Deals of the day-Mergers and acquisitions

Tue Jan 21, 2014 4:45pm EST

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(Adds Dow Chemical, Comcast, Unipol, Acsm Agam, Fiat, Darden Restaurants, CEZ)

Jan 21 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Tuesday:

** Activist investor and hedge fund manager Daniel Loeb took a stake in Dow Chemical Co and wants the company to spin off its petrochemical arm, according to a letter to investors seen by Reuters.

** British engineering company Rolls-Royce Holdings Plc is expected to make a public offer for Finnish ship and power plant engine maker Wartsila Oyj Pbp, a newspaper reported, citing unnamed investors.

** UniCredit SpA has sold some of the risk on a 910 million euro ($1.23 billion) portfolio of Italian project finance loans, freeing up capital for new lending and benefiting from the growing appetite for such deals from specialist investors.

** Activist investor Daniel Loeb has taken a major stake in Dow Chemical Co, urging the largest U.S. chemical maker by revenue to spin off its lucrative but slow-growing petrochemical unit and focus on specialty materials.

** Comcast Corp has added Barclays Plc as an adviser as it evaluates a potential deal for Time Warner Cable Inc, according to people familiar with the matter.

** Italian insurance group Unipol has agreed to exclusive talks with Allianz SE to sell the German insurer assets carrying premiums worth about 1.2 billion euros ($1.63 billion).

** Italian local utilities Acsm Agam SpA and AEB-Gelsia said on Tuesday they had agreed to start talks on a possible tie-up to help the two companies better compete in the energy and environmental sectors.

** China's Lenovo Group Ltd has resumed talks to buy International Business Machines Corp's low-end server unit, a source familiar with the matter said, in a purchase that would bolster Lenovo's efforts to diversify beyond a shrinking PC market.

** Japanese oil refiner Cosmo Oil Co and Spain-based Compania Espanola de Petroleos (CEPSA) have agreed to work together on crude and natural gas development, the Japanese company said.

** Fiat SpA said on Tuesday it had completed the acquisition of shares in Chrysler it did not previously own, making the U.S. unit a wholly-owned subsidiary of the Italian carmaker.

** Activist investor Starboard Value has asked Darden Restaurants Inc to delay the planned spinoff of its Red Lobster chain to look at other options to lift the value of shares, including improving operations and cutting costs across the company.

** Czech electricity producer CEZ said it was considering what to do with a 7 percent stake in Hungarian oil refiner MOL that it is likely to hold after an option for MOL itself to buy the shares expires on Thursday.

** Teva Pharmaceutical Industries will acquire NuPathe Inc for $3.65 per share in cash, or $144 million, to expand its portfolio of medicines to treat conditions affecting the central nervous system.

NuPathe said it had terminated its takeover deal with Endo Health Solutions Inc.

** South African food company Tiger Brands said it had agreed to buy a Kenyan firm, identified by a newspaper as milling and confectionery company Rafiki Mills, in a deal likely worth $25 million.

** Swiss industrial group Klesch is considering buying the refining unit of Canada's Harvest Operations, a South Korean business daily said on Tuesday, as Harvest-owner Korea National Oil Corp (KNOC) trims its overseas assets.

($1 = 0.6090 British pounds)

($1 = 0.7373 euros) (Compiled by Neha Alawadhi and Sruthi Ramakrishnan)

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