September 25, 2019 / 10:03 AM / 2 months ago

Deals of the day-Mergers and acquisitions

(Adds Philip Morris, Osram and Clover Industries)

Sept 25 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:

** Philip Morris International has scrapped merger talks with Altria Group and will instead focus on the launch of its tobacco-heating product iQOS in the United States, the company said.

** Bain and its new partner Advent are prepared to make a takeover offer for Osram, the German lighting group said, citing a letter from the two buyout groups as a bid battle heats up.

** South Africa’s Competition Tribunal approved dairy firm Clover Industries Ltd’s takeover by Milco SA, a consortium headed by Israeli beverage firm Central Bottling Company (CBC), for 4.8 billion rand ($319.5 million).

** French luxury group Kering moved to reduce its remaining stake in Puma by issuing bonds that can be exchanged for shares in the German sportswear brand.

** Egypt will offer stakes in five or six state-owned enterprises by the end of June 2020 in an effort “to encourage the private sector and citizens to invest”, Prime Minister Mostafa Madbouly said.

** Buyout group KKR has put Austria-based European Locomotive Leasing (ELL) up for sale, people close to the matter said, as the investor seeks to lock in robust asset valuations ahead of an expected downturn.

** Inc has bought technology startup INLT for an undisclosed amount, the company told Reuters on Tuesday, in a transaction that will help merchants on its online marketplace more easily import goods into the United States.

** New Zealand’s Fonterra, agreed to sell its 50% stake in DFE Pharma for NZ$633 million ($400.37 million) as the world’s biggest dairy exporter trims its overseas portfolio to focus on domestic business. (Compiled by Ayanti Bera in Bengaluru)

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