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Civitas Resources Agrees To Buyback $300 Mln Of Its Common Stock From CPPIB
(RTTNews) - Civitas Resources, Inc. (CIVI) reported on Tuesday that it has agreed to repurchase approximately 4.9 million shares of its common stock, par value $0.01 per share at a price of $61.00 per share, resulting in aggregate consideration of approximately $300 million from its largest shareholder, Canada Pension Plan Investment Board or CPPIB.
Following the Repurchase, CPPIB will remain the Company's largest shareholder and will own approximately 21% of the Common Stock.
As of December 31, 2022 and prior to the Repurchase, Civitas had approximately 85.1 million shares of Common Stock outstanding. Following the Repurchase, Civitas will have approximately 80.2 million shares of Common Stock outstanding.
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UK Private Sector Growth Softens
The UK private sector activity reported a softer expansion in November, largely due to a loss of momentum in the service sector, flash survey results from S&P Global revealed on Friday. The composite output index fell more-than-expected to 50.5 in November from 52.2 in October. The expected level was 51.8.
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Eurozone Private Sector Continues To Expand
Eurozone private sector logged a robust growth in the penultimate month of the year as services activity grew the most in a year-and-a-half, survey results published by S&P Global showed on Friday. The flash HCOB composite output index dropped marginally to 52.4 in November from 52.5 in October. The score was forecast to remain stable at 52.5.
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FTSE 100 Down Nearly 0.5% After Dropping To 1-month Low
The UK market's benchmark FTSE 100 dropped to a one-month low on Friday amid renewed worries about AI bubble, and weak retail sales, consumer cofidence and services sector data.
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Yen Rises Amid Risk-Aversion
The Japanese yen strengthened against other major currencies in the European session on Friday, as European stocks traded lower, as investors fretted about overvalued tech valuations and an uncertain path for U.S. monetary policy.
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CAC 40 Recovers After Early Setback, But Remains Weak
After an early setback that resulted in the benchmark CAC 40 losing over 100 points, the French market recovered and briefly moved above the flat line on Friday.
Concerns about high tech valuations have resurfaced despite US chipmaker Nvidia's strong earnings and update.
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Yen Rises Against Majors
The Japanese yen strengthened against other major currencies in the European session on Friday.
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DAX Down Nearly 1% On Valuations Concerns, Soft PMI Data
After snapping a five-day losing streak in the previous session thanks to strong earnings and guidance from U.S. chipmaker Nvidia, the German market is down firmly in negative territory on Friday, amid fresh concerns over valuations, uncertainty about Fed interest rates, and data showing a moderation in German servics and manufacturing sectors activity.
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Pound Slides After Weak U.K. Retail Sales Data
The British pound weakened against other major currencies in the European session on Friday, after U.K. retail sales declined for the first time in five months in October as consumers delayed their spending in the lead up to Black Friday.
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