Clean Energy Fuels (CLNE) Inks Mega-Deal with BP plc (BP); Merus Labs Intl (MSLI) Eyeing Strategic Options
Shares of Clean Energy Fuels Corp. (Nasdaq:CLNE) soared more than 20% in pre-market trade Wednesday after it said that British oil giant BP plc (NYSE:BP) will acquire its upstream renewable natural gas business while signing on for a long-term supply contract with the Newport Beach-based company.
The deal calls, among other things, for BP to pay Clean Energy $155 million for its existing biomethane production facilities and the company’s share of two facilities under construction.
CLNE stock closed at $2.45, down 3.54% (or -$0.09) with a total volume of 1.53M shares traded on Tuesday.
Clean Energy Fuels, which provides natural gas as an alternative fuel for transportation in North America, has 136.84M shares outstanding, market capitalization (intraday) of $335.26M and CLNE stock 52-week range is between $2.38 and $4.80 per share.
Merus Labs International Inc. (Nasdaq:MSLI) said after the closing bell Tuesday that it has hired Rothschild & Co. as its financial advisor to lead a strategic review of all alternatives – including a sale or merger of the specialty pharmaceutical company.
MSLI stock finished the regular session session at $0.858, up $0.023 (or +2.77%) and 276,950 of its shares changed hands during the day, representing a large increase in activity versus its average volume (3m) of 32,820 shares.
Merus Labs International, is is engaged in the acquisition and licensing of branded prescription pharmaceutical products, has 117.35M shares outstanding, market capitalization (intraday) of $100.69M and MSLI stock one-year range is from $0.70 to $1.76 per share.
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