Deals of the day-Mergers and acquisitions May 8, 2019
May, 08th 2019
The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Wednesday:
** Marathon Petroleum Corp said it would combine its midstream units MPLX LP and Andeavor Logistics LP in a $9 billion deal.
** Abu Dhabi investment firms Gulf Capital and Waha Capital have held exploratory discussions regarding a merger, three sources familiar with the matter told Reuters.
** Australia’s competition regulator blocked a proposed A$15 billion ($11 billion) merger between TPG Telecom Ltd and Vodafone Group’s unit, sending shares of companies on both sides of the deal tumbling.
** Brazilian healthcare provider Hapvida Participacoes e Investimentos SA will look for more acquisitions in the near future after agreeing to acquire rival group Sao Francisco Saude for 5 billion reais ($1.26 billion), Chief Executive Officer Jorge Pinheiro told reporters on Tuesday.
** Brazilian education company Arco Platform Ltd has agreed to buy rival Sistema Positivo de Ensino for 1.65 billion reais ($415 million), the company said in a statement.
** Australian listed car dealer Automotive Holdings Ltd recommended a takeover proposal from larger rival AP Eagers after the suitor raised its indicative offer to A$836 million ($586.2 million).
** Private equity firm Waterton Global Resource Management Inc said it agreed to not increase its stake in Hudbay Minerals Inc, to more than 15 percent after the private equity firm settled its drawn out proxy contest with the Canadian miner.
** Singapore-based ride-hailing company Grab is weighing a spin-off of its payments and financial services business, the Financial Times reported, citing executives and investors.
** JPMorgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2 percent of the business up for sale that analysts expect the Wall Street bank to lap up.
** Singapore-based ride-hailing company Grab has mandated a few banks to approach potential investors to take minority stakes in its financial services business as it looks to spin off the unit, according to two people familiar with the matter.
** Germany retailer Metro remains in talks with a consortium led by real estate investor Redos over a potential sale of Metro’s hypermarket chain Real, sources close to the matter said.
** Japanese telco SoftBank Corp said it would spend $4 billion to up its stake in Yahoo Japan Corp and turn the internet company into a subsidiary, a move that would help boost its profit by 24 percent this year.
** Norwegian oil and gas firm DNO eyes new acquisitions in the next 12 months after acquiring formerly London-listed Faroe Petroleum earlier this year, DNO’s executive chairman told Reuters.
** A fund backed by veteran Japanese activist shareholder Yoshiaki Murakami extended the offer period for a buyout tender of Japanese printing firm Kosaido Co by nearly two weeks, amid tensions between the fund and the company over the bid. (Compiled by Manojna Maddipatla in Bengaluru)