July 29 The following bids, mergers,
acquisitions and disposals were reported by 2000 GMT on Monday:
** U.S. drugmaker Perrigo agreed to buy Elan
for $8.6 billion on Monday in a deal that will hand it
tax savings from being domiciled in Ireland and royalties from a
blockbuster multiple sclerosis treatment.
** Dutch telecom group KPN's biggest shareholder
America Movil has ended an agreement to keep its
holding below 30 percent, a sign it may bid for the whole
Mexican billionaire Carlos Slim's company, which owns 29.8
percent of KPN, was entitled to end the agreement after Spain's
Telefonica bid 8.1 billion euros ($10.7 billion) for
KPN's German mobile arm E-Plus, KPN said.
** PPG Industries Inc has agreed to sell its $1.73
billion controlling stake in Transitions Optical, the inventor
of modern variable-tint plastic lenses, to business partner
Essilor International, PPG said.
Essilor does not expect any major antitrust issues arising
from its purchase of PPG Industries' controlling stake in their
Transitions Optical joint venture, its chief operating officer
** AMR Corp's American Airlines and US Airways
will win EU approval for their $11 billion merger to
become the world's largest carrier after agreeing to cede slots
on a transatlantic route, three persons familiar with the matter
** Millennium BCP's restructuring plan agreed with
the European Commission includes a condition on its profitable
Polish unit, the Portuguese bank's CEO said on Monday, adding
however that it remains a core operation for the group.
BCP, Portugal's largest listed bank by assets, last year
drew 3 billion euros ($3.98 billion)in convertible bonds from a
recapitalisation line from the country's 78 billion euro
($103.38 billion) EU/IMF bailout and in exchange has to
implement a restructuring plan which may include asset sales.
** Mining major Rio Tinto Ltd has agreed to sell
its majority stake in the Northparkes copper mine in Australia
for $820 million to China Molybdenum Co Ltd, a Chinese
firm making its first foray offshore and into copper.
** A proposed mega-merger between global ad agencies
Publicis Groupe and Omnicom Group could bring
rival accounts such as Coca-Cola and PepsiCo
under one firm, underscoring the scale of the $35.1 billion deal
and the potential conflicts it raises.
** OCI NV, the Dutch-listed parent of Egypt's Orascom
Construction Industries, said it would own more than 97 percent
of its subsidiary's shares by the close of a buyout offer,
paving the way for the delisting of the Egyptian bourse's
** JPMorgan Chase & Co is exiting physical
commodities trading, the bank said in a surprise statement on
Friday, as Wall Street's role in the trading of raw materials
comes under unprecedented political and regulatory pressure.
** UBS has sold 4.8 percent of Australian-listed toll road
operator and owner Transurban Group worth A$477.3
million ($440.71 million), a person familiar with the matter
** Emerging markets private equity firm Abraaj Group said it
has agreed to sell its 50 percent stake in Acibadem Sigorta to
Malaysia's state-run investment fund Khazanah Nasional Bhd
** Russia's Gazprom has paid $1 to take over
Kyrgyzstan's natural gas network and pledged to invest billions
of roubles to upgrade its gas infrastructure and ensure stable
supply, Russian and Kyrgyz government officials said.
** Metro Pacific Investments Corp is not keen to
buy any more shares in Manila Electric Co (Meralco)
because additional purchases may trigger a tender offer, its
The conglomerate and its sister firm Philippine Long
Distance Telephone Co currently hold a nearly 50
percent stake in Meralco after purchasing more shares earlier
** Russia's Eurochem said it plans to set up a joint venture
with Chinese fertilizer maker Migao Corp to expand its
presence in the region.
** Etisalat, the Gulf's biggest telecommunications
operator, said that its affiliate Pakistan Telecommunication Co
Ltd had expressed interest in mobile operator Warid
Telecom. Warid, Pakistan's smallest operator, has been put on
the block by its Abu Dhabi owners in a sale likely to fetch up
to $1 billion, Reuters reported last month.
** Richard Baker is doubling down on his attempt to revive
big-name department stores with a $2.4 billion bid to buy Saks
Inc, bringing the iconic New York retailer under the
same roof as Lord & Taylor and Canada's Hudson's Bay.
** German specialty chemicals group Altana said on Sunday it
had agreed to buy the global rheology business of U.S. chemicals
maker Rockwood Holdings Inc for $635 million to expand
its additives portfolio.
** Tokio Marine Holdings Inc is seeking
acquisitions in the United States and Mexico to spread out its
risk, said the chief executive of Japan's largest
property-casualty insurer by market value, as rivals go after
growth closer to home in Southeast Asia.
** Chinese investment firm Hang Lung Group denied
it was in talks to buy a stake in Israeli insurance company Clal
Insurance from holding company IDB Development Corp
, saying it was not interested in buying businesses
outside of Hong Kong and China.
** Singapore sovereign wealth fund GIC and Japanese
conglomerate Mitsubishi are considering making a bid for
European nuclear fuel maker Urenco, Britain's Sunday Times
reported, without citing sources.
** Publisher Axel Springer has sold a set of
French magazines after disposing of some of Germany's best-known
titles earlier this week, magazine New Business reported on
Saturday, citing a company spokesman.
** Air France-KLM is in talks with German
turnaround specialist Intro Aviation to sell its CityJet
regional airline, a partner of the German company said.
** U.S. cable group Liberty Global has increased
its stake in Dutch cable operator Ziggo to 28.5
percent, the Dutch company said on Saturday.
** Digital entertainment publisher Activision Blizzard Inc's
chief executive, who is shelling out $50 million of his
own money in an $8.2 billion deal to buy back most of Vivendi's
stake, said the world's largest video game publisher
would be freer to pursue acquisitions and grow after emerging
from its French parent's wing.
** Canada's Valeant Pharmaceuticals International Inc
said it would cut 10 to 15 percent jobs after
buying contact lens maker Bausch & Lomb. The company also said
that cost savings might rise from initial estimates at the time
of the deal.
** Malaysia's state-run investment fund will buy a 90
percent stake in Turkish health insurer Acibadem Sigorta for
$252 million, ending a race between global firms. This
underscores appetite among international investors for the
** Sinclair Broadcast Group Inc said it would buy
eight television stations from companies owned by the Allbritton
family for about $985 million,the latest deal in a flurry of
activity to buy local broadcasters.
** Telecoms group Vimpelcom has agreed to sell two
of its sub-Saharan assets for about $100 million and is bidding
for Pakistan's mobile operator Warid Telecom, said two banking
sources familiar with the matter.
** India's foreign investment regulator gave conditional
approval to a $379-million deal by Abu Dhabi's Etihad Airways to
buy a stake in Jet Airways (India) Ltd, paving the way
for more acquisitions in India's domestic aviation sector.
** Volkswagen and Suzuki Motor Corp
have resumed talks about how to resolve a dispute about a
partnership deal, two sources familiar with the matter said.
Both car makers had attempted to form an alliance two years
ago but talks stalled over disagreements.
Both car makers now see potential from continued
cooperation, but whether the dispute can be fully resolved
remains to be seen, the person further said.