Reuters logo
Deals of the day- Mergers and acquisitions
June 30, 2014 / 10:21 AM / 3 years ago

Deals of the day- Mergers and acquisitions

(Adds Devon Energy, Club Mediterranee, Woolworths, Isle of Capri Casinos, Fresenius, Meyer Werft, Puma; updates PPG Industries)

June 30 (Reuters) - The following bids, mergers, acquisitions, and disposals were reported by 2000 GMT on Monday:

** Devon Energy Corp said it would sell its remaining non-core gas-rich properties to peer Linn Energy LLC for $2.3 billion to focus on more lucrative oil assets and cut debt.

** U.S. chemicals maker PPG Industries Inc said it agreed to buy paints maker Consorcio Comex SA de CV for $2.3 billion after the Mexican company’s deal to sell to U.S. rival Sherwin-Williams Co fell through.

** Club Mediterranee’s top shareholder, Andrea Bonomi, outbid French private equity firm Ardian and Chinese conglomerate Fosun International with an offer for the holiday company, valuing it at 790 million euros ($1.1 billion).

Bonomi also said he expected his counter-bid to win approval from France’s AMF in two weeks time.

** Pickle maker TreeHouse Foods Inc said it will buy Flagstone Foods, a maker of private-label health snacks, for $860 million from Gryphon Investors.

** UK fund manager Henderson Global Investors has agreed to the purchase of privately held Geneva Capital Management for as much as $200 million, its most important move yet in a strategy to expand in the United States.

** South African upscale food and clothing retailer Woolworths said on Monday it would not sweeten its $2.1 billion takeover offer for Australia’s David Jones, which it deemed already fair.

Woolworths also said it would not raise its $A200 million offer to buy out minorities in its other Australian investment, Country Road, where it owns nearly 88 percent.

** Philips is to merge its lighting components businesses into a separate unit worth up to 2 billion euros which may be listed - a major step in its ongoing strategy to refocus on healthcare and high-end lighting systems.

** Britain’s Carphone Warehouse and entrepreneur Richard Branson’s Virgin Group have agreed to sell their joint venture, mobile virtual network operator Virgin Mobile France, to Numericable for an enterprise value of 325 million euros.

** Isle of Capri Casinos Inc is in advanced talks to sell itself to casino real estate owner Gaming and Leisure Properties Inc, people familiar with the situation said on Monday.

** South Africa’s Anglo American Platinum said it was reviewing options for its Rustenburg operations, which were hit by a crippling five-month strike that ended last week.

Amplats’ parent Anglo American has signaled its intention to possibly dispose of some its aging platinum assets in South Africa and Britain’s Sunday Times reported it had put them up for sale.

** European newspaper publisher Mecom Group Plc said it had reached an agreement to sell itself to Belgium-based media group De Persgroep NV for 196 million pounds ($333.5 million).

** InterOil Corp has agreed to sell its Papua New Guinea oil refinery and petroleum products distribution business to Singapore-based Puma Energy Group for $526 million to focus on gas exploration.

** Petrochemicals group Ineos agreed to buy BASF’s 50 percent stake in Styrolution for 1.1 billion euros to take full control of the maker of styrenic plastics, BASF said.

** Germany’s Merck KGaA, the world’s largest maker of liquid crystals, said it is buying the shares it does not already own in Dutch company Peer+ to boost the development of electronically dimmable window panes.

** Germany’s Fresenius said it has sold the 5 percent stake in Rhoen-Klinikum that it acquired in 2012 as part of its takeover bid for the German hospitals chain. The parties had agreed not to disclose financial details.

** Domstein’s board of directors has recommended to accept R.Domstein&Co’s voluntary offer to acquire all shares in the Norwegian fishing company at 10 crowns ($1.62) per share, the firm said on Monday.

** Indonesia’s PT Bumi Resources Minerals Tbk is in talks to sell a 29 percent stake in its zinc and lead mining unit to a Chinese firm to pay off debt, a top company official said on Monday.

** Germany’s closely held Meyer Werft and the Finnish government are nearing a deal to buy the Turku shipyard in southwestern Finland from STX Europe, the Finnish economy ministry said.

** Abraaj Group has mandated Citigroup to evaluate options for its indirect stake in Pakistani utility K-Electric , the Dubai-based private equity firm said on Monday.

Abraaj bought a controlling stake in KES Power, the majority shareholder in K-Electric, in 2009. [ID:

** German retailer Metro is selling its 12 Real hypermarkets in Turkey to Ankara-based supermarket chain Haci Duran Begendik as it focuses on turning around the struggling business in Germany.

** A pact between Telekom Austria’s two biggest shareholders has gained the necessary regulatory approvals, meaning that America Movil’s offer for the outstanding shares is now unconditional.

** German sportswear company Puma is in talks to take a stake in German first-division soccer club Borussia Dortmund, Handelsblatt newspaper reported on Monday, citing company sources.

** Hon Hai Precision, the world’s biggest electronics component maker, said it had bought a 4.9 percent stake in South Korean IT services firm SK C&C for 381 billion won ($376.59 million).

** Germany’s ThyssenKrupp said late on Sunday it had agreed to sell its submarine shipyard in the south of Sweden to Swedish defence firm Saab for 340 million Swedish crowns ($50.48 million).

** Egypt’s Beltone Financial and billionaire Naguib Sawiris said on Sunday they would not change their offer to buy 20 percent of EFG Hermes investment bank at 16 Egyptian pounds ($2.24) per share.

** Israeli conglomerate Delek Group said on Sunday its subsidiary Delek Europe Holdings signed an agreement to sell Delek Europe BV to a foreign fund for 355 million euros.

** Abu Dhabi investment firm Waha Capital said on Sunday it had bought a 20.56 percent stake in Dubai-based oilfield services firm National Petroleum Services for $76 million, as part of an increased emphasis on the region’s energy sector.

** U.S. hospital operator Kindred Healthcare Inc said on Friday it was prepared to revise or withdraw its offer to buy Gentiva Health Services Inc, after reports that the home healthcare services provider may be trying to buy rival Amedisys Inc.

** Wireless venture LightSquared LP has reached a deal to end its Chapter 11 bankruptcy, but its largest creditor, satellite operator Charles Ergen, is not on board and “wasted the parties’ time,” according to a report from the court-appointed mediator.

** Bumble Bee Foods is preparing a sale process that could value North America’s largest producer and marketer of canned tuna and sardines at as much as $1.5 billion, according to people familiar with the matter.

** Carlos Slim’s real estate firm, Inmobiliaria Carso, will buy AT&T Inc’s equity stake in America Movil, tightening the Mexican tycoon’s control of his flagship telecommunications firm, according to a filing with Mexico’s stock exchange on Friday.

$1 = 0.7345 Euros $1 = 7.1500 Egyptian Pounds $1 = 0.5956 British Pounds $1 = 6.1591 Norwegian crowns Compiled by Rohit T.K. and Ramkumar Iyer in Bangalore

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below