Standard & Poor's buys Valuation Services Co.; intros new index.Standard & Poor's (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), a division of the McGraw-Hill Cos. (New York), has signed an agreement to acquire the U.S. Corporate Value Consulting (CVC See CSC. ) business of Pricewaterhouse--Coopers (New York) for about $120 million, including assets and liabilites. CVC is a provider of valuation and value analysis to major U.S. companies for financial reporting, tax, business combinations, corporate restructurings, capital allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as and capital structure purposes. CVC had 2000 revenue of about $100 million and currently employs 400 people in 13 locations. The total size of the market that CVC serves is estimated to be about $1 billion globally, with deand by U.S. companies accounting for about one- half of the market. Upon completion of the deal, CVC will become Standard & Poor's Corporate Value Consulting and will be led by PWC partner Philip Clements, who will become an executive vice president of Standard & Poor's. Clements said the deal "brings together two businesses that provide complementary financial analysis work centered around objectivity and integrity and that share similar corporate cultures." Becoming a part of Standard & Poor's "will enable CVC to realize its full business potential," Clements said. In related news, Standard & Poor's and the New York Board of Trade will introduce the S&P Commodity Index (SPCI SPCI Single-Premium Credit Insurance SPCI Standard & Poor's Commodity Index SPCI Software Product Configuration Item SPCI Small Pci ) and the Fall 2001 launch of futures and options contracts based on the index. The new index will measure price changes in a cross section of agricultural and industrial commodities with actively traded U.S. futures contracts Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. . SPCI will track 17 commodities in six sectors, including grains, meat and livestock livestock Farm animals, with the exception of poultry. In Western countries the category encompasses primarily cattle, sheep, pigs, goats, horses, donkeys, and mules; other animals (e.g., buffalo, oxen, or camels) may predominate in other areas. , metals, softs, fibers and energy, and will have six active contract months. |
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