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.
While expected to be modestly dilutive, about 5%-7% in 2006, the divestitures
should reduce our exposure to more cyclical markets and position PerkinElmer to deliver higher revenue and EPS growth.
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.
The Rating Outlook revision to Stable recognizes the anticipated reduction in debt and leverage after SPX completes its divestitures
of Edwards Systems Technology and Kendro.
Added Black, "We see no change in the underlying performance of our businesses and continue to expect diluted earnings per share from continuing operations for the full year 2005 excluding charges related to the restructuring and divestiture
program and the gains associated with completed divestitures
to be in the range of $3.
Combined with fiscal first quarter 2005 divestitures
, Fitch would anticipate modest improvement in credit metrics this year.