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Deals of the day-Mergers and acquisitions
September 4, 2014 / 10:03 AM / in 3 years

Deals of the day-Mergers and acquisitions

(Adds Borse Dubai, Vimpelcom, Aviva, Latin American venture capital firms)

Sept 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:

** Manulife Financial Corp and Britain’s Standard Life PLC have agreed a near-$4 billion deal for the Canadian operations of the British insurer as part of a broader global tie-up.

** Fiat SpA said most of its shareholders had chosen not to exercise an option that could have derailed a merger with U.S. affiliate Chrysler, a tie-up that is a vital step in the Italian carmaker’s turnaround efforts.

** South Africa’s MTN Group Ltd has agreed to form a joint venture with specialist tower company HIS that will own and operate MTN’s 9,151 transmitter towers in Nigeria, HIS said on Thursday. HIS did not reveal the deal’s value, but a source familiar with the matter told Reuters it was worth around $1.8 billion.

** Canada’s WSP Global Inc said it would buy Balfour Beatty Plc’s U.S. professional services division, Parsons Brinckerhoff, for an enterprise value of about $1.24 billion, to increase its footprint in the U.S. transportation segment.

** Italian food group Parmalat SpA will buy 11 dairy division plants owned by Brazil’s BRF SA in a deal valued at 610 million euros ($801.9 million), the company said on Thursday.

** Online travel giant Expedia Inc’s takeover of Australian rival Holdings Ltd hit a snag on Thursday when a regulator raised concerns about competition and deferred its ruling on whether to approve the deal. The Australian Competition and Consumer Commission said the takeover could “remove a significant competitive constraint,” as it put off a decision on whether to approve the A$699 million ($653.8 million) takeover proposal for another month.

** Wind, the Italian subsidiary of Russian telecoms group Vimpelcom, is moving ahead with the sale and leaseback of 11,000 mobile phone masts in a long-expected deal that could be worth at least 500 million euros ($650 million), several sources familiar with the situation said.

** Austrian property company Immofinanz AG paved the way on Thursday to trim its stake in spun-off Buwog AG by offering bonds worth 375 million euros ($493 million), which it can repay either in cash or in Buwog shares.

** Mattress Firm Holding Corp said it would buy privately held bedding retailer The Sleep Train Inc for $425 million, its sixth and largest acquisition announced in the past year, to expand its presence on the West Coast.

** The investment firm for Switzerland’s wealthy Jacobs family said on Thursday it had sold its remaining stake in Adecco SA, sending shares in the world’s largest employment agency lower.

Thomson Reuters trading data showed the shares were sold for 69 Swiss francs each, for a total of about 231.8 million Swiss francs ($252.6 million).

** Suncor Energy Inc, Canada’s largest oil sands producer, said on Wednesday that it had agreed to sell some oil and gas properties in Alberta to Tamarack Valley Energy Ltd for C$168.5 million ($154.8 million) as it continues to winnow its inventory of conventional oil and gas properties.

** Spain’s Telefonica SA has the right to sell back its 11 percent stake in Mediaset SpA’s pay TV unit Mediaset Premium if the Italian media group finds another partner for the business, two sources familiar with the situation told Reuters.

Telefonica bought the stake in July for 100 million euros($130.17 million).

** Sanlam Ltd, South Africa’s largest insurer by market value, plans to spend up to 550 million rand ($52 million) to increase its stake in the insurance arm of India’s Shriram Group to 49 percent by the end of the year, its chief executive said on Thursday.

** German venture capital group Rocket Internet, which is mulling an imminent stock market floatation, announced on Thursday that it would team up with Swedish investor Investment Kinnevik AB to create a fashion e-commerce group focused on emerging markets.

** Indonesian flag carrier PT Garuda Indonesia Tbk has delayed a plan to sell part of its stake in its low-cost unit Citilink due to low valuations by potential investors, the Jakarta Post reported on Thursday.

** Roche Holding AG has ruled out major “double-digit billion” purchases but is open to smaller deals, the Swiss drugmaker’s chairman told a German newspaper in an interview published on Thursday.

** Kuwait Projects Co Holding KSCC said on Thursday it received approval from the country’s central bank to increase its stake in Burgan Bank SAK by 5 percent.

** Chinese investment fund Harvest Fund Management Co Ltd plans to raise 10 billion yuan ($1.63 billion) to buy a stake in the retail arm of oil giant Sinopec Corp , the state-owned China Securities Journal reported on Thursday, citing unnamed sources.

** Latvia’s government will submit a non-binding offer to buy a 47.2 percent stake in gas utility Latvijas Gaze AS from Germany’s E.ON SE, a spokeswoman said on Thursday.

** Qatar National Bank, the Gulf’s largest bank, said on Thursday it was acquiring a 12.5 percent stake in pan-African lender Ecobank Transnational Incorporated. No value for the transaction was given in QNB’s statement.

** German utility RWE AG has agreed to sell an 85 percent stake in three offshore wind parks to Canadian power producer Northland Power Inc, it said on Thursday, highlighting growing investor demand for European wind assets. No purchase price was disclosed.

** Thai Union Frozen Products PCL, the world’s largest producer of canned tuna, said on Thursday its MW Brands subsidiary has signed a deal to buy 100 percent of French smoked salmon supplier MerAlliance for an undisclosed amount.

** The European Commission has approved the acquisition of parts of Morgan Stanley’s Global Oil Merchanting Unit by OJSC Oil Company Rosneft of Russia, the Commission said on Thursday.

** Serco Group PLC said on Thursday that it had been selected as preferred bidder to continue running Australia’s onshore immigration detention services, some rare good news for the British outsourcer after a disastrous year.

** Swiss sports marketing company Infront Sports & Media AG has been approached by a number of potential new investors as it seeks to fund further expansion, its chief executive said in an letter obtained by Reuters.

** Swedish investment bank Carnegie is in merger talks with smaller Norwegian competitor Arctic Securities, Norwegian financial daily Finansavisen reported on Thursday.

** British insurer Aviva PLC and Turkish conglomerate Sabanci Holding will float up to 20 percent of their Turkish joint-venture pension unit Avivasa, the companies said.

** Private equity and venture capital firms in Latin America could raise $8 billion from investors this year, the most since 2011, a regional industry group said on Thursday, which may propel fresh buyouts in infrastructure, logistics and other sectors.

** Borse Dubai has launched an accelerated sale of 8.5 million shares in the London Stock Exchange, representing around 3.1 percent of the company’s issued capital, two sources familiar with the matter said. The latest price guidance on the shares is 20.20 pounds ($33) each, one of the sources said, valuing the stake at 171.7 million pounds. ($1 = 0.9177 Swiss franc) ($1 = 1.09 Canadian dollar) ($1 = 0.76 euro) ($1 = 10.68 South African rand) ($1 = 0.6117 British pound) (Compiled by Manya Venkatesh and Sneha Banerjee in Bangalore)

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