January 2, 2018 / 11:34 AM / a year ago

Deals of the day- Mergers and acquisitions

(Adds Swala Oil and Gas, CanniMed)

Jan 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1500 GMT on Tuesday:

** Tanzania’s Swala Oil and Gas will buy up to a 40 percent stake in Orca Exploration Group’s PAE PanAfrican Energy Corp. for $130 million, Swala said.

** Medical marijuana company CanniMed Therapeutics Inc said it had entered into an agreement with Up Cannabis for the supply of raw material in the face of rising demand as Canada prepares to legalize recreational pot.

** Investment manager Principal Financial Group Inc said it would purchase Indian lender Punjab National Bank’s minority stakes in their joint ventures.

** Marks & Spencer has sold its retail business in Hong Kong and Macau to its franchise partner Al-Futtaim as it retreats from international markets to focus on its core business in Britain, the company said.

** Glencore has agreed to sell one of two Australian coal mines it put up for sale last year to British industrialist Sanjeev Gupta’s GFG Alliance for an undisclosed sum, the two companies said separately.

** Israel’s Rami Levi Chain Stores has agreed to buy 20 percent of coffee and snack chain Cofix Group at a company valuation of 105 million shekels ($30 million). (Compiled by Akankshita Mukhopadhyay in Bengaluru)

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