April 23, 2020 / 10:31 AM / 3 months ago

Deals of the day-Mergers and acquisitions

(Adds Mediaset, Exor)

April 23 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:

** Italy’s top commercial broadcaster Mediaset said it had raised its stake in ProSiebenSat.1 to 24.2% from 20.1% as it presses ahead with its plans to create a pan-European TV champion.

** The Agnelli family’s Exor has signed agreements that will raise its stake in Italian publisher GEDI above 60% ahead of a mandatory tender offer for the remaining shares.

** Hammerson said private equity firm Orion does not plan to complete the acquisition of the British shopping centre operator’s seven retail parks by April 23.

** Telecom Italia (TIM) and Vodafone have completed the sale of an 8.6% combined stake in Italy’s biggest mobile towers company INWIT as part of efforts to cut debt, the companies said.

** Total has agreed to buy Tullow Oil’s entire stake in jointly held onshore oil fields in Uganda for $575 million, Tullow said as it strives to raise $1 billion this year to reduce its $2.8 billion of debt.

** Britain’s competition regulator cleared online food delivery company Takeaway.com’s takeover of UK rival Just Eat, saying the 6.2 billion pound ($7.7 billion) deal would not reduce competition.

** Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading Pte Ltd to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter.

** Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak. (Compiled by Ayanti Bera and Shanti S Nair in Bengaluru)

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