S&P: Con-way on negative watch

Standard & Poor’s said it placed the ratings, including its BBB- corporate credit rating, on Con-way Inc. on CreditWatch with negative implications.

The CreditWatch placement follows news that Con-way entered into a definitive agreement to be acquired by the lower-rated XPO Logistics Inc. in a transaction worth about $3 billion, including the assumption of debt, S&P said.

The company expects the transaction to close in October 2015, following the successful completion of the tender offer and subject to the satisfaction of customary conditions, including regulatory approvals, the agency said.

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