Deals of the day -- mergers and acquisitions
May 24 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:
** Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday.
** Manitoba Telecom Services Inc will sell its Allstream fiber optic network to a company controlled by telecom tycoon Naguib Sawiris for C$520 million ($502.8 million), a deal that signals the Egyptian billionaire is still keen on the Canadian market.
** Spanish nationalized lender Bankia SA said on Friday it had sold City National Bank of Florida to Chilean bank BCI for $883 million, part of a plan to sell assets to boost solvency.
** Liquefied natural gas producer InterOil Corp and its joint venture partner have entered into exclusive negotiations with Exxon Mobil Corp to develop gas fields in Papua New Guinea.
** Dutch bank ING has attracted two more bidders for its South Korean insurance business, said a source with direct knowledge of the matter, taking the total number to three and raising the chances of a successful deal after an earlier sale fell through.
** Toshiba Corp and U.S. private equity firm Kohlberg Kravis Roberts & Co are among those expected to bid for Panasonic Corp's healthcare business, financial sources with knowledge of the matter said.
** Canada's Valeant Pharmaceuticals International is nearing a deal to acquire eye care company Bausch & Lomb from private equity owner Warburg Pincus LLC for about $9 billion, a person familiar with the matter said on Friday.
** 3i Group Plc is taking over the European infrastructure fund management business run by Barclays as part of a plan to boost fee income from public-private partnerships and energy investment projects.
** EDF confirmed that it would sell its 49 percent stake in Slovakia's No. 2 electricity distributor, Stredoslovenska Energetika, to Czech energy company EPH for about 400 million euros ($517 million).
** Italian oil and gas group Eni could make acquisitions in Belgium, a market where it already owns a gas distributor and a retailer, its chief executive said in an interview published on Friday.
** Japan's Dai-ichi Life Insurance Co Ltd has agreed to buy a 40 percent stake in Indonesia's Panin Life for about 30 billion yen ($295 million), a source with direct knowledge of the matter said.
** The owners of rail freight operators Globaltrans and NefteTransService are in talks on a merger that would create a business with sales of $2.7 billion and a 10 percent share of the Russian market, industry sources told Reuters on Friday.
** Kyobo Life Insurance, South Korea's third-largest insurer, said on Friday it had made a bid for a controlling stake in ING's South Korean insurance unit, breathing new life into a delayed deal previously valued at roughly $2 billion.
** Italian gas grid operator Snam SpA is eying a stake in the TAG gas pipeline, which brings Russian gas into Italy, as the next step in its European growth strategy, Snam's CEO said on Friday.
** Gulf telecom operator Etisalat has offered a higher price for Vivendi's Maroc Telecom stake than rival Qatari bidder Ooredoo, according to two people familiar with the matter.
While the exact prices of the offers were not clear, sources earlier told Reuters that they had come in lower than the 5 billion euros ($6.5 billion) Vivendi had initially hoped for and closer to the market value of the stake.
** French water and waste treatment company Saur's creditor banks have improved an offer to take over the company, two sources familiar with the matter told Reuters on Friday.
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