Shares Of AK Steel (AKS) Down 45% In 2012, PPG Receives Approval For Agreement With Georgia Gulf
Houston, TX – December 28, 2012 – (MESHPRESS) – Holeinonestocks.net, an investor research portal specializing in several sectors including biotech and healthcare and tech stocks on the U.S. market, issues news updates on the following stock:-
AK Steel Holding Corporation(NYSE:AKS) did not really have a great time at the stock market this year.
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Ak Steel is ranked 7th on the list of Fortune 500’s Worst Performing Stocks in 2012 by CNN Money. The company has had a drop of a 50% in its stock performance in the year 2012. Cincinnati Courier has indicated that the stock has had a rebound and it is now down about 45%.
AK Steel is the owner of the Butler Works, located at the north of Pittsburgh. It was noted before that James Wainscott, the CEO of the company had purchased 100,000 shares of AK’s stocks at the rate of $4.01 each piece.
Other enterprises enlisted on CNN Money’s list are Alpha Natural Resources and JC Penney. The former’s shares have dropped by 59% year to date due to a poorly-performing coal market and concerns over its business of metallurgy.
Alpha had said in September that it would get rid of 1,200 workers and empty eight mines.
In other news, PPG Industries, Inc.(NYSE:PPG) has crossed a crucial obstacle this week in its plan to divide its commodity chemicals business and merge it with Georgia Gulf.
How Should Investors Trade PPG After The Recent Volatile Moves? Find Out Here
The agreement was announced in July of 2012. It is valued at nearly $2.1 billion. PPG is supposed to get a cash payment amounting to $900 million from the deal.
PPG stated on Friday that the Internal Revenue Service had given a favorable verdict on its plan of Reverse Morris Trust transaction. The trust is used when a superior company wishes to sell assets to an inferior company free of tax. Also, the assets are required being sold to a company that is not related to the seller, as told by Investopedia. PPG is planning on dividing its commodity chemicals business and merging it with Georgia Gulf or some other unit.
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