Sept 3 The following bids, mergers, acquisitions
and disposals were reported by 2000 GMT on Tuesday:
** German reinsurer Munich Re said it had agreed
to buy a business that helps manage weather risks for the energy
sector from reinsurer RenaissanceRe. The world's biggest
reinsurer would pay a mid-two digit million dollar amount for
the business, a Munich Re spokesman said.
** Citigroup Inc said it would sell a $4.3 billion
private equity fund, known as Citi Venture Capital
International, for an undisclosed price to investment firm
Rohatyn Group. Rohatyn will have over $7 billion in assets under
management after the deal, which is expected to close in the
fourth quarter, the company said.
** Activist hedge fund Starboard Value LP said it is working
with investors interested in paying "substantially" more for
Smithfield Foods Inc than the price China's Shuanghui
International Holdings Ltd had agreed to. The deal, struck in
May and valued then at about $7.1 billion including debt, would
be the biggest takeover of a U.S. company by a Chinese one.
** Jarden Corp, known for its Mr. Coffee products,
agreed to buy candle maker Yankee Candle Co Inc for $1.75
billion after private equity owner Madison Dearborn Partners LLC
failed to sell for a higher price earlier this
** Barclays Plc will sell its retail bank in the
United Arab Emirates, highlighting the challenges foreign banks
face in the Gulf competing against cash-rich local rivals who
are finding it easier to meet stricter rules on risk.
** Verizon Communications Inc and Vodafone Group Plc
agreed to a $1.55 billion breakup fee if their
$130 billion deal falls apart. The company terminating the deal
will have to pay the other party the fee within five days by
wire transfer, Verizon said in a regulatory
Verizon said it could expand internationally or buy more
spectrum in coming years even while it pays down debt from its
$130 billion purchase of Vodafone's 45 percent stake in Verizon
Wireless. Chief Executive Officer Lowell McAdam also ruled out
an expansion into Canada's wireless market.
** Two years after hitching its fate to Microsoft's
Windows Phone software, a withered Nokia
collapsed into the arms of the U.S. software giant, agreeing to
sell its main handset business for 5.44 billion euros ($7.2
billion). Nokia, which will continue as a maker of networking
equipment and holder of patents, was once the world's dominant
handset manufacturer but was long since overtaken by Apple
and Samsung in the highly competitive
market for more powerful smartphones.
** Bank of America Corp launched an up to $1.5
billion sell-down in China Construction Bank Corp
shares, offloading its remaining stake in China's second-biggest
lender, according to a term sheet of the deal seen by Reuters.
** Rhoen-Klinikum shareholder B. Braun said it is
seeking to raise its stake in the German hospital operator to 25
percent in a move that could cement opposition against a
takeover of Rhoen by diversified healthcare group Fresenius
** Central Pattana Pcl, Thailand's largest
department store operator, plans to invest up to 15 billion baht
($468 million) to open 2-3 new stores in Southeast Asia in the
next five years.
** France's Lafarge said it has agreed to sell
its cement business in Honduras to Cementos Argos for
232 million euros ($306 million) as part of its efforts to cut
** Chinese-Italian private equity fund Mandarin Capital has
sold its 7.57 percent stake in packaging machinery company IMA
at 18.6 euros per share, two traders told Reuters.
** China Molybdenum has cleared a key hurdle to
taking control of Rio Tinto Northparkes copper mine, with
Japan's Sumitomo Metal Mining and Sumitomo Corp
deciding not to match the Chinese miner's $820 million
bid. Rio Tinto agreed to sell its 80 percent
stake in the Australian copper mine to China Molybdenum Luoyang
Co Ltd in July, subject to Sumitomo Metal Mining Co Ltd and
Sumitomo Corp, which own the remaining 20 percent, waiving their
rights to match the bid.
** Spain's state-rescued lender Bankia said it had
sold its property management arm to U.S. fund Cerberus at a
price of between 40 million euros ($53 million) and 90 million
euros depending on the execution of the unit's business plan.