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Penske Automotive Group Inc., $35.93, symbol PAG on New York (Shares outstanding: 90.1 million; Market cap: $3.1 billion; www.penskeautomotive.com), takes its name from Billionaire investor Roger Penske, best known for his IndyCar and NASCAR auto racing teams. He owns about 35% of the company, which sells new and used cars through over 350 franchised dealerships in the U.S. and Western Europe. Those dealerships operate under a variety of banners, including BMW, Audi, Mercedes-Benz, Toyota, Honda, General Motors, Ford and Chrysler. The company also distributes commercial trucks, diesel and gas engines, power systems and related parts mainly in Australia and New Zealand. In addition, it offers financing and insurance products....
Serco Group plc, 81.10 pence, symbol SRP on the London Stock Exchange (Shares outstanding: 1.1 billion; Market cap: 881.6 million British pounds; www.serco.com), is a British outsourcing company that manages public and private transport services, air traffic control, prisons and schools. The company’s main listing is on the London Stock Exchange. Serco is now selling its Business Process Outsourcing (“BPO”) division to private equity firm Blackstone for 250 million pounds ($384 million U.S.). The BPO unit runs IT and customer services for private-sector firms from its base in India. It’s also been a big money loser for Serco. The company will use the proceeds to pay down some of its huge debt of 1.5 billion British pounds, which is 1.7 times its market cap....
Concordia Healthcare Corp., $38.72, symbol CXR on Toronto (Shares outstanding: 51.0 million; Market cap: $1.9 billion; www.concordiarx.com), is an Oakville, Ontario-based company that acquires and sells the rights to established drug treatments, mainly in the U.S. Concordia aims to control the rights to relatively small, mature products as opposed to the newer treatments that larger pharmaceutical firms target. Its main products include Donnatal, for irritable bowel syndrome and acute enterocolitis; Zonegran, for epilepsy; and Photofrin, a cancer drug. In April 2015, the company paid $1.2 billion for 12 branded drugs and five generic products from Covis Pharma (all figures except share price and market cap in U.S. dollars). These include Nilandron (prostate cancer); Dibenzyline (vascular disease); Lanoxin (heart disorders); and Plaqueni (lupus and rheumatoid arthritis)....
AltaGas Ltd., $32.59, symbol ALA on Toronto (Shares outstanding: 146.3 million; Market cap: $4.9 billion; www.altagas.ca), processes, transmits, stores and markets natural gas for producers; generates power from gas-fired, coal-fired, wind, biomass and hydroelectric plants; and operates natural gas utilities. In the three months ended September 30, 2015, AltaGas’s cash flow per share rose 19.0%, to $0.75 from $0.63 a year earlier. That’s mainly due to the January 2015 acquisition of three gas-fired power plants in the U.S. for $33.6 million. Revenue gained just 1.8%, to $452.2 million from $444.2 million. Low selling prices for its natural gas offset the extra revenue from its new operations. In November 2015, the company completed its purchase of three gas-fired power plants in northern California for $642 million U.S. These facilities have long-term contracts to sell their power to Pacific Gas & Electric, which cuts their risk. The purchase should increase AltaGas’s annual cash flow per share by 5%....