Funds News

UPDATE 3-Deals of the day -- mergers and acquisitions

** Oman kicked off its planned sale of 25 percent in Oman Telecommunications Co OTL.OM, inviting investor interest in a deal it hopes will boost the state-controlled firm's competitive position. [ID:nL07653544]

** Abu Dhabi National Energy Co TAQA.AD (Taqa) said it had bought northern North Sea equity interests from Shell RDSa.L and ExxonMobil XOM.N [ID:nL07717648]

** China Oilfield Services Ltd, an arm of the CNOOC group, is expected to announce a deal to buy Norwegian offshore driller Awilco Offshore AWO.OL, marking the Chinese firm's first successful acquisition abroad, a source with direct knowledge of the agreement said. [ID:nHKG15846]

** Chinese metals trader Sinosteel's stake in Australian takeover target Midwest Corp MIS.AX has risen to 45 percent, according to a regulatory filing, as it battles for control of the iron ore prospector. Sinosteel held 45.58 percent of Midwest as of July 4, up from 43.62 percent at the time of its last filing on June 13. [ID:nSYD102158]

** Murchison Metals Ltd MMX.AX has dropped its plans to merge with fellow Australian iron ore explorer Midwest Ltd MIS.AX, saying it did not have the support of Midwest's major shareholder, Sinosteel. [ID:nnSP157531]

** Challenger Financial Group Ltd CGF.AX said it would buy back up to 10 percent of its share capital. [ID:nSYD109924]

** Spanish airlines Vueling and Clickair agreed to merge, a source close to the situation said, to create a new carrier better equipped to tackle the challenges of expensive fuel and stiff competition. [ID:nL0788859]

** Gaz de France GAZ.PA has formed a partnership with Italian energy utility Acea ACE.MI to set up a gas storage facility, the French company said. [ID:nPAC009634]

** Belgian foam maker Recticel RECT.BR said its Proseat joint venture had agreed to take full control in Indepol, a Spanish moulded foam manufacturer based near Barcelona. [ID:nL07191247] (Compiled by Tina Kwan in Singapore, Kuganandhan Paramanandan and A.Ananthalakshmi in Bangalore)