Boston, MA 09/24/2014 (wallstreetpr) – SEC has claimed that Arch Coal Inc (NYSE:ACI)’s acquisition of International Coal Group in 2011 saw three men make illegal profits by using insider information from a law firm involved in the deal. In fact, SEC alleges in a lawsuit that the three men fetched more than $5.6 million in illegal profits from 13 merger and acquisition deals that Arch Coal Inc (NYSE:ACI) made. SEC cited Frank Tamayo as one of the beneficiaries of insider information that led to illegal profits. He reported made a profit of $135,052 from the deal between ACI and ICG. In all, the three men made an illegal profit of $231,276 from the Arch Coal Inc (NYSE:ACI)-ICG merger.
Valero Energy Corporation (NYSE:VLO) may have missed earnings estimate in its most recent quarter, but that is nothing compared with what lies ahead of the company. Analysts at JPMorgan Chase (JPM) believe that the future is promising for VLO. They initiated coverage of the stock with a “neutral” rating and issued target price of $59. They cited that Valero Energy Corporation (NYSE:VLO) present a perfect opportunity to play the Gulf Coast crude, where the company has more than 53% of its refinery capacity. Moreover, the company is also increasing its investment to boost capacity. Valero Energy Corporation (NYSE:VLO) reported mixed results for its 2Q2014. The $25 billion company earned $1.22 per share, yet analysts estimated $1.65 per share. However, revenue was up 2.6% from the prior year to $34.90 billion, which was also above the estimate of $32.16 billion.
SYSCO Corporation (NYSE:SYY)’s appetite for US Foods Inc saw the company offer six-part bonds to raise funds for the acquisition and debt refinancing of the deal. SYSCO Corporation (NYSE:SYY) sold bonds worth $5 billion, which were offered in six-parts. The largest portion of the offering was $1.25 billion notes that carry 3.5% over a 10-year period. However, even as SYSCO Corporation (NYSE:SYY) prepares financing for the acquisition of US Foods, there were reports this week that the U.S. Federal Trade Commission could bring an antitrust lawsuit against the deal.
