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Oil heads up to $74 a barrel, but U.S. bonds, crude supply cast a pall
Oil edged higher on Wednesday, nearing three-year highs reached the previous day, as rising U.S. fuel inventories and production weighed on an otherwise bullish market. Weekly data on Tuesday that showed a rise in U.S. crude inventories also subdued the oil price somewhat. The prospect of fresh sanctions on Tehran and disruption to the country’s oil flows has helped push the oil price to its highest since late 2014 this month.
Gildan Activewear to buy HanesBrands for $2.2B
Gildan Activewear is buying HanesBrands for $2.2 billion, the two companies said Wednesday.
The deal consists of 87% stock and 13% cash per every HanesBrands share, with the cash portion anticipated to be about $290 million. Gildan will pay for HanesBrands through $2.3 billion in transaction financing, through bridge facility and term loans.
The deal implies a $4.4 billion enterprise value for HanesBrands. Gildan CEO Glenn Chamandy said the combination will double Gildan’s revenue and create “scale that distinctly sets us apart.”