UPDATE 3-Deals of the day - mergers and acquisitions
(Recasts; updates ICBC, adds Opel, Emulex and others)
May 15 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2000 GMT on Friday.
** Kuwait's oil minister said there was no need for further output cuts by OPEC as he did not want to see oil prices go up too fast and a scrapped $17 billion deal with Dow Chemical (DOW.N) would not be revived.
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** Singapore's Temasek [TEM.UL] sold its 3 percent stake in Bank of America (BAC.N) in the first quarter of this year, taking a loss of around $3 billion in the process, as the state investor refocuses on emerging markets. [ID:nSIN454726]
** Dutch financial group ING (ING.AS) made clear this week it was not in any particular rush to complete its planned 8 billion euros of asset sales -- but to hear analysts and bankers tell it, Chief Executive Jan Hommen may be the only one lacking a sense of urgency. [ID:nLF972331]
** Miner Rio Tinto (RIO.AX) remains committed to a planned $19.5 billion tie-up with Chinese metals firm Chinalco, it said, responding to talk that the deal may be revised to let more shareholders take part in a rights issue. [ID:nSYD453576]
** German cement maker HeidelbergCement (HEIG.DE) may sell up to a 14 percent stake in Indonesian unit PT Indocement Tunggal Prakarsa (INTP.JK), worth around $270 million, to help pay down debt, sources familiar with the deal said. [ID:nSIN467339]
** OPEC oil exporter Kuwait is looking to raise its stake in the Industrial and Commercial Bank of China (1398.HK) (ICBC) and invest in Chinese energy and industrial sectors, its finance minister said. [ID:nLF953828]
** Opel's GM.N 4,000 dealers in Europe aim to invest half a billion euros on buying a stake in the ailing German carmaker and securing a seat in its boardroom. [ID:nLF126151]
** Italian power grid operator Terna SpA (TRN.MI) will make a gain of around 400 million euros ($541.7 million) from selling its Brazilian assets and will use the proceeds to boost grid investments and shareholder returns. [ID:nLF693076]
** Storage technology company Emulex Corp (ELX.N) said its board unanimously rejected chipmaker Broadcom Corp' (BRCM.O) $9.25-a-share offer as "grossly inadequate." [ID:nN15519653]
** Taiwan's KGI Securities (6008.TWO) will pay T$29 billion ($880 million) for the brokerage arm of Taishin Financial (2887.TW), in the latest consolidation of the island's fragmented and competitive financial sector. [ID:nTP17043]
** British waste management firm Shanks Group Plc (SKS.L) said it agreed to sell its 50 percent stake in joint venture Avondale Environmental Ltd along with its interest in a soil treatment facility to partner Landmedia Ltd for 27.5 million pounds. [ID:nBNG461446]
