September 3, 2019 / 10:51 AM / 14 days ago

Deals of the day-Mergers and acquisitions

(Adds CAOA, Air Canada, PKN Orlen, J2 Acquisition Ltd, Concho Resources, Ferguson, Bayer, Mediaset, Sunrise Communications, T-Mobile, Sprint; updates AMS)

Sept 3 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2035 GMT on Tuesday: ** Sunrise Communications said it had received a new fairness opinion supporting the valuation of Liberty Global’s Swiss UPC business that Sunrise wants to acquire, as it seeks to secure shareholder support for the deal. ** Italian broadcaster Mediaset’s plan to reorganise its businesses as part of a pan-European growth strategy is set to be approved by shareholders on Wednesday, despite opposition from the group’s second biggest investor, Vivendi. ** Plumbing parts distributor Ferguson Plc named the head of its U.S. business as its new chief executive on Tuesday and said it would separate off its UK operations to focus squarely on its largest market in the United States. ** Bayer said it hired Johnson & Johnson executive Marianne De Backer to manage acquisitions and licensing deals at its drugs unit, as the German drugmaker turns to outside sources to boost its development pipeline. ** U.S. oil and gas producer Concho Resources Inc said it would sell a portion of its New Mexico assets for $925 million to KKR-backed Spur Energy Partners LLC and plans to use the money to lower its debt and buyback shares. ** A top-10 shareholder in Just Eat said it would vote against the British food delivery company’s proposed 9 billion pound ($11 billion) merger with Takeaway.com, saying the deal undervalued Just Eat. ** Brazilian automaker CAOA has reached a preliminary agreement to buy Ford Motor Co’s plant in Sao Bernardo do Campo, which the U.S. automaker will close by year’s end as part of a global restructuring, the companies said. ** Illinois has joined a multistate lawsuit aimed at stopping the merger of U.S. wireless carriers T-Mobile US Inc and Sprint Corp, the New York attorney general’s office, which is leading the effort along with California, said.

** Air Canada has challenged Onex Corp’s proposed acquisition of WestJet Airlines, on grounds that the deal may not meet the country’s ownership rules, according to a letter sent by the carrier to the Canadian Transportation Agency. ** Poland’s biggest oil refiner PKN Orlen signalled on Tuesday that it could offer to swap assets with competitors in order to ease EU regulators’ concerns about its planned merger with rival Lotos. ** J2 Acquisition Ltd on Tuesday said that it spent $2.9 billion to buy APi Group, the parent of 40 life safety, energy, specialty construction and infrastructure companies. ** Vertex Pharmaceuticals Inc said it would buy privately held Semma Therapeutics for $950 million in cash with an aim to develop potentially curative stem-cell based treatments for diabetes. ** Canada’s Crescent Point Energy Corp said it would exit Uinta Basin in Utah and sell parts of its assets in southeast Saskatchewan for about C$912 million ($687.01 million) as part of its plan to cut debt under a new management. ** Austrian sensor specialist AMS made a 4.3 billion euro($4.8 billion) counter-offer for larger German lighting group Osram, raising the prospect of a bidding war with private equity duo Bain Capital and Carlyle. ** Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses. ** Japan’s major electricity generator JERA said that it agreed to buy 49% stake in a new 750 megawatt (MW) gas-fired power station project in Bangladesh which is under development by India’s Reliance Power. ** Lloyds Banking Group has agreed to buy Tesco Bank’s 3.7 billion pounds ($4.54 billion) UK residential mortgage portfolio, in a move likely to consolidate its dominance of Britain’s ultra-competitive market for home loans. ** Roche Holding and Spark Therapeutics announced another extension of the Swiss drugmaker’s $4.3 billion takeover offer for the U.S. gene therapy specialist as regulatory reviews continue. ** South Korea’s retail-to-airline group Aekyung and activist fund KCGI plan to participate in preliminary bidding for a stake in Asiana Airlines, the country’s No.2 carrier, sources with direct knowledge of the matter told Reuters. ** Kenya’s central bank approved KCB Group’s acquisition of National Bank of Kenya. ** Auto supplier Continental said it would prepare a spin-off of its Powertrain division as an alternative to a listing, giving the German company additional options for separating the unit amid worsening market conditions. ** Julius Baer’s European head said that the Swiss bank’s Italian subsidiary Kairos Investment Management will look at potential acquisitions in Italy. ** Germany’s Aroundtown and TLG Immobilien are examining a merger to create a pan-European commercial real estate market leader worth 25 billion euros ($28 billion). ** MTG shares leapt as much as 25% on Monday after the Swedish e-sports and gaming firm said Chinese live streaming platform Huya would buy a stake in its Turtle Entertainment (ESL) business and help it expand into China. ** Aventicum Capital Management Qatar (ACMQ), part of a joint venture between Credit Suisse and the Qatar Investment Authority, said it had acquired “selected funds and mandates” from Qatari asset manager Amwal LLC. ** Kinepolis agreed to acquire U.S.-based MJR Digital Cinemas for an enterprise value of $152.25 million to enter the U.S. market. ** India announced a series of mergers involving 10 state-owned banks, as it moves to strengthen a sector struggling under a mountain of debt and ensure stronger balance sheets to boost lending and revive economic growth. ** German real estate firm TLG Immobilien said on Sunday it is evaluating a potential merger with rival Aroundtown SA after buying a nearly 10% stake in Aroundtown for about 1.02 billion euros ($1.14 billion). ** Bangladesh has signed an agreement to buy 718 megawatts of electricity from India’s Reliance Power over the next 22 years, the company said. ** Israeli real estate developer Gazit Globe, which plans to buy the 40% of Atrium European Real Estate it does not already own, agreed to sell 6% of Atrium to Israeli insurer Phoenix Holdings for 75 million euros ($84 million). ** Federal Communications Commission chairman Ajit Pai sought approval from his colleagues to order the go ahead for Nexstar Media Group Inc’s acquisition of Tribune Media Co in a $6.4 billion tie-up, a spokeswoman for the agency said. ** Philip Green is preparing to break up his Topshop-to-Dorothy Perkins fashion empire, the Sunday Times reported citing unidentified sources. (Compiled by Arunima Kumar and Arjun Panchadar in Bengaluru)

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