The results may also help regulatory authorities understand how divestitures
could enhance company performance or otherwise to improve future regulatory and monitoring purposes.
The Department has advised the Board that in light of the proposed divestitures
, consummation of the proposal would not have a significantly adverse effect on competition in any relevant banking market.
Companies can pursue divestitures
to reverse earlier efforts to diversify through acquisition.
Based on all the facts of record, the Board concludes that the considerations discussed above, including the proposed divestitures
, the number and strength of competitors in the market, the strong presence of bank-like credit unions, the distortional effects of out-of-market deposits, the attractiveness of the market for entry by out-of-market competitors, and other factors mitigate the potentially adverse competitive effects in the Salt Lake City banking market.
said the higher divestiture
rate will make it less likely the San Francisco-based bank will achieve its earlier target of saving $700 million annually in costs, but the overall effect will be minimal.
Accordingly, based on all the facts of record, and subject to completion of the proposed divestitures
and compliance with the related commitments, the Board has determined that competitive factors are consistent with approval of the proposal.
Fitch will continue to monitor the progress and proceeds from ConAgra's divestitures
, of which the refrigerated meats business represents the majority.
include the Armour, Butterball, and Eckrich brands and manufacturing facilities.
Johnson, Heinz Chairman, President and Chief Executive Officer commented: "The company is making very good progress in accomplishing its objective of divesting non-core businesses and expects that total proceeds from all non-core divestitures
will approximate $1 billion.
All of the planned divestitures
are expected to be completed in the fourth quarter of 2005 with aggregate proceeds of approximately $400 million from the sale of the Fluid Sciences business segment.
Company in discussion with investment banks regarding potential divestitures
of non-core businesses.
Empire Investment Holdings, LLC, a private investment firm focused on acquiring and growing corporate divestitures
, has acquired the Upstate New York Technology Services business unit of IKON Office Solutions, Inc.