July 25, 2019 / 10:17 AM / a month ago

Deals of the day-Mergers and acquisitions

(Adds Clariant, China Molybdenum; updates Momentum Metropolitan Holdings, Cobham, Occidental)

July 25 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:

** Clariant said that joint venture talks with top shareholder Saudi Basic Industries (SABIC) had been shelved due to differences over asset prices, a further setback for the Swiss chemicals maker whose CEO abruptly quit this week.

** China Molybdenum Co,, majority owner of a huge copper-cobalt mine in the Democratic Republic of Congo, said it had completed the acquisition of all of IXM, formerly the metals business of trading house Louis Dreyfus, for $518 million.

** South African insurer Momentum Metropolitan Holdings is to acquire the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand ($139 million), the two companies said.

** Proxy advisory firm Institutional Shareholder Services urged Occidental Petroleum Corp shareholders to ask management to let them weigh in on board and governance issues as the company buys rival Anadarko Petroleum Corp..

** Saudi Arabia’s Energy Minister Khalid al-Falih said state-run Saudi Aramco’s talks with Reliance Industries to buy a minority stake in the Indian conglomerate’s refining assets have not stalled.

** Barclays is looking to take on a $20 billion portion of Deutsche Bank’s prime brokerage business, sources told Reuters, under plans to become Europe’s premier investment bank and compete more strongly with U.S. rivals.

** U.S. private equity firm Advent International has agreed to pay 4 billion pounds ($5 billion) to buy Cobham, the British defence and aerospace group known for its pioneering air-to-air refuelling technology.

** Italian fashion group OTB increased its stake in fashion house Viktor&Rolf to 70% with the remaining 30% equally split between the founders of the Dutch brand, the company said.

** Salesforce.com Inc said it would partner with Chinese e-commerce company Alibaba Group Holdings Ltd, as the U.S. cloud-based service provider looks to make inroads into the Chinese software market with its products.

** China’s Bank of Jinzhou, which suspended trading in its shares earlier this year and saw its auditor quit, said that it is in talks with multiple parties for possible strategic investment, and that it is operating normally.

** Nike Inc, the world’s largest sportswear maker, is exploring options for its surfwear brand Hurley International, including its possible divestment, according to people familiar with the matter.

** Toyota Motor Corp said it would invest $600 million in Chinese ride-hailing giant Didi Chuxing as well as a new joint venture as the companies seek to develop connected and electric vehicle technologies in China.

** French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said.

** The top shareholder of Asiana Airlines Inc has kicked off the sale of its stake in the debt-laden South Korean carrier, an official at Asiana’s parent group said.

** China’s Future Land Development Holdings Ltd said subsidiary Seazen Holdings Co Ltd plans to sell equity interest in projects worth up to 15 billion yuan ($2.18 billion) to enhance cash flow.

** SoftBank Group Corp is expected to announce a $40 billion investment in its new technology fund, the Wall Street Journal reported on Wednesday.

** Australia’s competition regulator expressed concern over the proposed acquisition by ANZ Terminals of Graincorp’s Australian bulk liquid terminals unit, potentially delaying the agribusiness firm’s restructuring efforts.

** Australia’s competition regulator said it has approved AP Eagers’ proposed acquisition of Automotive Holdings Group, on the condition it sells its car dealerships in certain regions.

** Brazilian state-controlled oil company Petroleo Brasileiro SA signed on Wednesday two contracts to sell shallow-water oilfields in the basins of Campos and Santos for $1.5 billion plus $200 million in future payments, the company said in a securities filing.

** Charter Communications submitted a proposal to the Justice Department to buy telecom assets being sold under the T-Mobile US Inc and Sprint Corp combination, but never heard back from the agency, three sources familiar with the matter said.

Compiled by Dominic Roshan K.L. and Aakash Jagadeesh Babu in Bengaluru

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