Stocks of the Hour: EBOS, Fortescue Metals & Santos

Medical wholesaler EBOS (ASX:EBO) has raised $642 million through a placement to partly fund the $1.7 billion acquisition of LifeHealthcare. To pay for the business, EBOS will also undertake a retail offer of $100 million and take out a $540 million loan. Shares in EBOS Group (ASX:EBO) are trading almost 5 per cent higher at $36.42.

Elizabeth Gaines will step down as chief executive officer of Fortescue Metals (ASX:FMG). She will move to a non-executive director role and become Fortescue’s global green ambassador. Shares in Fortescue Metals Group (ASX:FMG) are trading 0.8 per cent lower at $18.11.

Santos (ASX:STO) and Oil Search (ASX:OSH) have legally completed their $22 billion merger following approval from the National Court of Papua New Guinea. Santos will acquire all shares in Oil Search, while Oil Search shareholders will receive 0.6275 Santos shares for each Oil Search share held. Shares in Santos (ASX:STO) are trading 2.6 per cent lower at $6.45.

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Source: Finance News Network