Benzinga's M&A Chatter for Tuesday August 13, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday August 13, 2013: DOJ Sues to Block AMR-US Airways Merger The DOJ Suit:
Shares of US Airways LCC and other airline stocks plummeted on a report that the US DOJ and six states have sued to block the $14 billion merger with American Airlines AAMQRQ. A spokesman for US Airways told Benzinga "We believe that the DOJ is wrong in its assessment of our merger. Integrating the complementary networks of American and US Airways to benefit passengers is the motivation for bringing these airlines together. Blocking this procompetitive merger will deny customers access to a broader airline network that gives them more choices." US Airways plans to "mount a vigorous defense and pursue all legal options in order to achieve this merger and deliver the benefits of the new American to our customers and communities as soon as possible.” US Airways closed at $16.36 Tuesday, a loss of 13% on 15 times average volume. Novartis, Pfizer Reportedly Not Bidding for Onyx The Rumor:
Shares of Onyx Pharmaceuticals ONXX fell Tuesday on a report from Bloomberg that both Novartis NVS and Pfizer PFE have chosen not to bid for Onyx. Earlier in the day, Onyx shares rose on comments from Novartis Chair Reinhardt that a $10 billion acquisition was not "out of reach." Onyx declined to comment or speculate on the reports. Onyx Pharmaceuticals closed at $124.88 Tuesday, a loss of $1.02 on higher than average volume. SolarCity to Acquire Paramount Solar for $120M in Mostly Stock Transaction The Deal:
SolarCity SCTY and Paramount GR Holding announced Tuesday that they have agreed that SolarCity will acquire the assets of Paramount Energy Solutions for $120 million. SolarCity will acquire the Paramount Solar business for $116.3 million in stock, and the remainder in cash. The deal is expected to close in September. SolarCity closed at $37.92 Tuesday, a loss of $.20 on lower than average volume.