May 6, 2019 / 10:08 AM / 5 months ago

Deals of the day-Mergers and acquisitions

(Adds Acreage Holdings, Hudson’s Bay, Conagra Brands, Centene; Updates Banco Bradesco, Occidental)

May 6 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Italian banks plan are set to take a 43 percent stake in troubled peer Carige under a 720 million euro ($806 million) rescue plan sponsored by U.S. asset manager BlackRock , the head of a banking fund said.

** Volkswagen has approached several companies to gauge their appetite for buying MAN Energy Solutions, which makes large diesel engines for ships and power generators, people close to the matter said.

** Hedge fund Marcato Capital Management said it opposed marijuana company Acreage Holdings Inc’s $3.4 billion sale to rival Canopy Growth Corp, arguing Acreage was too hasty in agreeing to a deal at too low a price.

** Banco Bradesco SA has embarked on its first-ever international acquisition by paying approximately $500 million to buy BAC Florida Bank, which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals.

** Norway’s Telenor and Malaysia’s Axiata Group are in talks to run a jointly owned telecoms giant in South and Southeast Asia with nearly 300 million customers, as they seek to drive up growth in a highly competitive market.

** Hotel owner Park Hotels & Resorts Inc agreed to buy smaller rival Chesapeake Lodging Trust in a cash and stock deal valued at $2.7 billion that would create the second biggest lodging real estate investment trust in the United States.

** Occidental Petroleum Corp said its latest bid to take over Anadarko Petroleum Corp was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Corp, even though it could spark tensions with its own shareholders.

** GrainCorp Ltd, Australia’s largest-listed bulk grain handler, said Long-Term Asset Partners (LTAP) had withdrawn its unsolicited A$2.38 billion ($1.66 billion) takeover bid for the company.

** Kenya’s biggest lender by assets, KCB Group, plans to buy a bank in Rwanda and one in the Democratic Republic of the Congo (DRC), its chief executive said.

** Occidental Petroleum Corp increased the cash component of its $38 billion bid to acquire Anadarko Petroleum Corp on Sunday, removing a requirement for any deal to receive the approval of Occidental’s shareholders.

** Elliott Advisors has become increasingly frustrated with Whitbread Plc’s strategy of owning Premier Inn hotels outright and wants the company to offload chunks of its 5.8 billion pound ($7.64 billion) property portfolio, the Sunday Telegraph reported on Saturday.

** Acreage Holdings Inc shareholder Marcato Capital Management LP said it would vote against the company’s proposed $3.4 billion deal with Canopy Growth Corp.

** Canadian retail operator Hudson’s Bay Co said that it was pursuing strategic alternatives such as a sale or merger for its department store Lord + Taylor, which has struggled to attract shoppers.

** A consortium of Italian investors has agreed to buy Italy-based frozen food business Gelit from Conagra Brands as the U.S. group seeks to sharpen its focus on core businesses.

** Hedge funds Corvex Management LP and Sachem Head Capital Management LP have built stakes in U.S. health insurer Centene Corp and are exploring challenging its planned $17.3 billion acquisition of WellCare Health Plans Inc, people familiar with the matter said.

Compiled by Bharath Manjesh in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below