Deals of the day-Mergers and acquisitions Sep 5, 2017
September, 06th 2017
The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday:
** Israeli holding company IDB Development Corp signed a memorandum of understanding to sell its 44.9 percent stake in unit Clal Insurance to Hong Kong-based Huabang Financial Holdings, the companies said.
** Vietnam's prime minister has approved a plan to sell a majority stake in brewer Sabeco, a government committee said in a document seen by Reuters, taking the state-controlled brewer one step closer to a long-awaited sale.
** Germany's Merck KGaA is considering selling its $1 billion consumer health unit to meet its financial targets as a decline in its liquid crystal business forces it to review its strategy.
** Spanish bank BBVA has been selected as the only interested party to buy Deutsche Bank's unit in Spain in the second round of its sale process, news outlet El Confidencial reported.
** Indonesian state-owned energy company Pertamina is aiming to sign a joint venture deal with Russian oil giant Rosneft for the development of a new greenfield refinery in Tuban, East Java, by the end of this year, a company official said.
** Britain's Aveva Group said it had agreed to combine with Schneider Electric's software business to create a London-listed leader in industrial software worth more than 3 billion pounds ($3.88 billion).
** Newspaper company Tronc Inc, which owns the Chicago Tribune and the Los Angeles Times, said it acquired the New York Daily News from media and property mogul Mort Zuckerman.
** Private equity giant Blackstone Group has called off the sale of its A$3.5 billion ($2.8 billion) Australian shopping mall portfolio, a source said, as the looming arrival of Amazon.com spooks buyers of bricks-and-mortar stores.
** Adhesive maker H.B. Fuller Co said it signed an agreement to acquire its smaller rival Royal Adhesives & Sealants from affiliates of private equity firm American Securities LLC for about $1.58 billion.
** Aerospace supplier United Technologies Corp has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins Inc, the companies said on Monday, in a deal that bulks up UTC's power with plane makers by creating one of the world's largest makers of civilian and defense aircraft components.
** South African cement maker AfriSam launched a new bid for PPC on Monday with an offer that valued its rival at about 9.2 billion rand ($709 million), but an independent PPC board said it was too low.
** Italian tyremaker Pirelli, bought by state-owned China National Chemical (ChemChina) two years ago, will sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.
** Italy's Massimo Zanetti has bought a majority stake in coffee roaster PT Caswell's Indonesia as it continues to expand in Asia.
** China's 3SBio Inc has agreed to buy the contract development and manufacturing unit of Canada's Therapure Biopharma Inc for $290 million, part of a push by the Chinese biotech company into the North American market. (Compiled by Akankshita Mukhopadhyay in Bengaluru)