Deals of the day-Mergers and acquisitions MARCH 7, 2018
March, 08th 2018
The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday:
** Greece could sell up to a 51 percent stake in its biggest oil refiner Hellenic Petroleum to meet a key condition of its international bailout, government and union officials said.
** Debt-laden Kazakh miner Eurasian Resources Group (ERG) has revived efforts to sell its Frontier copper mine in Democratic Republic of Congo (DRC) despite a drop in valuation to about $400 million, two banking sources said.
** India seeks to raise up to 9.6 billion rupees ($148 million) by selling a 12 percent stake in state-run guided weapon systems maker Bharat Dynamics Ltd in an initial public offering next week.
** Broadcom Ltd sought again to soothe U.S. security concerns around its bid for chipmaker Qualcomm Inc , saying it would stick with investments aimed at maintaining the United States’ leadership in 5G technology.
** Renault and alliance partner Nissan are discussing plans for a closer tie-up in which the Japanese carmaker would acquire the bulk of the French state’s 15 percent Renault holding, people close to the matter told Reuters.
** Russia’s biggest mobile phone operator MTS plans to increase its stake in online retailer Ozon through an acquisition of up to 1.7 billion roubles ($30 million) of newly issued shares, it said.
** Shares in Smurfit Kappa jumped, with traders citing a Bloomberg report that the Irish packaging firm was prepared to open takeover talks at 40 euros per share.
** India’s Tata Steel Ltd said it was selected as the highest bidder to buy a controlling stake in debt-laden Bhushan Steel Ltd, as part of bankruptcy proceedings.
** Tata Steel Ltd said it had been selected as the highest bidder to buy a controlling stake in debt-laden Bhushan Steel Ltd, ending weeks of speculation on which Indian group would clinch a deal.
** Altra Industrial Motion Corp said it would buy four units of Fortive Corp’s automation & specialty business in a $3 billion deal to bolster its presence in the power transmission and motion control industry.
** Inovalon Holdings Inc said it would buy privately held Ability Network for $1.2 billion, as the healthcare data analytics company seeks to reduce its dependence on insurers and add more clients.
** Bayer has entered exclusive talks with BASF on the sale of its Nunhems vegetable seeds unit to address antitrust regulators’ concerns over its planned merger with Monsanto, the two companies said.
** Germany’s Continental AG has agreed to form a joint venture with China’s CITC Ltd to produce so-called “mild” hybrid batteries that add some electric power to existing petrol models without a costly redesign.
** French energy group Engie is considering selling its power plant assets in Germany in a deal that could fetch a few hundred million euros, two people familiar with the process told Reuters.
** Britain’s GKN could clinch a merger of its automotive business with Dana Incorporated within two weeks, four sources close to the matter told Reuters, complicating Melrose’s hostile bid for the FTSE 100 engineering group.
** SK Telecom, South Korea’s No.1 telecom company by market share, entered a non-binding bid to buy domestic security systems company ADT Caps in a sale that could fetch at least $2.8 billion, a local newspaper reported.
** Prudential PLC’s Malaysian unit is in talks with the country’s No.2 pension fund to sell a 30 percent stake, valued at about $435 million, said people with knowledge of the matter, as overseas insurers race to comply with new foreign ownership rules.
** Media mogul Oprah Winfrey sold a portion of her holdings in Weight Watchers International Inc, the former talk show host’s production company Harpo Inc said on Tuesday.
** Japanese insurer Nippon Life is in talks with Deutsche Bank about buying shares in the initial public offering of the German lender’s DWS unit, two people close to the matter said.
** Standard Chartered has reached a provisional agreement to sell its real estate investment unit to private equity firm Actis, the bank’s Chief Financial Officer Andy Halford told Reuters.
** New Zealand’s stock exchange NZX Ltd said it signed a memorandum of understanding (MoU) with Singapore Exchange to expand their co-operation in Asia-Pacific markets.
** S&P Global Inc will buy artificial intelligence and analytics firm Kensho Technologies Inc for about $550 million in cash and shares, the ratings agency said on Tuesday.
** J.M. Smucker Co said on Tuesday it will abandon its plan to acquire Conagra Brand Inc’s Wesson oil brand after the U.S. Federal Trade Commission moved to block the deal, arguing it would likely lessen competition and violate anti-trust law.
** The female-led investor group that had agreed to buy The Weinstein Company’s assets pulled its offer on Tuesday, and lead investor Maria Contreras-Sweet said the decision was made after the group “received disappointing information”.
** Private equity firm Advent has hired Goldman Sachs and Rothschild to sell Dutch conveyor belt company Ammeraal Beltech in a process expected to begin around the end of this month, two sources familiar with the deal said.
** RWE should keep a majority in network and renewables unit Innogy, its biggest shareholder said, as the German utility considers options for its 76.8 percent stake. (Compiled by Mrinalini Krothapalli and Arunima Banerjee in Bengaluru)