Group 1 - The FPA Crescent Fund gained 5.54% in Q3 2025 and 15.32% over the trailing twelve months, with top five performers contributing 6.65% and bottom five detracting 2.58% from the returns [1] - International Flavors & Fragrances Inc. (NYSE:IFF) is a key holding in the fund, with a one-month return of 6.40% but a significant decline of 29.64% over the past 52 weeks, closing at $64.00 per share and a market capitalization of $16.39 billion [2][3] Group 2 - IFF is a major producer of ingredients for various industries, including food and beverage, with its products being essential in many household items [3] - The company has faced challenges due to previous management's poor capital allocation and acquisitions, which led to lower margins and increased leverage [3] - A new CEO is focusing on operational excellence and divesting non-core assets, which is expected to reduce leverage and improve margins [3] - Current free cash flow of approximately $4 is projected to increase to $5-6 in a few years, potentially leading to a higher P/E ratio in line with peers [3] - The stock price, currently at $61, has a potential path to double if the company executes its strategy effectively [3]

Core Viewpoint - BP has agreed to sell non-controlling interests in its US midstream assets in the Permian and Eagle Ford basins to Sixth Street for $1.5 billion, structured in two phases with an initial payment of approximately $1 billion upon signing [1][4]. Group 1: Transaction Details - The deal involves BP's US onshore subsidiary, bpx energy, continuing to operate the assets, which include pipelines and facilities in the Eagle Ford and Permian basins [1][2]. - The assets include four central processing facilities: Grand Slam, Bingo, Checkmate, and Crossroads, which connect oil and gas wells to pipeline systems [2]. - Upon closing, bpx energy's ownership in the Permian assets will decrease from 100% to 51%, and its stake in the Eagle Ford assets will drop from 75% to 25% [3]. Group 2: Strategic Implications - The transaction is part of BP's strategy to unlock capital while maintaining operational control over the assets [2][4]. - This sale supports BP's goal of achieving $20 billion in divestments by the end of 2027, as outlined during its Capital Markets Update in February 2025 [4]. - bpx energy's CEO emphasized the importance of investing in midstream for driving value, flow assurance, and lowering emissions in these basins [3].

Core Viewpoint - Barrick Mining Corporation has agreed to divest its stake in the Tongon gold mine and certain exploration properties in Côte d'Ivoire to Atlantic Group for up to $305 million, which includes both cash payments and contingent payments based on gold prices and resource conversions [1][2]. Financial Implications - The sale proceeds will be utilized to strengthen Barrick's financial position and improve shareholder returns [2]. - The transaction includes a cash payment of $192 million, which consists of a $23 million shareholder loan repayment due within six months of closing [1]. Transaction Details - The acquisition involves Barrick's stakes in two Ivorian subsidiaries that own the mine and exploration permits [2]. - The deal is expected to close in late 2025, subject to customary closing conditions and approval from the Government of Côte d'Ivoire [3]. Economic Contribution - Since its first gold pour in 2010, the Tongon mine has contributed over $2 billion to the Ivorian economy through taxes, infrastructure development, salaries, and payments to local suppliers [3]. Company Background - Atlantic Group is a privately held pan-African conglomerate with interests in various sectors across 15 African countries, founded by an Ivorian entrepreneur 48 years ago [4]. - Barrick Mining recently signed an agreement to sell the Hemlo Gold Mine in Canada for up to $1.09 billion and announced a leadership transition with the appointment of Mark Hill as COO and interim president and CEO [4].

3M (NYSE:MMM) is considering selling billions of dollars of assets in its industrials unit as it tries to cut lower-growth businesses. 3M (NYSE:MMM) has been working with Goldman Sachs to review potential assets to sell, according to a ...

Core Viewpoint - Hastings Technology Metals has entered into a binding agreement with Metal Bank for the divestment of its gold assets, which is contingent upon shareholder approval and other conditions [1][4]. Group 1: Agreement Details - Metal Bank will issue 160.02 million ordinary shares to Hastings, valued at A$2.3 million at the time of signing the term sheet, upon completion of the deal [1]. - Hastings will transfer its gold assets and A$300,000 in cash from its subsidiary Great Western Gold to Metal Bank upon deal completion [2]. - The acquisition includes Great Western Gold, which holds a 75% interest in the Whiteheads Gold Project tenements, and other tenements covering approximately 380 km² near Kalgoorlie [2][3]. Group 2: Additional Assets and Approvals - The acquisition also encompasses Ark Gold, which owns two exploration licenses around 40 km southeast of Hastings' Yangibana Project, and Darcy's gold tenements, comprising three exploration licenses covering around 100 km² adjacent to the Brockman Niobium and Heavy Rare Earths Project [3]. - Both Hastings and Metal Bank require shareholder approval for the issuance and distribution of shares, with Metal Bank seeking approval at its upcoming annual general meeting (AGM) [4]. - Hastings plans to seek approval for the "in-specie" distribution of shares at its AGM scheduled for mid-November 2025 [4]. Group 3: Strategic Implications - The executive chairman of Hastings stated that the agreement reflects a shared vision and cooperation between the two companies to create a gold-focused entity that benefits their shareholders [5]. - This divestment is seen as a transformational step for Hastings, allowing it to concentrate on developing its rare earth and niobium assets at Yangibana and Brockman [6]. - Hastings is also advancing its Whiteheads Project, with drilling initiated for an initial resource at the Seven Leaders prospect [6].

