Company News

Deals of the day-Mergers and acquisitions

(Adds PNE, Philadelphia Energy Solutions, Bid Corp, Francaise des Jeux; Updates Hudson’s Bay Co)

Aug 28 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Hudson’s Bay Co said it would sell its Lord + Taylor department store business to fashion rental service company Le Tote Inc for about $100 million, as the retail operator culls its portfolio to a few key brands.

** Tab Food Investments (TFI), the biggest worldwide franchisee of Burger King, has asked Citigroup to help to sell a minority stake in the business in China and Turkey, a deal which could fetch at least $200 million, two sources familiar with the matter said.

** A top shareholder in German wind energy project developer PNE has called a non-binding bid from an infrastructure fund run by Morgan Stanley “completely inadequate”, a letter seen by Reuters said.

** South African food services firm Bid Corporation Ltd (Bidcorp) said it expects to finalise talks on the sale of its UK logistics business by October, leaving the group free to focus on its main operations.

** The former chief executive officer of Philadelphia Energy Solutions is seeking to purchase the 335,000 barrel-per-day PES refinery, which was shut after a June fire, the former CEO and backers of the plan said in a statement.

** The privatisation process of French state-owned lottery operator Francaise des Jeux (FDJ) will take effect in the coming months, said French finance minister Bruno Le Maire.

** Midstream energy firm Tallgrass Energy said it had received an offer from Blackstone Infrastructure Partners, its partners and affiliates to acquire the shares in the company that they do not already own.

** Japanese automakers Toyota Motor Corp and Suzuki Motor Corp plan to form a capital tie-up, public broadcaster NHK reported, saying the decision was made at a board meeting.

** German broadcaster RTL is reviewing strategic partnerships for ad-tech business SpotX Global, the company said as it reported a drop in core earnings in the first half of the year and named a new Chief Financial Officer. (Compiled by Vibhuti Sharma and Soundarya J in Bengaluru)