Stocks In News: Quicksilver Resources Inc. (NYSE:KWK), Pembina Pipeline Corp. (NYSE:PBA), AbbVie Inc. (NYSE:ABBV)
Dallas, Texas, 09/29/2014 (ustrademedia) – Quicksilver Resources Inc. (NYSE:KWK) recently announced the appointment of John Little as its Strategic Alternatives Officer, effective September 22, 2014. The appointment forms part of an engagement agreement between the company and a financial advisory firm Deloitte Transactions and Business Analytics LLP. Mr. Little will assist Quicksilver’s Board and management team in exploring, assessing and implementing strategic initiatives. Mr. Little will assist the company to identify joint venture partners, market company assets or otherwise engage in such a transaction. The company will compensate Deloitte at a rate of $20,000 per week as a compensation of Mr. Little’s services.
Pembina Pipeline Corp. (NYSE:PBA) reported an update on projects in several of its business units including gas services, conventional pipeline, oil sands and heavy oil. The company announced commissioning and extraction of its first NGL (Natural Gas Liquids) barrels through its Resthaven gas processing facility. The company is also expecting to complete construction of a shallow gas plan Musreau II in December 2014. Pembina President and CEO, Mick Dilger expressed disappoint about the deferred Cornerstone oil sand project. Dilger noted that the company has $6 billion of committed projects underway and is expecting to secure additional $1.7 billion worth of projects.
AbbVie Inc. (NYSE:ABBV) is mulling plans to raise addition financing to fuel its takeover of Shire PLC. Bloomberg reported, citing people with knowledge of the matter that the company may seek to raise as much as $7 billion after U.S. officials imposed new restrictions on using cash held offshore. Jack Lew, U.S. Treasure Secretary, earlier this week announced to implement measures, making tax inversions more difficult. Obama administration is considering measures to halt acquisitions, which allow the U.S. companies to move their corporate address offshore. The recently imposed rules will give enactment powers to the executive branch. In addition, the use of offshore money would be subject to a 35 percent tax rate.