Obblig. Dow Chemical...

[ff2003]

stavo pensando di entrare con un piccolo investimento con le obbl. scadenza 25.6.2010 al tasso 4,375...........quotano appena sotto 100.......

che dite vale la pena......come è messa la società dal punto di vista finanziario....

grazie. ciao

[luke75]

30.12.08 13:30 - Dow Chemical: S&P taglia rating sul debito da A- a BBB




NEW YORK (MF-DJ)--Standard & Poor's ha tagliato il rating sul debito di lungo periodo di Dow Chemical da A- a BBB, confermando il creditwatch negativo.

Alla base della decisione dell'agenzia di rating, la comunicazione da parte dei partner del gruppo Kuwait Petroleum e Petrochemicals Industries che il Kuwait Supreme Petroleum Council ha annullato l'approvazione dell'accordo tra Dow e Pic per la joint-venture K-Dow Petrochemicals. Gli analisti sottolineano infatti che il fallimento della transazione rende piu' difficile il finanziamento dell'acquisizione da 19 miliardi di dollari di Rohm and Haas. fra





(END) Dow Jones Newswires

[kylix]

Originalmente inviato da ff2003

stavo pensando di entrare con un piccolo investimento con le obbl. scadenza 25.6.2010 al tasso 4,375...........quotano appena sotto 100.......

che dite vale la pena......come è messa la società dal punto di vista finanziario....

grazie. ciao

Ieri le ho vendute a 99,67 e credo mi sia andata bene. Si stanno accumulando un pò troppe notizie negative su Dow.

[pierluigi84]

in alternativa sicuramente piu' tranquille e rendimento all'incirca uguale
FR0010096115 air liquide 25/6/2010
DE0008846718 basf 8/7/2010
XS0230243221 bmw 23/9/2010
XS0316551026 General electric 23/8/2010

[lorenzov1963]

I termini dell'accordo PIC (Kuwait) e Dow.

The Dow Chemical Company (Dow) and Petrochemical Industries Company (PIC), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), today announced that they have signed the Joint Venture Formation Agreement and other key definitive agreements regarding the formation of K-Dow Petrochemicals, a 50:50 joint venture that will be the leading global supplier of petrochemicals and plastics.
It is expected that the new company will begin operations no later than January 1, 2009, with closing on that date as articulated in the December 13, 2007 MOU announcement.
K-Dow will be a leading global supplier of essential petrochemicals and plastics and will manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene and polycarbonate, and will also license polypropylene technology and market related catalysts. <-- Sono tra i polimeri plastici e monomeri (per altri usi) che rappresentano oltre il 50% del mercato mondiale : và da sè che produrli in area Medio Oriente rappresenta un vantaggio competitivo notevole:Ma è anche un mercato maturo che serve industrie decisamente mature.
“The signing of these documents is the critical step in the formation of K-Dow, which will immediately become a leading petrochemicals supplier globally,” said Andrew N. Liveris, Dow chairman and chief executive officer. “The formation of K-Dow Petrochemicals will be a critical milestone in Dow’s transformation into an earnings growth company. This is a giant step in our strategy of growing our Basics businesses through joint ventures, reducing our capital intensity, and freeing up $9 billion in pre-tax cash proceeds to invest in our Performance businesses. We have effectively set the stage for our next major landmark – completing the proposed acquisition of Rohm and Haas in early 2009.”
“I am very pleased with the outcome of our due diligence and thorough preparation to launch K-Dow Petrochemicals. The K-Dow joint venture will not only diversify Kuwait’s national economy, but it will also position Kuwait as a leader on the global business stage,” said Maha Mulla Hussain, Chairman and Managing Director of PIC. “Through the K-Dow joint venture, PIC, in pursuit of its long term strategy, will enter a new arena of petrochemical products based on leading global technologies. This represents the best option for PIC to achieve a leading position in petrochemicals and to optimize growth between our connecting businesses of oil refining and basic petrochemicals while building on our long-standing, positive relationship with Dow.”
The total enterprise value of the Dow businesses going into K-Dow is approximately $17.4 billion. This equates to $8.72 billion for each shareholder. The final proceeds of the transaction include usual adjustments of $1.2 billion, related to working capital and net debt.
Upon closing of the transaction, each shareholder plans to receive a $1.5 billion special cash distribution, paid by K-Dow.
The gross payment by PIC is expected to be approximately $7.5 billion, with the net payment of $6 billion, including the special cash distribution from K-Dow.
Dow expects to receive $9 billion in total pre-tax proceeds related to the transaction. These proceeds include the special cash distribution from K-Dow of $1.5 billion.
Dow and PIC also announced today that two of their existing 50:50 joint ventures will be moved into K-Dow: MEGlobal, a world leader in ethylene glycol, and Equipolymers, a supplier of PET resins. K-Dow will have estimated sales of $11 billion and with the addition of MEGlobal and Equipolymers the total annual revenue of K-Dow will be $15 billion.
The K-Dow transaction has received regulatory approvals from the U.S. Federal Trade Commission and the European Commission, and also received clearance from the U.S. Committee on Foreign Investment in the United States (CFIUS), but remains subject to customary closing conditions.
About the Products in the Venture
Polyethylene and polypropylene comprise more than half of world polymer demand. Polyethylene is the most widely used of all plastics and can be found in everyday products from food packaging, milk jugs and plastic containers to pipes and liners. Polypropylene is a versatile plastic used in fibers, packaging films, non-wovens, durable goods, automotive parts, and consumer applications.
Polycarbonate is an engineering thermoplastic used in applications such as optical media, electrical and lighting. Amines are a family of chemicals with a broad range of properties, used in various applications from wood treating and pharmaceutical processing, to coatings and consumer products.
Monoethylene glycol and diethylene glycol, collectively known as ethylene glycol, from MEGlobal are used as a raw materials in the manufacture of polyester fibers, polyethylene terephthalate resins (PET), antifreeze formulations and other industrial products. PET resins from Equipolymers are used in beverage bottles and other applications. ed in questo caso ci saranno da aspettare tensioni sul prezzo del PET (il materiale con cui si fanno le bottiglie, le vaschette per gli alimentari in generale)
Era davvero (per Dow) un' ottimo accordo che poneva la medesima ai vertici mondiali per il mercato polimeri composti funzionali per vernici oppure farmacia etc.etc, dando in cambio la produzione (che nn interessa molto) la trasformazione invece un po' di piu' e questa rimane in Europa Cina e USA.
Ma il grosso problema è che ora nn hanno piu' la liquidità necessaria per completare l' acquisizione di Rohm & Haas (produttore di specialità anche notevoli): in pratica sono in braghe di tela.Entrambe le societa sono state declassate da Moody e da S&P a seguire l' articolo di wsj.

