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Deals of the day-Mergers and acquisitions
July 12, 2017 / 10:04 AM / in 13 days

Deals of the day-Mergers and acquisitions

5 Min Read

(Adds Generali, SK Hynix, Stada, Japan Tobacco, Metro, Continental; updates Dow, NRG Energy, ABM Industries)

July 12 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Britain's competition regulator has referred supermarket Tesco's proposed 3.7 billion pounds ($4.75 billion) takeover of wholesaler Booker for a detailed investigation, granting a request from the companies to "fast track" the process.

** Italy's Generali has put its 44 billion euro ($50 billion) German life insurance portfolio up for sale as it restructures in Europe, sources close to the matter said.

** A Chinese fund part-owned by congolomerate CITIC Ltd has paid $1.1 billion for some of Dow Chemical Co's corn seed business in Brazil, in a further sign of China's fast-expanding role in the global seed sector.

** NRG Energy Inc said it would raise as much as $4 billion through asset sales and slash debt by $13 billion, sending its shares surging 21 percent to a near two-year high.

** SK Hynix Inc still wants an equity stake in Toshiba Corp's chip unit, complicating a bid for the business by a consortium it is part of.

** Activist investor Elliott has built an 8.7 percent stake in Stada, the generic drugmaker which has backed a takeover offer from buyout groups Bain and Cinven said.

** Japan Tobacco Inc is in talks over a 45 billion peso ($890 million) deal to buy the assets of a Philippines cigarette maker accused of evading billions of pesos in taxes.

** A German court gave retailer Metro the green light to split its food business from its consumer electronics division, a move it hopes will allow the independent companies to pursue more acquisitions.

** Germany's Continental and Osram are planning to set up a joint venture to develop lighting products for the automotive industry, German business weekly Wirtschaftswoche said, citing unnamed sources.

** Britain's Equiniti Group Plc said it would buy Wells Fargo & Co's share registration business for $227 million as it looks to enter the United States, the largest and most active share registration market.

** Car parts maker Valeo is considering selling a hydraulic actuator business to Italian company Raicam in order to get regulatory clearance for its planned takeover of German clutch manufacturer FTE.

** Russian mobile operator Megafon will buy a 50 percent stake in Euroset, Russia's largest mobile and electronics retail network, from Vimpelcom, a subsidiary of Amsterdam-based mobile network operator Veon Ltd.

** Brazil's Magnesita Refratarios SA said on Tuesday the country's antitrust watchdog Cade approved without restrictions the proposed deal with Austria's RHI AG, completing all the necessary regulatory approvals.

** British insurer Prudential said it had bought a majority stake in Nigeria's Zenith Life to give it access to the African country's fast-growing insurance market.

** Royal Dutch Shell Plc said it would sell its 45 percent stake in the Corrib gas venture to a unit of Canada Pension Plan Investment Board (CPPIB) for up to $1.23 billion, marking the oil company's exit from the upstream business in Ireland.

** Australia and New Zealand Banking Group is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million.

** Janitorial services provider ABM Industries Inc said it would buy privately held rival GCA Services Group for about $1.25 billion, more than tripling revenue at its high-margin business that provides services to schools and colleges.

** German state-backed lender NordLB is preparing a sale of its property lender Deutsche Hypothekenbank as it seeks to repair its balance sheet following heavy writedowns related to its exposure to bad shipping loans, people close to the matter said.

** Slovenia hopes to get European Commission approval to postpone the sale of its largest bank, state-owned Nova Ljubljanska Banka (NLB), until the end of 2020, sources close to the matter said. (Compiled by Ahmed Farhatha and Diptendu Lahiri in Bengaluru)

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