April 18, 2018 / 10:01 AM / 8 months ago

Deals of the day-Mergers and acquisitions

(Updates Hammerson; adds Time Warner, Immofinanz, GlaxoSmithKline, Total, Generali, SunPower, Malayan Banking, Imerys and Premium Aerotec)

April 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Time Warner Chief Executive Jeff Bewkes defended his company’s planned merger with AT&T as necessary to compete effectively for advertising with internet giants like Google and Facebook.

** Telecom Italia’s (TIM) management defended its strategy, saying alternative moves proposed by activist fund Elliott Advisers were premature, unfeasible and carried financial and execution risks.

** British shopping centre operator Hammerson is pulling out of buying smaller rival Intu Properties by asking its increasingly sceptical shareholders not to back the planned 3.4 billion pound ($4.8 billion) deal.

** Austrian property group Immofinanz is acquiring a 29.1 percent stake in peer S Immo, securing a large foothold in a second rival that could help it shape any mergers between Austria’s three top listed real estate companies.

** Italy’s biggest insurer Generali has agreed to sell its Belgian operations to Bermuda-based Athora Holding for 540 million euros ($668.5 million) as part of its plans to shrink its global business and shore up capital.

** GlaxoSmithKline signalled its intention to boost its drug pipeline through deals by hiring Kevin Sin from Roche’s Genentech unit to lead a worldwide search for promising experimental products.

** Total’s venture capital unit has acquired a stake in Ionic Materials, a privately held battery developer based in Massachusetts for an undisclosed amount, the French oil and gas company said.

** SunPower Corp said it would buy U.S. solar panel maker SolarWorld Americas, expanding its domestic manufacturing as it seeks to stem the impact of Trump administration tariffs on panel imports.

** Aerospace supplier Premium Aerotec has acquired a 3D printing specialist as it seeks to boost its expertise in the growing market for plane parts made by additive manufacturing and find new customers ahead of a possible ownership change.

** Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, is preparing to spin off and list its Etiqa insurance arm on the local stock exchange, sources with knowledge of the matter said.

** France’s Imerys is selling its roof tiles business as it streamlines its portfolio, people close to the matter said, expecting the asset to be valued at around 1 billion euros ($1.2 billion), with private equity most likely to clinch the deal.

** Cash-strapped Fortis Healthcare Ltd said Fosun International Ltd has offered to invest up to $350 million, making the Chinese firm the fourth suitor aiming to tap soaring demand for private healthcare in India.

** Cessna jets maker Textron Inc said it had agreed to sell its tools and test equipment business to Emerson Electric Co for $810 million.

** EU antitrust regulators are set to hit French telecoms and cable group Altice with a hefty fine for concluding its 2015 acquisition of PT Portugal without first waiting for official approval, a person familiar with the matter said.

** Maroc Telecom, Morocco’s largest telecoms operator, has acquired an additional 10 percent stake in Burkina Faso telecoms company Onatel, bringing its total holding in the firm to 61 percent.

** Poland’s biggest oil refiner, state-run PKN Orlen , has started due diligence at smaller rival Lotos as part of its merger plan.

** Qatar’s Elan Group is working with an adviser to sell Novo Cinemas’ theaters in the United Arab Emirates and Bahrain, sources familiar with the matter told Reuters.

** Denmark’s Nordjyske Bank snubbed a bid by the country’s second-largest lender Jyske Bank, revealing plans to merge instead with Ringkjobing Landbobank.

** Oil major Total said it will buy a majority stake in French electricity retailer Direct Energie in a 1.4 billion euro ($1.73 billion) deal that will make it a major challenger to state-owned market leader EDF.

** U.S. property investment firm Starwood Capital Group launched its bid for minority stakes in Austrian property companies CA Immo and Immofinanz as it seeks exposure to markets in central and eastern Europe.

** Lagardere has started exclusive talks with Czech Media Invest over the sale of its French magazine titles, including the famous “Elle” magazine.

** BT will merge two of its divisions which provide public sector work and wholesale services in the latest restructuring designed to improve customer services, it said.

** France’s Imerys is selling its roof tiles business as it streamlines its portfolio, people close to the matter said, expecting the asset to be valued at around 1 billion euros ($1.2 billion), with private equity most likely to clinch the deal.

** Billionaire investor Carl Icahn has acquired a stake in cloud computing platform VMware Inc, CNBC reported on Tuesday.

** BlackRock Inc, the world’s largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit market as investors hunt for richer fixed-income returns. (Compiled by Ahmed Farhatha, Tamara Mathias and Karan Nagarkatti in Bengaluru)

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