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Deals of the day- Mergers and acquisitions
June 2, 2014 / 10:06 AM / 3 years ago

Deals of the day- Mergers and acquisitions

(Adds Valeant, Allergan, B/E Aerospace, Fidelity Investments, Ciech, Nordion, Turkcell, Ciech, Sterigenics, Club Mediterranee, Element, Sisecam; updates Sebia)

June 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Valeant Pharmaceuticals Inc prepared to take its $53.8 billion takeover bid for Allergan Inc directly to the Botox maker’s shareholders in a battle that could last late into the year. The fight escalated when Valeant ally Pershing Square, a hedge fund that owns 9.7 percent of Allergan, called for a meeting to replace the company’s board.

** B/E Aerospace Inc, a maker of aircraft interior products, said it would buy aircraft lighting systems maker EMTEQ Inc and helicopter seat manufacturer F+E Fischer + Entwicklungen GmbH & Co KG for about $470 million.

** Spanish telecoms group Telefonica said it had closed the acquisition of Distribuidora de Television Digital, also known as Canal+, a unit of media group Prisa.

** U.S.-based Sterigenics International has sweetened its takeover offer for Nordion Inc, the Canadian medical isotope producer, to $805 million after a previous bid failed to attract enough shareholder support, Nordion said.

** Element Financial Corp is finalizing a deal to buy PHH Corp’s auto fleet leasing business for about $1.4 billion after the boards of both companies approved the transaction over the weekend, two sources familiar with the matter said on Monday.

** The takeover battle for Club Mediterranee intensified on Monday after the French holiday resort operator agreed to open its books to a new potential bidder, Investindustrial, a fund led by Italian businessman Andrea Bonomi. Club Med is already being courted by French private equity firm Ardian and Chinese conglomerate Fosun International .

** Fidelity Investments Contrafund, the largest mutual fund investor in Yahoo Inc, cut its stake in the Internet media company by 41 percent during the first four months of 2014, according to the fund’s latest disclosure on holdings.

** KI Chemistry will go ahead with its plans to buy control in Poland’s chemicals maker Ciech despite a lower-than-expected shareholder turnout in its 1.08 billion zloty ($356.4 million) bid to takeover the company, its broker said on Monday.

** Telecoms group Turkcell will likely stay locked in a corporate dispute if fellow Turkish group Cukurova pursues its aim of repurchasing a stake in the company, Turkcell’s Russian shareholder Alfa-Group has warned.

** Sisecam, Turkey’s biggest glassmaker, said on Monday its Pasabahce unit, which makes tableware and home furnishings, has started talks to acquire shares in Arc International, a French household goods maker.

** The Czech government will keep control of oil and oil product pipelines and will not consider allowing Poland’s PKN Orlen to take ownership stakes in them, the Industry and Trade Ministry said on Monday after a meeting of government and company officials.

** A 20-year liquefied natural gas (LNG) sale-and-purchase agreement between Cheniere Energy and Gas Natural Fenosa announced on Monday is worth $13 billion, a source with knowledge of the deal said.

** Activist investor Starboard Value LP reported a 5.6 percent stake in MeadWestvaco Corp and said the packaging materials maker’s stock was “deeply undervalued”.

** Insurer Endurance Specialty Holdings increased its offer for Aspen Insurance Holdings and was rejected for the second time. Endurance said on Monday it raised the offer by $2.00 to $49.50 per share, giving Aspen shareholders the option of taking cash or shares or a combination of both. The offer values Aspen at $3.2 billion.

** American Realty Capital Healthcare Trust Inc, a real estate investment trust focused on acquiring medical office buildings, said it would sell itself to rival Ventas Inc in a stock and cash deal valued at $2.6 billion. ARC Healthcare said Ventas would pay $11.33 per share, a premium of about 14 percent to the stock’s Friday close.

** Ventas Inc, one of the largest U.S. healthcare real estate investment trusts, said it would buy American Realty Capital Healthcare Trust Inc in a cash and stock deal valued at about $2.6 billion. Ventas also said it would buy 29 independent living seniors housing communities in Canada from Holi.

