Deals of the day -- mergers and acquisitions
June 12 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2010 GMT on Wednesday:
** British mobile firm Vodafone is pursuing Kabel Deutschland after having an initial 7.2 billion euro ($9.6 billion) bid proposal knocked back by Germany's biggest cable operator, sources close to the matter said on Wednesday.
** India's Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world's seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.
** Hedge funds that bet Severn Trent would agree to a Canadian-led takeover are reeling from losses after the water company refused to talk, casting further doubt on their money-making abilities in an anemic M&A environment.
** Proxy advisory firm Institutional Shareholder Services (ISS) has recommended Sprint Nextel Corp shareholders vote for SoftBank Corp's revised offer, after the Japanese mobile operator sweetened its buyout terms.
** A majority of CP All Pcl shareholders approved a planned $6.6 billion acquisition of cash-and-carry wholesaler Siam Makro Pcl which is expected to be completed by the third-quarter of this year.
** DBS Group Holdings Ltd may review its planned acquisition of a stake in Indonesia's PT Bank Danamon if the Singapore lender is allowed to buy only a 40 percent share, DBS's chairman told Singapore's Business Times newspaper.
** Japanese trading house Marubeni Corp is bidding for a 29 percent stake in Anglo-Australian miner Rio Tinto's Coal & Allied unit, valued at an estimated $2 billion, two sources familiar with the process said.
** Australian satellite communications company NewSat has flagged its interest in Singapore Telecommunications Ltd's A$2 billion ($1.88 billion) sale of its Australian unit, Optus Satellite.
** Oil sands developer Cenovus Energy Inc said on Tuesday that Surge Energy Inc will pay C$240 million ($236 million) for its properties in the Shaunavon tight oil field in Saskatchewan.
** Japan's Orix Corp said it has agreed to buy a 25.7 percent stake in Bahrain-based insurer Mediterranean and Gulf Insurance and Reinsurance Company B.S.C (Medgulf) for a little over $200 million, the latest deal by a Japanese financial company seeking growth overseas amid weak prospects at home.
** Deutsche Telekom AG (DT) is close to finishing due diligence on a possible bid for Poland-based GTS Central Europe, part of efforts to strengthen its regional position, market sources told Reuters.
** Suriname's state oil company, Staatsolie, said German energy company RWE DEA AG bought a 40 percent stake in an offshore block where Staatsolie is also partnered with Malaysia's Petronas.
** The biggest Nordic bank, Nordea, is selling its Polish bank, life and financing businesses to PKO Bank Polski for 694 million euros ($925.56 million), it said on Wednesday, as it aims for a streamlined structure to reach its profitability goals.
** Miners Rio Tinto and Glencore Xstrata have held early-stage talks to consider a plan that could combine thermal coal assets in Australia as they battle low prices and high costs, two sources familiar with the plan said.
** Commodities trader Gunvor said it plans to buy a minority stake in a new oil products terminal in Indonesia as part of a global buying spree to acquire physical assets and boost its footprint in Asia.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video