DOW JONES NEWSWIRES
Stadard & Poor's Ratings Service cut its credit ratings on Dow Chemical Co. (DOW) two notches closer to junk territory after Kuwait's announcement it would end plans with the company for a $17.4 billion joint venture amid political opposition.
The deal would have provided Dow with $9 billion toward the acquisition of U.S. rival Rohm & Haas Co. (ROH). Dow agreed in July to pay $78 a share for Rohm & Haas, a 74% premium to its target's pre-bid close.
Dow, the nation's largest chemical producer by revenue, may renegotiate its agreement with Rohm & Haas, either trying to pay a lower price or to pay a break-up fee to walk away from the merger after the cash it had expected from the Kuwait deal fell through.
Following S&P's action, Moody's Investors Service lowered its senior unsecured ratings on Dow one notch to Baa1, or three notches above junk territory. Moody's said the downgrade reflected the likelihood that the political situation in Kuwait would make it more difficult to complete the acquisition even at a lower price, and said the deal didn't have a foreseeable contractual exit.
Moody's review will focus on Dow's ability to terminate or negotiate a lower price for the acquisition, resurrect the Kuwait deal at a lower price or make meaningful changes to the financing for the transactions.
"This decision was unexpected given Dow's recent confidence that it would close the transaction and is a significant development from both a strategic and financial profile standpoint," said S&P credit analyst Kyle Loughlin.
The ratings firm lowered Dow's corporate credit and senior unsecured ratings to BBB, two notches above junk territory. At the same time, S&P revised its watch on the BBB long-term ratings of Rohm & Haas to negative from developing and said its A-2 short-term ratings remain on watch for possible downgrade.
S&P said the development from Kuwait was a setback to Dow's strategy to transform its business profile, as the venture would have muted Dow's exposure to the petrochemical downturn while emphasizing its reliance on differentiated and performance chemicals.
Dow has said it is evaluating its options under the Kuwaiti pact, but analysts don't expect the company to receive any damages from the canceled venture.
Dow's ratings could be lowered again after completion of the Rohm & Haas transaction, and S&P said it could lower its ratings on Rohm & Haas depending on key elements of the transaction.
Shares of Dow, which have dropped 61% in the past year, were down 19% in the regular session but up 10 cents at $15.42 in after-hours trading. Rohm & Haas shares were up 0.6% at $53.67 after falling 16% in the regular session.

Concludendo, dice bene Kylix, è meglio rimanerne fuori.

