January 3, 2014 / 11:26 AM / 4 years ago

Deals of the day- Mergers and acquisitions

Jan 3 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday:

** New Zealand insurance company Tower Ltd said it would keep its domestic life insurance business following the sale of most of its life insurance businesses last year. Tower in May last year sold most of its life insurance business to Fidelity Life Assurance Co Ltd in a deal worth around NZ$189 million ($155 million).

** Polish mining machines maker Kopex SA’s majority shareholder Krzysztof Jedrzejewski rejected local rival Famur’s tie-up offer, the Polish businessman said. Earlier on Friday, Famur said it wanted to merge with Kopex to forge a global player worth over 3.3 billion zlotys ($1.1 billion).

** British department stores group House of Fraser (IPO-HFD.L) expects to be listed by the end of the year even as it remains in exclusive talks regarding a potential takeover by its French counterpart Galeries Lafayette, the Times of London quoted the chief executive of the department store chain as saying.

** Ergon Inc said on Thursday it purchased Bunge North America Inc’s stake in the Ergon Biofuels plant is Mississippi. Privately held Ergon Inc purchased Bunge’s share of what had been a 2007 joint venture of a 54-million-gallon per year ethanol plant in Vicksburg, the only facility that produced corn-based ethanol in Mississippi. The financial terms of the deal were not disclosed.

    ** Shares in Telecom Italia rose close to a two-month high, boosted by the prospect of a sale of its Brazilian wireless unit after a report that Spain’s Telefonica is readying a joint offer for TIM Brasil. Telefonica faces antitrust problems in Brazil, where it partly owns TIM via its 15 percent stake in Telecom Italia, after it agreed to a gradual takeover of the Italian telecoms group.

    ($1 = 1.22 New Zealand dollars)

    $1 = 3.05 Polish zlotys Compiled by Natalie Grover

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