MIDEAST STOCKS - Factors to watch - Sept 25
Sept 25 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.
(Corrects paragraph 6 to say the Tyman deal took place last month, not earlier this month)
* Melrose says in early talks to sell Crosby, Acco units
* Analysts value Crosby at 450-580 mln stg
* Shares fall 2 pct
By Karen Rebelo
June 3 Engineering turnaround specialist Melrose Industries Plc said it was in early-stage talks to sell Crosby Group and Acco Material Handling Solutions -- two businesses in its lifting division.
Melrose, which follows a private equity-type model of investing in companies to improve their performance and then selling them, said it appointed J.P. Morgan Cazenove to assist in the sale process.
Four analysts valued Crosby in the range of 450 million pounds to 580 million pounds. Sky News reported on Friday that Melrose was seeking 600 million pounds ($909.66 million) for Crosby.
Melrose's lifting division, which generates a third of its revenue, comprises Crosby, Bridon and Acco.
Crosby, which operates mainly in the United States, manufactures lifting fittings, blocks and sheaves for the oil and gas, construction and mining industries. Acco manufactures material-handling equipment such as monorail cranes, hoists, lifters and crane components.
Melrose sold its North American hardware unit for $200 million in cash to Tyman Plc last month.
Bank of America Merrill Lynch analyst Alex Toms said he expected Melrose to combine the proceeds from the Tyman deal with those from the potential Crosby sale to return over 450 million pounds to investors.
Melrose's shares were down about 2 percent at 256.4 pence at 0920 GMT on the London Stock Exchange on Monday. ($1 = 0.6596 British pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Supriya Kurane)
MEXICO CITY, Sept 24 A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm.
TORONTO, Sept 24 Canada's Unifor union has set a tentative strike deadline of midnight Oct. 10 for talks with Fiat Chrysler Automobiles NV, the labor group said on Saturday as it prepares to vote on a related deal with General Motors Co.