[Massimo Odiot]

Originalmente inviato da pierluigi84

in alternativa sicuramente piu' tranquille e rendimento all'incirca uguale
FR0010096115 air liquide 25/6/2010
DE0008846718 basf 8/7/2010
XS0230243221 bmw 23/9/2010
XS0316551026 General electric 23/8/2010

Siamo sicuri che siano più tranquille? Se ben ricordo, bmw ha 50 miliardi di debiti, GE circa 400!! Su basf e air liquide son senza info sotto mano. Per cercare titoli tranquilli c'è anche il monitor debt/equity di luke75!

[lorenzov1963]

Dow Chemical Co. (DOW)


LastChange% ChangeVolume52-Week High52-Week Low12/30/08 NYSE15.550.231.50%32,660,35843.43(05/16/08)14.93(12/29/08)04:00 p.m. EST USD
5-Year Price Performance vs Industry



Dow Jones
Industry Group
Commodity Chemicals Index
12/30/08
Last
126.36
Point Chg.
3.49
% Chg.
2.84%
See more performance data at the Commodity Chemicals Industry Group CenterFive-year price performance of stock, its DJ Industry group and the DJ U.S. Total Market Index, reindexed to zero.
Performance
During Past:

The Dow Chemical Company

Commodity Chemicals

DJ U.S. Total

Market Index

PerformanceThe Dow Chemical CompanyCommodity ChemicalsDJ U.S. TotalDuring Past:Market Index3 Months-51.79%-38.72%-26.26%6 Months-56.01%-48.90%-33.20%Year-to-Date-61.14%-50.13%-41.02%12 Months-61.79%-50.77%-41.40%2 Years-61.60%-43.51%-38.58%5 Years-63.52%-37.28%-19.65%






Una schermata dei corsi dow confrontata con l'indice delle chemical industries: come si puo' notare è decisamente peggiore...

[lorenzov1963]

Essendo LyondellBasell produttrice degli stessi polimeri che avrebbe dovuto produrre la K-Dow questa notizia getta una interpretazione, in prospettiva forse diversa su cio' che è accaduto sull'accordo PIC (Kuwait)-DOW
Chemical Giant Mulls Bankruptcy

