Deals of the day-Mergers and acquisitions August 27, 2018
August, 27th 2018
The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Monday:
** Electric car company, Tesla Inc Chief Executive Officer Elon Musk said he would heed shareholder concerns and no longer pursue a $72 billion deal to take the luxury electric car maker private, abandoning an idea that stunned investors and drew regulatory scrutiny.
** South Korean steelmaker POSCO said it had signed a deal to buy a package of mining tenements in Argentina from Australian lithium miner Galaxy Resources Ltd for $280 million.
** Australia’s Victoria state has agreed to sell a four-decade concession to run its land and property registries to pension fund First State Super for A$2.86 billion ($2.09 billion), the government said in a statement.
** Australia’s BWX Ltd said that two of its senior executives and Bain Capital, who together made a takeover offer for the company, have completed due diligence but need until mid-September to complete work on the offer.
** Australia’s Investa Office Fund said that Blackstone Group LP will sweeten its bid for the company, after Investa met the conditions for the offer to be raised.
** Barwa Bank QSC and International Bank of Qatar QSC may announce plans to merge as early as this week, according to people with knowledge of the matter, Bloomberg reported.
** Shares in Metro AG jumped on as Ceconomy announced it may join family-owned Haniel in selling a stake in the German retailer to an investor group led by Czech billionaire Daniel Kretinsky.
** The head of Germany’s anti-trust office said he would have to review any plans to merge department store groups Kaufhof, owned by Canada’s Hudson’s Bay Company, and competitor Karstadt, owned by Austrian investor Rene Benko.
** Israel’s ColorChip, a maker of communication components for telecom providers and data centres, is close to being bought by an unnamed Chinese company for as much as $300 million, Israeli media reported. (Compiled by Manogna Maddipatla in Bengaluru)