November 20, 2019 / 10:33 AM / 2 months ago

Deals of the day-Mergers and acquisitions

(Adds Pembina Pipeline Corp)

Nov 20 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:

** Energy company Pembina Pipeline Corp said it has received approval from the Canadian Competition Bureau to buy Kinder Morgan Canada Ltd.

** French buyout group Ardian has emerged as the leading bidder for a stake in EWE, as the German regional utility’s search for a new anchor investor is nearing the finishing line, two people close to the matter said.

** Czech utility CEZ and European Metals Holdings have reached a conditional agreement that would give CEZ a 51% stake in the Cinovec lithium project, the companies said.

** Japan’s JFE Steel has agreed to set up a joint venture company with an affiliate of China Baowu Steel Group to produce high-grade bar steel in China, aiming to meet demand mainly from China-based Japanese automakers.

** French state-controlled power group EDF said it would exercise an option to sell its 49.99% stake in CENG, which owns five nuclear reactors across three nuclear power plants in the United States.

** Shares in Aviva slid on Wednesday after the British insurer announced it would reorganise into five divisions and sell its stake in its Hong Kong business, falling short of investor expectations for a broader change in strategy.

** The U.S. Federal Reserve said it approved a merger between BB&T Corp and SunTrust Banks Inc, sealing the biggest tie-up of banks since the 2007-2009 global financial crisis. (Compiled by Arunima Kumar in Bengaluru)

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