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4-Traders Homepage  >  Equities  >  Nyse  >  State Street Corp    STT

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State Street Corporation : Empire State Building accord wins preliminary approval

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02/22/2013 | 06:24am CEST

A New York court gave preliminary approval for a $55 million settlement aimed at allowing the initial public offering of a real estate investment trust that would include the iconic Empire State Building, Bloomberg reported.

The settlement was reached in September between Malkin Holdings and a group of investors in Empire State Building Associates, who had earlier sued to stop the plan, in part because they objected to the tax treatment they would face. (http://link.reuters.com/res26t)

The agreement, which must receive final court approval, will let Empire State Realty Trust Inc <ESB.N>, which controls the Manhattan skyscraper, continue its plan to become a real-estate investment trust and sell shares on the New York Stock Exchange.

"We are very pleased with today's decisions which granted preliminary approval of the settlement," Malkin Holdings said in a statement to Bloomberg. "We will continue to move forward with the vote on the proposed transaction, which we believe is in the best interests of all investors."

Lawyers representing Malkin Holdings and the investor group could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

(Reporting by Maneesha Tiwari in Bangalore and Terry Baynes in New York; Editing by Richard Pullin)

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Financials ($)
Sales 2016 10 583 M
EBIT 2016 2 937 M
Net income 2016 1 819 M
Debt 2016 -
Yield 2016 2,47%
P/E ratio 2016 12,74
P/E ratio 2017 10,91
Capi. / Sales 2016 2,18x
Capi. / Sales 2017 2,07x
Capitalization 23 060 M
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State Street Corp Technical Analysis Chart | STT | US8574771031 | 4-Traders
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Technical analysis trends STATE STREET CORP
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Mean consensus HOLD
Number of Analysts 18
Average target price 63,2 $
Spread / Average Target 8,5%
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Joseph L. Hooley Chairman & Chief Executive Officer
Michael F. Rogers President & Chief Operating Officer
Michael W. Bell Chief Financial Officer & Executive Vice President
James S. Phalen Vice Chairman-Management Board & Head-Technology
Albert Jerry Cristoforo Chief Technology Officer & Executive VP
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