LyondellBasell Industries, the world's third-largest independent chemical company, told lenders on Monday it is considering filing for bankruptcy protection amid plunging sales and a cash crunch, people familiar with the matter said.
LyondellBasell, which is headquartered in the Netherlands and has large U.S. operations, has hired bankruptcy counsel and told lenders it is trying to line up as much as $2 billion in bankruptcy financing, these people say. A Chapter 11 filing may be imminent, they say.
The chemicals industry has been battered over the past year, first by high prices for oil and natural gas, which are key components of plastics and other chemicals, then by the weak economy, which has driven down demand for products. Companies have been forced to slash budgets and shut down production. On Sunday, Dow Chemical Co. announced that Kuwait had pulled out of multibillion-dollar joint venture to produce commodity chemicals.
LyondellBasell, which is privately held, was created last year when Dutch chemical company Basell International Holdings BV paid $12.7 billion to buy Houston-based Lyondell Chemical Co. Basell paid $48 per share, a premium of about 20%. The resulting debt burden is proving too heavy amid a decline in sales. The company has annual sales of about $54 billion and 16,000 employees, according to its Web site.
Basell is a division of Access Industries, founded by Russian-born industrialist Len Blavatnik. New York-based Access has hired the law firm of Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy adviser. LyondellBasell has hired New York law firm Cadwalader, Wickersham & Taft LLP as bankruptcy counsel, people familiar with the matter say. It has also retained Evercore Partners Inc. as financial adviser, and AlixPartners LLC to assist in the restructuring. The latter three firms declined to comment or did not return calls.
To be sure, hiring bankruptcy advisers does not always mean a company will seek Chapter 11 protection. In some cases, advisers help clients hammer out restructuring agreements outside of court.
On Tuesday, LyondellBasell spokeswoman Susan Moore declined to comment on whether the company had reached an agreement with lenders or whether it had hired bankruptcy counsel. "It's our policy not to comment on rumors," she said.
The company's situation has deteriorated rapidly over the last three months as global industrial production has declined. Falling oil and gas prices have helped LyondellBasell by reducing its costs. But they've made it harder for it to borrow because its credit is based, in part, on the value of its inventory, which has also declined. As chemical and commodity prices fall, the company has been forced to pay back lenders to remain in compliance on loans, say several people familiar with the company.
Earlier this month, LyondellBasell said subsidiary Equistar Chemicals LP would temporarily idle a chemicals plant in Chocolate Bayou, Texas, "due to declining market and economic conditions."
"Demand for petrochemical derivatives continues to be very weak," Vaughn Deasy, vice president of base chemicals for LyondellBasell, said at the time.
The extent of the company's current problems was spelled out in the call with lenders on Monday, and jarred many of them, people familiar with the matter say.
LyondellBasell's bonds have been trading at distressed levels in recent months. A $100 million unsecured bond issue trades at about 30 cents on the dollar, a sign that investors are concerned about default. Another $225 million issue trades at around 23 cents, according to the investment banking firm of Robert W. Baird & Co.
Last year's merger, which closed in December, made LyondellBasell one of the world's largest chemical companies, but it saddled it with a heavy debt load. Some analysts questioned the deal. "This really isn't a good time to buy. You should be waiting a couple more years for assets to get cheap," HSBC analyst Hassan Ahmed said when the deal was announced that July.
On Tuesday, two major ratings firms downgraded LyondellBasell's debt. Standard & Poor's declared the company in "selective default" after LyondellBasell disclosed it was working with lenders to postpone $160 million of payments due earlier this month. S&P said that while the lenders had agreed to a delay, "the obligation was not paid as originally scheduled. This is a default in our opinion."
In a statement, LyondellBasell said S&P's downgrade "should not be misinterpreted to suggest that LyondellBasell is currently in default of its bank agreements."
In a regulatory filing Monday, LyondellBasell said lenders had agreed to postpone $160 million in payments to Dec. 29, from Dec. 19, and that it was "working collaboratively with lenders" on a further extension. The company also said it had hired Evercore Partners "to assist in the restructuring process."
LyondellBasell's largest lenders include Merrill Lynch & Co. and Goldman Sachs Group Inc. Spokesmen for the two firms declined to comment.
Mr. Blavatnik, who immigrated to the U.S. from the Soviet Union in 1978 and became a U.S. citizen in 1981, largely made his fortune in his native land. He made money in real estate in the U.S., then returned to Russia in the early 1990s, joining a new class of entrepreneurs. Navigating the economic transformation of the country, they snapped up assets privatized by the state on the cheap.
Mr. Blavatnik became a major holder in the profitable aluminum business. He owned a chunk of Sual, an aluminum company that recently merged with two other companies to form United Co. Rusal, one of the largest producers of the metal in the world. He also invested in TNK, a big oil company cobbled together by him and two other tycoons. In 2003, they sold half of it to BP PLC in an $8 billion deal.
Mr. Blavatnik moved to London several years ago and works from an elegant office on Kensington Park Row, a favorite location for Russian billionaires. Access said he wasn't available for comment.
Skadden bankruptcy lawyer Jay Goffman said, "Access Industries has been fully supportive of the company during this difficult period and will continue doing everything we reasonably can to support it."
Through Access Industries, Mr. Blavatnik has stakes in media and telecom companies. He sits on the board of Warner Music Group Corp., in which Access holds a 2.4% stake.
He bought Basell, a Dutch joint-venture between German chemicals-maker BASF AG and Royal Dutch Shell PLC, for €4.4 billion, or $6.06 billion, in 2005, the largest leveraged-buyout deal in the chemical industry at that time

[lorenzov1963]

Mi autocito

E' il post 307 del 1/12/2008 di LyondellBasell in cui dicevo della criticità del business di questa Società.

Report S&P sulla chimica europea.

[lorenzov1963]

Originalmente inviato da Massimo Odiot

Su basf e air liquide son senza info sotto mano. Per cercare titoli tranquilli c'è anche il monitor debt/equity di luke75!

Chiedi e Ti sarà dato. (Air Liquide)

Air Liquide 3Q Rev EUR3.25B Vs EUR2.94B; Confirms '08 Outlook

French industrial gas company Air Liquide SA (AI.FR) Thursday confirmed its 2008 outlook and said revenue in the third quarter grew 10.4%, supported by sustained demand in its key markets and contributions from startups.
Revenue in the third quarter rose to EUR3.25 billion from EUR2.94 billion a year ago, with revenue in its main gas and services division rising 11.1% to EUR2.76 billion from EUR2.49 billion.
The company confirmed its target of double-digit growth in 2008 net profit at constant exchange rates, unless there is a "significant slowdown of end-user markets."
"The uncertainties in the worldwide economy due to the financial crisis reduce visibility for the year's end, even though our markets remain well oriented," said Chairman and Chief Executive Benoit Potier.
Air Liquide said also that its savings and growth program ALMA remains on track with investment decisions in 2008 expected to be around EUR2 billion.

