Simmons analysts see "one glaring catalyst" that likely explains Carl Icahn’s attraction to Transocean (RIG +1.7%): the prospect of extracting or accelerating a cash distribution yield out of RIG now that the Gulf spill overhang has been largely mitigated. RIG has ~$14B in debt and $6B in cash on the books, which the firm says offers ample flexibility to draw back to a targeted cash balance ~$1.5B after the DoJ settlement.
Simmons analysts see "one glaring catalyst" that likely explains Carl Icahn’s attraction to...
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