Deals of the day-Mergers and acquisitions March 2, 2020
March, 06th 2020
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:
** U.S. utility Evergy Inc said it would appoint two independent directors and explore options, including a merger, as part of an agreement with activist investor Elliott Management Corp.
** Vistara, a joint venture between India’s Tata Group and Singapore Airlines, is considering a bid for the government’s stake in state-run carrier Air India, Vistara’s chairman said, according to local media reports.
** Gilead Sciences Inc said it would buy Forty Seven Inc for $4.9 billion in cash, adding an experimental treatment that targets blood cancer to its portfolio of oncology drugs.
** Brazil’s Hypera Pharma said it has signed a contract to buy a portfolio of 18 pharmaceutical products from Japan’s Takeda for $825 million.
** Poland’s biggest refiner, PKN Orlen, said that the European Commission had restarted the authorisation procedure concerning its potential takeover of Lotos.
** WillScot Corp, the largest U.S. supplier of mobile office trailers, will combine in an all-share deal with Mobile Mini Inc, the biggest U.S. provider of portable storage solutions, the companies said.
** Brazil energy company Aes Tiete said that it had received a merger proposal from energy company Eneva , which is willing to pay a 13.3% premium to buy out Aes Tiete shareholders.
** AJN Resources has scrapped a plan to purchase a 10% stake in Congo’s biggest gold mine from state-owned gold firm SOKIMO, buckling to pressure from Barrick, the operator and 45% stakeholder of the Kibali mine, which opposed the deal.
** Online food delivery company Just Eat Takeaway said it had started arbitration proceedings against a move by rival Delivery Hero to increase its stake in the company because it said it broke a standstill undertaking.
** South Korean budget carrier Jeju Air Co Ltd said it would acquire a 51% stake in competitor Eastar Jet for 54.5 billion won ($45.49 million), a lower price than previously announced.
** Caltex Australia Ltd said that the A$3.9 billion-plus ($2.61 billion) proposal from Britain’s EG Group undervalued the company but that it was open to more talks for a potential transaction.
** Intesa Sanpaolo said on Friday it had hired JP Morgan, Morgan Stanley, UBS and local broker Equita SIM to complete a team of advisers led by Mediobanca supporting Italy’s biggest retail bank in its takeover offer of rival UBI Banca . (Compiled by Ambhini Aishwarya and Manojna Maddipatla in Bengaluru)