May 26, 2017 / 11:25 AM / 4 months ago

Deals of the day-Mergers and acquisitions

(Adds Sherwin-Williams, Netafim, AMCON, Glencore; updates ArcelorMittal)

May 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:

** German industrial gases group Linde’s supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair, two people familiar with the matter told Reuters.

** Fairfax New Zealand and NZME said they would appeal New Zealand’s competition regulator’s decision to bar their merger in the country’s High Court.

** Web.com Group Inc, a U.S. provider of internet domain name registration that also helps businesses build websites, is in talks with private equity firms after receiving takeover approaches, people familiar with the matter said on Thursday.

** ArcelorMittal, the world’s biggest steelmaker, and Italian industrial group Marcegaglia have won a bid to buy the troubled Ilva steel plant in southern Italy, a source with knowledge of the matter said.

** Yancoal Australia said it was not concerned “at this stage” over the financial strength of its No.2 shareholder Noble Group, and that its acquisition of Rio Tinto’s coal mines did not hinge on funding from the commodities trader.

** Britain’s Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million on a cash-free, debt-free basis.

** Sainsbury‘s, Britain’s second largest supermarket group, is in the early stages of examining a takeover bid for wholesaler Palmer & Harvey (P&H), Sky News reported.

** Australia’s top energy retailer Origin has drawn interest from at least five potential bidders, including China’s Fosun International, for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said.

** State Bank of India is set to hire Bank of America-Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported, citing two sources with knowledge of the plan.

** UK hedge fund TCI said aero engine maker Safran’s reduced offer for Zodiac Aerospace was still too high and it would vote against the deal.

** Taiwan’s Cathay Financial Holdings said its two subsidiaries have completed an agreement to acquire the Malaysia unit of The Bank of Nova Scotia for $255 million.

** A Hong Kong-China consortium of property developers won an auction for a plot of land in Hong Kong’s New Territories with a bid of HK$8.33 billion ($1.07 billion), beating market expectations.

** State-backed Russian Direct Investment Fund (RDIF) and China’s Fosun International Ltd could announce an investment in Russia’s top gold producer Polyus in early June, a source familiar with the talks told Reuters.

** International buyout groups and Chinese investment funds are expected to submit bids for Israeli irrigation firm Netafim, which could fetch around $1.5 billion, within the next few weeks, two banking sources said.

** The Asset Management Company of Nigeria (AMCON), the country’s ‘bad bank’ set up following the banking crisis, is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa’s richest man, Aliko Dangote, and two Nigerian states.

** Paint-maker Sherwin-Williams has won U.S. antitrust approval to buy U.S. rival Valspar Corp, the Federal Trade Commission said.

** Miner and trader Glencore may pay up to $6 billion in cash in a possible tie-up with U.S. grains trader Bunge based on current valuations, Moody’s ratings agency said, but said it did not expect an outright acquisition. (Compiled by Gayathree Ganesan and John Benny in Bengaluru)

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