UPDATE 3-Deals of the day - mergers and acquisitions
(Adds Schaeffler and others, Updates IPC)
March 2 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2200 GMT on Monday.
(For Reuters columns on deals, click on [DEALTALK/])
** Reinsurer IPC Holdings Ltd IPCR.O said it agreed to buy Max Capital Group Ltd (MXGL.O) for about $912 million in stock as it creates a financially stronger company with a global footprint and diversified business mix. Under the deal, Max shareholders will receive 0.6429 IPC shares for each Max share.
To read more, double click on [ID:nBNG478711]
** Indebted German car parts group Schaeffler dismissed speculation its takeover of larger rival Continental AG (CONG.DE) could unravel under pressure from creditor banks. [ID:nL2492896]
** Independent power producer NRG Energy Inc (NRG.N) said it agreed to buy Reliant Energy Inc's (RRI.N) Texas retail business for $287.5 million in cash plus working capital. [ID:nN02372797]
** Japan's Fujitsu Ltd (6702.T) said it agreed to buy Telstra Corp's (TLS.AX) IT services unit KAZ Group for A$200 million ($128 million). [ID:nTFA004312]
** Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) said it increased its stake in POSCO (005490.KS), the South Korean steelmaker, to 5.2 percent as of end-2008 from 4.5 percent a year earlier. [ID:nN28351232]
** Aegis Ltd, a back-office unit of India's Essar Group, has proposed to buy global business process outsourcing firm ICT Group (ICTG.O) for about $128 million in cash. [ID:nBNG493896]
** Abu Dhabi's Aabar Investments PJSC (AABAR.AD) said it had bought 49.8 million euros ($63.12 million) of convertible bonds in UniCredit SpA (CRDI.MI) as Italian banks seek capital to face the global crisis. [ID:nL2155317]
** Turkey's top mobile phone operator Turkcell (TCELL.IS) (TKC.N) will begin work on a binding bid for 100 percent of Macedonian peer Cosmofon, Turkcell said. [ID:nL2346969]
** Investment group Evolve Capital (EVOLV.L) agreed to sell its majority stake in Blue Oar BLUE.L to rival WH Ireland (WHI.L), potentially creating the leading stockbroker on London's junior AIM market. [ID:nL2130616]
** A Thai brokerage unit of Singapore's UOB Kay Hian Holdings Ltd (UOKH.SI) and a bigger Thai rival, BFIT Securities BSEC.BK, said they had called off talks about a merger, sending their shares tumbling. [ID:nBKK478123]
** UK-based NeutraHealth Plc (NEHE.L) confirmed that the unsolicited offer approach from India's Elder Pharmaceuticals Ltd (ELDP.BO) at an indicative price of 5.5 pence per share was likely to be solely in cash. [ID:nBNG475709]
** South African bourse operator JSE Ltd (JSEJ.J) confirmed it is looking to buy a stake in the Mauritius Stock Exchange (SEM) as it seeks to expand into Africa, after a report said it agreed to buy a 49 percent stake. [ID:nL2111539]
** Spanish savings banks Unicaja and Caja Castilla de la Mancha (CCM) said that they have reached a preliminary integration agreement. [ID:nL2382620]
** India's Reliance Industries (RELI.BO) decided to absorb its Reliance Petroleum RPET.BO unit through a share swap, a strategy, which will boost its earnings potential without diluting its capital greatly. [ID:nBOM138281] (Compiled by Tina Kwan in Singapore; R. Manikandan and Archana Shankar in Bangalore) ((tina.kwan@reuters.com; Reuters Messaging: tina.kwan.reuters.com@reuters.net +65 6870 3924))