Core Viewpoint - Occidental Petroleum is in discussions to sell its petrochemicals division, OxyChem, potentially valued at up to $10 billion, which would result in one of the largest independent petrochemicals companies globally [1][2]. Group 1: Divestment and Financials - The divestment talks could conclude within weeks, although there is a possibility of complications arising [2]. - Occidental has been selling off assets to reduce its debt, which currently stands at approximately $24 billion, down from $48.75 billion in September 2019 after acquiring Anadarko for $55 billion [3]. - The company’s debt increased again in 2023 following the $12 billion acquisition of CrownRock [3]. Group 2: Production and Market Position - Occidental was recognized as one of the top 10 shale operators, with a daily production of 1.22 million barrels of oil equivalent, ranking third behind Exxon and Expand Energy [4]. - For the current year, Occidental aims for an average daily production of 1.422 million barrels, although lower international oil prices have negatively impacted earnings [5]. - The stock price has decreased by 8% over the past year and 4.5% year-to-date, reflecting the challenges posed by international oil prices [5]. Group 3: Petrochemicals Industry Outlook - The petrochemicals division generated nearly $5 billion in revenue over the 12 months leading to June [6]. - The petrochemicals sector is increasingly becoming a focal point for the oil industry, with expectations that it will drive overall oil demand growth in the future [6].

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has withdrawn its approval for TotalEnergies' intended sale of a minority stake in a Nigerian onshore oil producer. The regulatory decision affects TotalEnergies' strategy to divest mature assets and reduce debt, reported Reuters. The initial agreement, made in July last year, involved TotalEnergies selling a 10% stake in a joint venture (JV) to Telema Energies Nigeria, owned by Mauritius-based Chappal Energies. The JV includes the Nigerian N ...

Core Viewpoint - Bank of America (BAC) has agreed to acquire a €100-million ($118 million) Spanish real estate loan portfolio from Banco Santander, marking its second deal with the Spanish lender this year as part of Santander's strategy to divest €40-€45 billion in risk-weighted assets by 2025 [1][7]. Group 1: Bank of America's Strategy - The acquisition provides BAC with a foothold in Spain's real estate lending market during a period of repricing of European property assets due to shifting interest rates [3]. - Earlier in the year, BAC purchased a portfolio of hotel-related loans from Santander, indicating a focused effort to expand in specialized real estate lending [3]. - This move is expected to help BAC diversify its asset base and capture higher yields from European commercial real estate loans [3]. Group 2: Santander's Balance Sheet Goals - Santander is utilizing this transaction to accelerate its de-risking efforts, actively selling loan portfolios to strengthen capital ratios and free up resources for core lending businesses [4]. - In addition to the deal with BAC, Santander has sold distressed loan portfolios to Goldman Sachs and Morgan Stanley in recent months [5]. - These transactions aim to improve capital efficiency while reducing exposure to cyclical sectors like real estate [5]. Group 3: Market Performance - Over the past six months, shares of BAC have gained 22.7%, compared to the industry's growth of 28.9% [6].

Core Viewpoint - Fosun International Ltd. is continuing its strategy of divestment to improve its capital structure and liquidity, as evidenced by the sale of 40% of its Luz Saúde healthcare group for 310 million euros ($364 million) while retaining a 60% stake in the company [2][3][4] Group 1: Strategic Benefits of the Sale - The sale of Luz Saúde is expected to enhance the company's capital structure and liquidity, facilitate business growth through collaboration with a strategic partner, and strengthen the shareholder base for mid-term expansion [3] - Luz Saúde operates 29 medical facilities in Portugal, serving 75% of the population, indicating its significant market presence [4] Group 2: Ongoing Investment Strategy - Fosun's divestment strategy is not a retreat from Portugal but rather a method to maintain market exposure while improving debt metrics and generating capital for further investments [6][9] - The company has previously sold stakes in other investments, such as 5.6% of Banco Comercial Português for 235 million euros and two towers in Lisbon for 192 million euros, while retaining control over these assets [5] Group 3: Financial Recovery and Debt Management - Fosun's total debt was reported at 222.1 billion yuan ($31 billion) as of June, with a slight increase from the previous year, while holding 67.8 billion yuan in cash and bank balances [10] - The company has been actively deleveraging since mid-2022, selling various assets to stabilize its finances and improve funding access [12] - Following its recovery, Fosun returned to the U.S. dollar bond market, issuing $300 million in notes, which was viewed positively by S&P, affirming its credit rating with a stable outlook [13][14]

Core Viewpoint - Fuerte Metals has agreed to acquire Newmont Corporation's Coffee Gold Project in Yukon, Canada, for up to $150 million, which includes an initial cash payment and equity shares, along with a royalty agreement [1][2][3]. Transaction Details - The total acquisition cost is up to $150 million (C$206.47 million), consisting of an initial cash payment of $10 million and $40 million in equity [1]. - Newmont will receive a 3% net smelter return royalty on the Coffee Gold Project, which Fuerte can repurchase for up to $100 million [1]. - The transaction is expected to close by October 19, 2025, pending specific conditions [2]. Strategic Rationale - Newmont's CEO stated that the sale is part of a strategy to streamline its portfolio and focus on core operations [3]. - The divestment aligns with Newmont's previous announcements regarding the sale of non-core assets across various regions [2]. Project Overview - The Coffee Gold Project is located approximately 130 km south of Dawson in Yukon Territory and is part of a region known for significant gold deposits [4][5]. - The project is reported to host 3 million ounces (moz) of open-pit heap-leach measured and indicated resources, along with an inferred resource of 800,000 ounces [5]. Advisory Roles - BMO Capital Markets acted as the financial advisor for Newmont, while Goodmans served as legal advisor [5]. - Trinity Advisors Corporation was the financial advisor for Fuerte Metals, with Borden Ladner Gervais acting as legal counsel [6]. Community Engagement - Fuerte Metals emphasizes the importance of protecting the water and lands around the Coffee Creek area and pledges to build relationships with local First Nations [7].