Taking on a rival: Bass Pro Shops, which has a Denham Springs store, has reached a deal to acquire outdoors retail competitor Cabela’s—which has a Gonzales location—and take the company private in a deal valued at $4.5 billion, USA Today reports. It was not immediately clear whether the acquisition would result in any store closures, but the companies say in a statement that Missouri-based Bass Pro Shops would “celebrate and grow” the Cabela’s brand. The deal comes about 10 months after Nebraska-based Cabela’s put itself up for sale at the urging of hedge fund Elliott Management, which had declared the hunting-and-fishing retailer undervalued and called for the company to consider a sale or reorganization. Bass Pro Shops has about 99 stores and 20,000 employees. Cabela’s has about 85 stores and had about 19,700 employees at the end of 2015. Read the full story.
In the works: The Greater Lafourche Port Commission says agreements have been reached that will advance a plan to develop the Gulf’s first purpose-built, deep water rig repair and refurbishment facility to service the oil and gas industry. The Associated Press reports that Chett Chiasson, Port Commission executive director, says in a news release the agreement is with the Edward Wisner Donation, granting the commission a right of first refusal on more than 900 acres of property immediately south of the port. Under a memorandum of understanding with the U.S. Army Corps of Engineers after nearly two years of discussion and negotiation, the commission says a corps study will be conducted to determine the feasibility of a deeper draft channel into Port Fourchon. The study will evaluate deepening the main channel of Bayou Lafourche through Belle Pass to a depth of between 35-50 feet.
Hopeful: Oil rose above $50 a barrel this morning, the highest level since August. Reuters reports that the higher prices are supported by the planned production cut by the Organization of Petroleum Exporting Countries. OPEC said last week it would cut oil output to between 32.5 million and 33 million barrels per day from about 33.5 million barrels per day, with details to be finalized at its policy meeting in November. Initial skepticism last week over the effectiveness of the deal in eroding the global surplus gave way to a wave of short-covering that drove the price above $50 a barrel for the first time since late August. Read the full story.
