May 12, 2020 / 10:02 AM / 22 days ago

Deals of the day-Mergers and acquisitions

(Adds Intesa Sanpaolo, Petrobras, Uber, Vedanta Resources, Exor; updates Alexion, Alstom)

May 12 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:

** Italy’s anti-trust watchdog said it had opened an inquiry into Intesa Sanpaolo’s proposed takeover of rival UBI Banca to assess the impact of the deal on the industry given its significance.

** Petrobras has delayed the submission of binding offers for an oilfield cluster known as Polo Garoupa for a fourth time, two sources with knowledge of the matter told Reuters, as investor appetite in Brazil’s offshore oil sector rapidly dries up.

** Uber Technologies Inc is in advanced talks to buy online food delivery company GrubHub Inc in an all-stock deal, according to a person familiar with the matter.

** Miner Vedanta Resources Limited confirmed that it would take its Indian unit Vedanta Ltd private, as it looks to accelerate simplification of its corporate structure amid the coronavirus crisis.

** Hedge fund Elliott Management publicly called on Alexion Pharmaceuticals Inc to sell itself, arguing that management’s steps, including recent plans to acquire a smaller company, were leading in the wrong direction.

** Exor, the holding company of Italy’s Agnelli family, said it would retain control of Bermuda-based reinsurer ParnerRe after French insurer Covea said it could no longer buy the firm under the agreed terms.

** Alstom is sticking to the terms of its previously agreed deal to buy the rail division of Canada’s Bombardier for up to 6.2 billion euros ($6.7 billion), despite a hit to its earnings from the coronavirus crisis.

** Czech utility CEZ is still aiming for closing a transaction for the disposal of assets in Romania by the end of this year as part of its divestment plans, Chief Financial Officer Martin Novak said.

** South Africa’s heavily indebted sugar producer Tongaat Hulett is in a deadlock over the sale of its starch business to Barloworld over a condition set during the signing of deal, the two companies said.

** Saudi Aramco said its planned acquisition of a 70% equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter.

** Virgin Australia Holdings Ltd’s administrator said 19 parties interested in purchasing the airline had been granted access to a data room as of May 11 and non-binding indicative offers are due on May 15, according to an affidavit.

** Global investment manager First State Investments will buy New Zealand’s Ultrafast Fibre Ltd for NZ$854 million ($518.63 million) from WEL Networks Ltd and Waipa Networks Ltd, the electricity distributors said. (Compiled by Trisha Roy and Praveen Paramasivam in Bengaluru)

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