June 4, 2019 / 10:18 AM / 12 days ago

Deals of the day-Mergers and acquisitions

(Adds Renova Energia SA, Oslo Bors, Non-Standard Finance, Provident Financial; Updates Group Mach Inc)

June 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:

** Italy’s Autogrill, which runs restaurants and bars at airports, motorways and railways around the world, is looking at possible acquisitions in related sectors in the next few years, when it will have 1.5 billion euros ($1.69 billion)for M&A.

** British sub-prime lender Non-Standard Finance (NSF) is dropping its hostile 1.3 billion pound ($1.65 billion) bid for rival Provident Financial, the company said.

** Russia’s Severgroup, controlled by billionaire Alexei Mordashov, said it had completed a cash offer to Russian food retailer Lenta’s minority shareholders and that it now held a stake of 78.7%.

** U.S. billionaire Rocco Commisso is close to agreeing the purchase of Italian Serie A soccer club ACF Fiorentina from the Della Valle family for around 160 million euros ($180 million), a source with knowledge of the matter said.

** Real estate developer Group Mach Inc said it offered to acquire Canadian tour operator Transat AT Inc for C$527.6 million ($392.9 million), topping an earlier offer from Air Canada.

** BPER Banca believes conditions are not in place for it to take over troubled rival Carige, a source at Italy’s sixth-largest bank said.

** Volkswagen is likely to launch the sale of transmissions maker Renk in the autumn as the German carmaker streamlines operations to free up funds for investment in electric vehicles, people close to the matter said.

** U.S. industrial manufacturer Crane Co said it was willing to adjust its $894 million offer for smaller rival Circor International Inc if its board was willing to engage in talks.

** Volkswagen will place a stake of less than 25% in truck unit Traton in a listing planned before the end of June, a person familiar with the matter said.

** Fiat Chrysler has resolved key differences with France over its proposed merger with Renault, three sources told Reuters, as the French carmaker’s board met to review the $35 billion tie-up plan.

** Shares in petrochemical producer Braskem were down 20 percent in pre-market trading in Sao Paulo after petrochemical giant LyondellBasell Industries NV said it had ended talks with Braskem SA’s controlling shareholder, Brazilian construction conglomerate Odebrecht SA, to acquire the company.

** Vocus Group Ltd said Swedish private equity firm EQT Infrastructure had withdrawn its A$3.3 billion ($2.30 billion) buyout offer, making it the fourth suitor to drop its bid for the telecoms company in the last two years.

** Activist hedge fund CIAM has written to the board of French automaker Renault to say it “strongly opposed” a planned $35 billion merger with Fiat Chrysler.

** Management at Brazilian food processor BRF SA has met with resistance from a minority of its board to talks on a potential merger with Marfrig SA that would create one of the world’s largest meat producers, three people with knowledge of the matter said.

** Brazil’s power sector regulator ANEEL rejected the proposed transfer of wind power complex Alto Sertao III from Renova Energia SA to AES Tietê, a 1.34-billion real ($346.7 million) deal closed in April.

** Euronext said it secured 61.4% of the shares in Norwegian stock exchange Oslo Bors, ending a five-month takeover battle for one of the last European independent stock market operators.

** Lender Provident Financial said shareholder Janus Henderson Investors does not plan to accept the hostile takeover bid for Provident by Non-Standard Finance, adding that more than one-fifth of its shareholders hold the same position.

($1 = 0.8882 euros)

Compiled by Debroop Roy and Arundhati Sarkar in Bengaluru

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