Fairfax funding US$1.65-billion deal to take U.S. property firm private
BNN Bloomberg
Toronto-based Fairfax says the definitive agreement with Kennedy-Wilson Holdings Inc. will see the real estate firm acquired in an all-cash transaction by a consortium led by William McMorrow, chief executive of Kennedy-Wilson.
Fairfax is also part of the consortium along with certain other senior executives of Kennedy-Wilson.
Terms of the deal has the consortium paying US$10.90 per share, a 46 per cent premium to its Nov. 4 level before a potential deal was disclosed.
Once the deal closes, Fairfax is expected to have a majority economic interest in the company, while the KW Management Group, led by McMorrow, will have effective and operational control.
California-based Kennedy-Wilson has US$31 billion in assets under management including both rental housing and industrial properties.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.