Market Report -- In Play ()

November 19, 2009 7:39 AM ET

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On The Wires Willis Group Holdings (WSH) announced that they have signed a definitive agreement with Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye in a leveraged transaction. This transaction values Willis' existing investment in Gras Savoye at ~$343 million. Willis will roll over ~$135 million in equity and convertible debt and lend ~$48 million to the new holding company at a rate of 6 percent per annum. Willis expects to generate ~$160 million of tax-free net cash proceeds from the transaction, which it will use to pay down existing debt... AES Energy Storage (AES) and A123 Systems (AONE) announced the commercial operation of a 12 MW frequency regulation and spinning reserve project at AES Gener's Los Andes substation in the Atacama Desert, Chile... Technip (TKPPY) and Schlumberger (SLB) announced the signing of a global cooperation agreement to jointly develop subsea integrity and surveillance solutions for flexible pipes used in deep offshore oil and gas production... Ball Corporation (BLL) announced that John A. Hayes will become president of Ball at that time. Hayes, who will remain chief operating officer for the corporation, also will join Ball's board of directors at the beginning of the year.

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