The Crackdown on Tax Inversions Claims Another Victim
CF Industries Holdings, Inc. (NYSE:CF) is 3.50% higher today after the company called off a $8 billion deal to acquire several key assets of OCI of the Netherlands. CF Industries changed its mind principally because the acquisitions didn’t make as much sense after the U.S. changed its laws concerning tax inversions. Investors are applauding because some pockets of the sector are in oversupply and expanding capacity at a time of sector weakness was not a sure bet. The number of funds from our database with holdings in CF Industries Holdings, Inc. (NYSE:CF) fell by five quarter-over-quarter to 32 at the end of March.
Valeant Management Reshuffle Continues
Last but not least, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is slightly higher in the pre-market after the company’s senior vice president of neurology, dentistry, and genetics resigned to pursue other opportunities. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) recently shuffled its board of directors and installed a new CEO to try and right the ship. The company also recently lowered costs for some customers for Isuprel and Nitropress in its bid to win back good will from the government. Bill Ackman’s Pershing Square is one of the largest shareholders of Valeant and has been involved in unlocking value at the company.