Sunoco’s rally helps underpin energy stocks |
| MarketWatch - Apr 30, 2012 |
Sunoco Inc.’s big rally on a $5.3 billion buyout deal helped energy stocks resist a broader downward move in equities early Monday, the final trading session of April.
The Dow Jones Industrial Average /quotes/zigman/627449 DJIA -0.21% moved fractionally lower, while the S&P 500 Index /quotes/zigman/3870025 SPX -0.43% declined by 0.4%, sending most sectors into the red.
Energy stocks within the S&P 500 traded about flat, with a 20% rally in Sunoco Inc. /quotes/zigman/241559/quotes/nls/sun SUN +19.48% providing support.
Early Monday, Sunoco said it agreed to be bought by Energy Transfer Partners LP /quotes/zigman/342340/quotes/nls/etp ETP +2.92% , which plans to pay either $50 in cash, 1.0490 ETP common unit or a combination of $25 in cash and 0.5245 ETP common units for each Sunoco share.
The estimated $50.13-a-share value amounts to a 23% premium over Sunoco’s closing price on Friday.
Read Full Article from MarketWatch
- Posted: 2012-04-30 10:08:17
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