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As the economy begins to gain some traction, we are starting to see more M&A activity. This is a good sign as it shows credit markets are thawing.Today, we saw three key acquisition announcements.
BP (BP) is making a move to try and polish up its tarnished reputation by going green. BP announced it will be buying Verenium Corporation's (VRNM) cellulosic biofuels business-- fuels made from grasses, canes, softwoods and other biomass -- including the company's facilities in Jennings, LA and San Diego, CA for $98.3 million.
If BP is able to successfully cap the Deep Horizon oil spill in the near future, watch for this biofuels acquisition to provide some momentum to a rebound in BP's stock price.
ProSight Specialty Insurances is going to be acquiring marine property and casualty insurer Nymagic (NYM) for $25.75 a share, or $230 million, in cash. Nymagic's stock price opened near the purchase price per share but has since dropped off that price level.
Rounding things out, the Carlyle Group announced it will be buying U.S. nutritional supplements maker NBTY (NTY) for $55.00 a share, or $3.8 billion, in cash -- one of the biggest private equity deals so far this year. NBTY produces supplements such as Nature's Bounty, Solgar, Sundown, Ester C and Pure Protein.
Disclosure: Hansen does not own shares of the stocks discussed above. Positions can change without notice.
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