mar-2011.
World Fuel Services Corp announced the completion of the acquisition of Nordic Camp Supply ApS based in Aalborg, Denmark. The purchase price for the transaction was approximately USD94.6 million, of which USD67.6 million was paid in cash and USD27 million was paid in shares of World Fuel Services Corporation common stock. The base purchase price of USD68.5 million was increased by USD26.1 million, representing the amount by which NCS net assets exceeded an agreed upon amount at closing. The transaction is expected to be USD0.09 to USD0.11 accretive to earnings on a GAAP basis in the first 12 months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately USD0.08 per share, is expected to be USD0.17 to USD0.19 in the first 12 months.
Selected Others daily share price movements (% change): 02-Mar-2011