Japan's Suntory Holdings said it will buy liquor company Beam for $16 billion, including debt -- receiving iconic American brands like Jim Beam and Maker's Mark. The whiskey and beer maker will pay $83.50 per share, which is a 25% premium to Beam's closing price on Friday of $66.97. Suntory President and Chairman Nobutada Saji said in a statement the acquisition will help the company further its growth around the world. The combined company is expected to generate annual sales of more than $4.3 billion, making it the world's third largest premium spirits entity, according to Beam President and CEO Matt Shattock.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.