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Deals of the day-Mergers and acquisitions March 6, 2020
March, 12th 2020

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:

** U.S. regional TV station operator Gray Television Inc has made an offer to acquire larger peer Tegna Inc for approximately $8.5 billion, including debt, people familiar with the matter said.

** India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.

** Austrian oil company OMV said on Friday it is preparing to increase its stake in plastics maker Borealis to 75% in a deal worth $4.7 billion.

** Food distribution company US Foods Holding Corp said it would buy Smart Foodservice Warehouse Stores from private equity firm Apollo Global Management for $970 million, in a move to expand its base of restaurant customers.

** Brazil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) has begun the sale process of its stake in Petrobras Colombia Combustibles, known as PECOCO, sending information about the deal to potential investors.

** Chinese clothing conglomerate Shandong Ruyi has failed to secure financing for its $600 million acquisition of Swiss luxury brand Bally, more than two years after the deal was announced, according to four people with direct knowledge of the matter.

** Chinese gaming company Beijing Kunlun Tech Co Ltd said that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, for about $608.5 million.

** Swiss Firmenich has agreed to buy Les Dérivés Résiniques et Terpéniques (DRT), which specializes in plant-based chemistry, from private equity group Ardian, Tikehau Capital and family shareholders, the flavours and fragrances group said.

** Brazilian e-commerce firm Peixe Urbano on Thursday denied it was in talks to acquire Latin American scooter company Grow Mobility even as a person with direct knowledge of the matter said the startup was in talks with chairman of the firm’s board.

** Australia’s Nufarm Ltd said a Brazilian competition regulator has cleared the sale of its South American crop protection and seed treatment assets as it looks to pay down debt amid a severe domestic drought. (Compiled by Abhishek Manikandan and Manojna Maddipatla in Bengaluru)

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