News Roundup: Dole, OriginOil, Kennedy-WilsonFriday, July 20, 2012
SPIN-OFF CONSIDERED: Dole Food Co. confirmed weeks of speculation that it might consider a sale or spinoff of its packaged-foods unit. The Westlake Village producer and distributor of fruits and vegetables said it retained Deutsche Bank AG and Wells Fargo & Co for a strategic review.
NEW UNIT: OriginOil Inc., which has developed a process to convert algae into fuel, announced the formation of a separate business unit for cleaning up water used in fracking. The Los Angeles company said its algae-based technology should help reduce environmental concerns about fracking, which recovers oil out of old fields once thought depleted.
STOCK OFFERING: Kennedy-Wilson Holdings Inc. expects to net at least $92.4 million from a secondary offering of 7.5 million shares, which priced on Thursday at $13 a share and is expected to close on Tuesday. The Beverly Hills real estate investment firm plans to use the money repay all borrowings under its revolving credit facility.