** Canadian trucking company TransForce Inc said it would buy truckload transport and logistics company Transport America Inc for $310 million, including debt, from private equity firm Goldner Hawn Johnson & Morrison Inc.

** Chipmaker Broadcom Corp said it was looking to sell or wind down its cost-intensive cellular baseband business that is hurting its operating income due to high research and development costs.

** European private equity firms Montagu and Astorg said on Monday that they would buy French medical diagnostics company Sebia from private equity firm Cinven after entering into exclusive negotiations. The deal marks the second time Montagu has invested in Sebia, after it sold the company to Cinven in 2010. Cinven said the latest sale would generate a return of 2.4 times its original investment.

** Energy firm Det Norske said it had agreed to buy Marathon Oil Corp’s Norwegian business for $2.1 billion in cash and had secured the financing needed to pay for its share of the $20 billion Johan Sverdrup field in the North Sea. Det Norske, controlled by billionaire Kjell Inge Roekke, said the deal would increase its output by around 80,000 barrels a day, more than 20 times its current production, giving it stakes in 13 more licenses with 10 operatorships.

** Swiss drugmaker Roche said it was buying privately held U.S. gene-sequencing firm Genia Technologies for up to $350 million, securing access to a technology that should allow it to decipher human genes at a cheaper cost. Under the deal announced on Monday, Genia’s shareholders will receive $125 million in cash and up to $225 million in contingent payments depending on certain milestones, Roche said in a statement.

** German glues and detergents maker Henkel said it agreed to buy three U.S. hair care companies from investment group TSG Consumer Partners for about 270 million euros ($370 million) in cash. Henkel said the SexyHair, Alterna and Kenra brands, whose products are mainly sold by hairdressers, generated sales of about 140 million euros last year.

** Japanese insurer Dai-ichi Life Co is in advanced talks to buy U.S. peer Protective Life Corp in a deal that could be worth over $5 billion, extending a drive to buy assets abroad as an antidote to a weak domestic outlook. Nikkei business daily, which first reported the talks, said a deal would likely top 500 billion yen ($4.9 billion).

** Health and safety device maker Halma Plc said it had bought California-based Rohrback Cosasco Systems Inc, a maker of pipeline corrosion monitoring products, for $108 million to expand its portfolio of critical safety products. Halma, which makes products ranging from water quality test kits to smoke detectors and automatic door sensors, said it would also pay an additional $8 million for Rohrback Cosasco’s existing cash reserves.

** Australian buyout firm Pacific Equity Partners is considering the future of a A$1.1 billion ($1.02 billion) takeover proposal for compliance company SAI Global Ltd after the target said it would publish information for other potential buyers, a source told Reuters.

** Australian energy giant Origin Energy Ltd said on Sunday that it would buy explorer Karoon Gas Ltd’s 40 percent stake in Poseidon Browse Basin assets for up to $800 million, giving it access to one of the country’s biggest gas-field discoveries.

** Etihad Airways said on Sunday that it had set the terms for investing in loss-making airline Alitalia and was looking to conclude the deal, as the Abu Dhabi carrier expands its reach in Europe. Both airlines will proceed with final documentation to complete the transaction once the board and stakeholders in Alitalia confirm acceptance of the terms, it was announced in a joint statement on Sunday.

** German engineering firm Norma Group has 93 million euros ($127 million) in cash to spend on takeovers and is in talks with potential targets, the company’s chief executive was quoted as saying on Saturday.

** German engineering and services group Bilfinger aims to sell its civil engineering division quickly and, at the same time, is open to acquisitions abroad, the chief executive of the company was quoted as saying on Saturday. The company is accepting expressions of interest and preparing the unit for sale, CEO Roland Koch told newspaper Die Welt, confirming a story published by Reuters on Friday.

($1 = 0.7328 Euros)

($1 = 3.0303 Polish Zlotys)

($1 = 101.7450 Japanese Yen)

($1 = 11675.0000 Rupiahs)

$1 = 1.0745 Australian Dollars Compiled by Lehar Maan in Bangalore

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