Deals of the day -- mergers and acquisitions
May 7 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:
** Germany's Hochtief AG has agreed to the 1.1 billion euros ($1.4 billion) sale of its airports division, ending a lengthy quest for a buyer and giving fresh impetus to a strategy rethink led by its CEO appointed just six months ago.
** Belgian chemicals and plastics maker Solvay SA plans to exit its European PVC business through the formation of a joint venture with chemicals peer INEOS and the subsequent full sale of operations in four to six years.
** British grocer J Sainsbury plans to take full control of its joint venture with Lloyds Banking Group, treading the same path as rival Tesco, as grocers seek to capitalize on the unpopularity of traditional banks.
** London Stock Exchange Group has inked a deal to buy Italian trading platform Eurotlx from Banca IMI and UniCredit for about 40 million euros ($52 million), sources close to the matter said.
** Almost half of Timken Co's shareholders backed activist fund, Relational Investors LLC's drive to split the steel and ball-bearing company into two, and the board said it would decide by late June whether to proceed.
** Telecom Italia's board is likely to put off making a decision this week on whether to open formal merger talks with Hutchison Whampoa as key shareholders are divided on the issue, sources with knowledge of the situation said.
** Increasing its stake in Puma is not a priority right now for PPR, the French group's managing director said on Tuesday at the sportswear group's annual shareholding meeting.
** Proxy advisory firm ISS said Plains Exploration & Production Co shareholders should vote against the more than $6 billion proposed takeover of the oil and gas company by Freeport-McMoRan Copper & Gold Inc., dealing a blow to the miner as shareholder resistance to the deal intensifies.
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