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BULLETIN: ConAgra Foods Inc. Sale of UAP Business Has No Ratings Effect Oct 03
Standard & Poors, Oct 2003
Abstract
NEW YORK (Standard & Poor's) Oct. 30, 2003--Standard & Poor's Ratings Services said today that there would be no effect on the ratings or outlook on Omaha, Neb.-based ConAgra Foods Inc. (BBB+/Stable/A-2) following the company's announcement that it has agreed to sell United Agri Products (UAP), its U.S. and Canadian crop inputs, to Apollo Management L.P. The sales price is about $600 million. ConAgra will receive about $540 million in cash and about $60 million to $75 million in preferred stock. UAP represented about $2.55 billion in sales. The planned divestiture is consistent with ConAgra's strategy of divesting commodity-oriented operations and focusing on its branded and value-added food business. Standard & Poor's expects that the proceeds from this transaction will...
Companies mentioned in this report are: ConAgra Foods Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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