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...Pulte merged with a rival Centex in 2009, which helped diversify it from a focus on housing development for older Americans and towards first-time buyers....
...Pulte Homes, which became the country’s largest housebuilder following its merger with Centex in August, said that while the end of the tax credit had taken a toll on sales, the real issue was linked to...
...Last year’s $1.3bn tie-up between Pulte Homes and Centex, as well as creating the US’s largest housebuilder, gave Pulte access to Centex’s substantial landbank....
...Pulte Homes’ $1.3bn tie up with Centex last August, as well as creating the US’s largest housebuilder, gave Pulte access to Centex’s substantial landbank....
...Horton, which operates in 27 states, was the largest US housebuilder until the merger of Pulte Homes and Centex last year knocked it off the top spot....
...Pulte will pay 0.975 of a share for each share of Centex, valuing the latter at $10.50 a share based on Tuesday’s closing price. Pulte will also assume $1.8bn of net debt held by Centex....
...Pulte Homes agreed to acquire Centex Corporation in a $1.3bn all-stock deal that would create the largest US homebuilding company, says Julie MacIntosh...
...Pulte Homes, one of the strongest firms in the beleaguered US homebuilding sector, announced that it has agreed to buy rival Centex Corp for about $1.3 billion in stock....
...Meanwhile, Pulte Homes said it was to buy Centex in a $1.3bn takeover that would create the country’s largest homebuilder by sales....
...The negative outlook briefly weighed on Centex, which Pulte has agreed to buy, and after early losses, its shares rose 0.1 per cent to $11.33 as the company made a quarterly profit....
...Meanwhile Pulte Homes announced it was to buy Centex in a $1.3bn deal that would create the country’s largest homebuilder by sales....
...Centex advanced 5.8 per cent to $8.58 while KB Home climbed 8.3 per cent to $14.77....
...But Pulte Homes and Centex, the rival homebuilders that are due to merge, announced heavier losses than expected amid rising unemployment and foreclosures....
...Centex sank 3 per cent to $8.23 while KB Home, which also suffered a downgrade by Goldman Sachs, dropped 6 per cent to $13.24....
...Centex lost 5.4 per cent to $8.52, KB Home dropped 2.9 per cent to $14.45 and Pulte Homes gave up 5.7 per cent to $8.87....
...Pulte Homes finished 2.6 per cent lower at $10.03, while its prospective merger partner, Centex, dropped 2.9 per cent to $9.56....
...Per Fitch on Friday: Fitch reviews 14 US Homebuilders; Downgrades 9; Outlook Negative - Fitch Affirms Beazer’s IDR at ‘B-’; Outlook Negative – Fitch Downgrades Centex’s IDR & Senior Unsecured to ‘BB’...
...Centex opposed a similar resolution at its annual meeting, but subsequently also announced new standards for the energy efficiency of its homes....
...Homebuilder Centex has agreed to sell 10 per cent of its land portfolio to a group of real estate investors to boost its cash position, three months after builder Lennar sold 11,000 home sites into a joint...
...Shares in Centex Corporation were down 4.5 per cent at $14.05 and those in Pulte Homes fell 3.7 per cent to $12.07....
...Lennar, KB Home and Hovnanian recently dropped below their net worth requirements, and Centex is likely to do the same....
...But the proliferation of complicated JVs by some builders, including KB Home, Centex and particularly Lennar, is depressing their share prices and scaring off buyers of distressed land holdings....
...He added that the company was focused on “selling homes and generating cash”. Centex expects impairments of about $850m for land inventory and $40m in shares of land holdings in joint ventures....
...Lowe’s, the home improvement retailer, posted better- than-expected results and \edged up 0.4 per cent $24.59. Consumer staples were hit by some disappointing news from Hershey....
...KB Home and Centex led the way, climbing 8.8 per cent to $22.47 and 6.5 per cent to $26.25 respectively....
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