Dopodichè in data (ti voglio risparmiare la lettura in inglese-almeno un pò di tutti gli articoli )
in data 13/11:
hanno acquistato Electrocare System, Channed (Stato del Madras, India) specializzata in HealthCare: secondo AirLiquide l'India ha forti necessità in questo campo ergo crescita, dove comunque AIR LIQUIDE è già presente (in questo campo)con la Healthcare World Business Line che serve 5000 ospedali per 300.000 pazienti.L'Healthcare ha un fatturato di 1593 milioni di euro (63% outside Francia)con 7200 dipendenti.
Sono presenti anche in Cina. E' un business ..lucroso.

In data 19/11 emettono un bond

-- Amount: EUR600 million
-- Issuer: Air Liquide Finance
-- Guarantor: L'Air Liquide S.A.
-- Maturity: November 28, 2012
-- Payment: November 28, 2008
-- Format: fixed rate, repayment at maturity
-- Coupon: 6.125%

Per permettere "di continuare la strategia di crescita e di pagare debiti a breve termine". Rating SP: A con outlook stabile.

In data 8/12
Emissione di ulteriori 200 mln con le seguenti caratteristiche:
-- Amount: EUR200 million-- Issuer: Air Liquide Finance-- Guarantor: L'Air Liquide S.A.-- Maturity: November 28, 2012-- Payment: December 18, 2008-- Format: fixed rate, repayment at maturity-- Coupon: 6.125%-- Re-offer yield: 5.486%-- Issue price: 102.205-- ISIN: FR0010697144 until the Assimilation Date and thereafter FR0010690925
Con le seguenti motivazioni:
This operation allows the Group to take advantage of improved market conditions to reduce the overall cost of the global EUR800 million bond maturing 2012 to around a 6% rate. The proceeds from this issue will finance its growth strategy and further reduce its short term debt to below 10% of gross debt. The Group's capital structure remains strong.
The bond issue was rated by Standard & Poor's as "A", consistent with the Group's credit rating of "A/stable outlook".

Poi in data 9/12 comunicano che hanno siglato un' accordo in Australia per la combustione "Oxy-Combustion": in soldoni bruciano il carbone (per elettricità) con l' ossigieno liquidi -tratto dall' aria- attraverso una ASU (Air separation unit) della capacità di 660 ton/day; annesso a questo processo c'è la cattura della C02: quindi i vantaggi sono: minori emissioni maggiore resa del carbone (ed Air Liquide vende..)

Poi in data 11/12 SG taglia da Buy a mantenere

Il 18/12 attraverso la SOXAL (filiale di proprietà 100% AirLiquide) incrementa gli investimenti in Singapore per la produzione di gas tecnici completando l'acquisizione di Pipeline Gases Pte Ltd (IPG), inotre aggiungono altri 20mln euro per aumentare la produzione di azoto ed ossigeno.

Il 19/12 Godman Sachs dichiara(questo l'avevo già postato nel Report chimica SP) in Inglese:Air Liquide Raised To Buy From Neutral By Goldman Sachs

In data 22/12 (e qui ti rimando alla lettura del post da me inviato nel 3ad "
Report chimica SP di I98Mark) invstimenti in carburanti bio di seconda generazione.

Spassionatamente su Air Liquide al netto del grande rallentamento che comunque piaccia o non piaccia farà sentire i suoi effetti comunque sono sufficientemente positivo.

Ps: che bello eh avere l' elettricità che costa un q.azz e avanzare un sacco di soldini.. guarda caso la Francia ha l' economia in Eurolandia + solida, e le compagnie (ce ne sono una cifra in questo momento) che stanno facendo shopping sul pianeta... Mondo auto a parte...

BASF

A parte ...che sono di parte...(tanto tempo fa ho lavorato per la Grande Mamma...)
Comunque Ti posto il 3d quarter di Basf: si evince che comiciano a sentire gli effetti della crisi (vendite in calo etc.)
Aggiungo che in Dicembre hanno fermato i Plants produttivi per mancanza ordini e riduzione dei costi. (80 plants e riduzione della produzione in 100 impianti)
http://berichte.basf.de/basfir/copsf..._03_2008_e.pdf

Francamente su BASF in questo momento mi prenderei una pausa.Alla risalita dei corsi petroliferi, dopo un po' il settore chimico si riavrà(checchè si legga in giro che l' EUROSTOXX CHEMICAL etc, "sia ben impostato"-Leggendolo questo report che citava appunto l'EUROSTOXX CHEMICAL -sorseggiavo il caffè, e mi è andato di traverso- (dal Sole 24 ore Sabato us) la realtà è che sono d'accordo con un' articolista del settore il quale ha definito il settore chimico un "earthquake zone". Non vado avanti oltre.