May 7 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
** 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
** 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
** 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.