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Deals of the day -- mergers and acquisitions
August 7, 2013 / 10:21 AM / 4 years ago

Deals of the day -- mergers and acquisitions

(Adds Onyx Pharmaceuticals, Telediffusion de France, TPG Capital and others)

Aug 7 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Onyx Pharmaceuticals Inc is close to selling itself to larger rival Amgen Inc after the cancer drugmaker’s high stock price discouraged other companies from making a counter offer, according to three people familiar with the matter.

** U.S. insurer American International Group Inc has extended the deadline for the sale of its $4.8 billion ILFC aircraft leasing unit to a Chinese consortium to Aug. 31, Basis Point, a Thomson Reuters publication, reported on Wednesday, citing sources.

** Wal-Mart Stores Inc is considering making a bid for the Hong Kong supermarket business being sold by a company controlled by Asia’s richest man Li Ka-shing, people familiar with the matter told Reuters.

Li’s Hutchison Whampoa Ltd conglomerate has set an Aug. 16 deadline for initial bids for ParknShop, which it values at as much as $4 billion, sparking interest from corporate and private equity buyers.

** About seven bidders are lining up for Telediffusion de France’s domestic business and lenders are preparing debt packages of more than 2 billion euros ($2.7 billion) for a deal worth about 4 billion euros, people familiar with the matter said.

** Glenview Capital Partners rejected hospital operator Health Management Associates Inc’s offer to add a few of the hedge fund’s nominees to its board, reiterating its demand for a complete overhaul of the board.

HMA, which is being bought by larger peer Community Health Systems Inc for $3.9 billion, has been under pressure from its largest shareholder Glenview, which has opposed the Community Health offer.

** TPG Capital LP has been exploring a sale of Aptalis Pharma, a specialty drugmaker it has owned since 2008 and values at more than $3 billion, four people familiar with the matter said on Wednesday.

** Axel Springer has made an offer for Deutsche Telekom’s online classified advertising business Scout24, sources said, in another push into digital media that helped the German publisher beat earnings forecasts.

Scout24, valued at about $2 billion, includes Internet portals such as European car trading site AutoScout24 and real estate classifieds site ImmoScout.

** Canada’s Brookfield Property Partners LP said it would buy a privately held U.S. real estate company from Japan’s Kajima Corp in a C$1.1 billion ($1.06 billion) deal that would increase its industrial real estate portfolio.

** Valeant Pharmaceuticals International Inc, Canada’s biggest publicly traded drugmaker, continues to discuss a potential merger of equals, and also expects to be active for the rest of 2013 with smaller acquisitions, Chief Executive Michael Pearson said.

** Polish lenders Pekao and Getin Noble Bank may join the race to buy local rival BGZ if Rabobank puts it up for sale, sources said on Wednesday, in a deal that would mark further consolidation in the country’s banking sector.

** China’s state-owned vehicle manufacturer Beijing Automotive Group Co Ltd said it had agreed to buy smaller domestic firm Zhenjiang Automobile to meet its target of doubling production by end-2015.

Beijing Auto did not disclose the value of the deal but said in a statement it would invest 15 billion yuan ($2.45 billion) in Zhenjiang Automobile to expand vehicle production.

** Rexel controlling shareholder Ray Investment sold a further 10 percent stake in the French electrical equipment supplier in a transaction worth 525.6 million euros ($700 million).

Ray Investment said it sold the 28.8 million shares at a price of 18.25 euros each, below Tuesday’s closing price of 18.95 euros. The transaction leaves Ray Investment with 24 percent of Rexel’s share capital and voting rights.

** The Warsaw bourse operator GPW wants to buy 30 percent of UK-based Aquis Exchange as part of its drive to diversify revenue streams, GPW said late on Tuesday.

Part-owned by the government, the Warsaw bourse is the largest stock exchange in central and eastern Europe, with a market cap of 1.6 billion zlotys ($506 million) and annual turnover exceeding 200 billion zlotys.

** AOL Inc said on Wednesday it would buy Adap.tv, an electronic trading platform that helps companies advertise on video websites, for $405 million in its biggest acquisition under CEO Tim Armstrong.

** Croatia opened a tender for the sale of a stake in its leading insurer Croatia Osiguranje (CO), which could be around 50-55 percent.

Poland’s state insurer PZU and Croatian tobacco and tourism group Adris are seen as the frontrunners to buy the stake in CO, which has a market capitalization of around 2.17 billion kuna ($384.6 million).

** Leading natural gas producer Chesapeake Energy Corp has exited its investments in Clean Energy Fuels Corp , which provides natural gas fuel for transportation, according to Chesapeake’s quarterly filing on Tuesday.

Chesapeake said the carrying value of its $10 million investment in a 1.1 percent stake in the 17-year-old company, backed by Texas oil billionaire T. Boone Pickens, had increased by $3 million before the stake sale last month.

Chesapeake also sold a $100 million investment in Clean Energy Fuels convertible notes for $85 million in cash to a buyer who also assumed a commitment to buy the third and final $50 million tranche of convertibles.

** Northstar Group, a private equity firm owned by Indonesian investor Patrick Walujo, has led a management buyout of Singapore’s biggest property broker, ERA Real Estate, its second major deal in Singapore in less than a year and a sign of growing interest in the city’s real estate market.

The Northstar-led group is paying around S$130 million ($103 million) to purchase ERA from Hersing Corp, a source familiar with the deal told Reuters. Northstar did not disclose the price.

** New Zealand healthcare company Abano Healthcare Ltd said it received and knocked back an offer from an unnamed party, who is now looking to make a formal takeover offer. Abano has dental, audiology, and diagnostic businesses, and has a market capitalization of around NZ$100 million ($79 million).

** First Solar Inc said on Tuesday it is acquiring the intellectual property of General Electric Co’s cadmium telluride solar technology and entering into a partnership with the company that will raise operating costs this year. It will issue 1.75 million shares to GE as part of the deal, making GE one of First Solar’s 10 biggest shareholders.

The company said it would acquire a 1.5 gigawatt pipeline of projects in the United States and Mexico from developer Element Power. Terms were not disclosed.

** Chubu Electric Power Co Inc will buy 80 percent stake in a Tokyo-based electricity supplier, Diamond Corp, sources said on Wednesday, giving the Japanese utility an entry into the territory of Tokyo Electric Power Co, which is struggling with losses from the Fukushima disaster.

Chubu Electric is paying 1 billion yen ($10.25 million)for the stake in Diamond Power, the Nikkei newspaper reported.

** Austrian property group Immofinanz has sold the majority of its residential portfolio in the province of Upper Austria, the company said.

Immofinanz, which is selling Austrian assets and buying German property in preparation for a listing of its Buwog unit, declined to give a price for the sale of the properties to Linz-based building company WAG but said it was above book value.

** Turkey’s Yildiz Holding said it would sell a 10 percent stake in foodmaker Ulker in a block sale within six months.

** Poland’s state railways operator PKP plans to put its telecoms arm TK Telekom back up for sale next year, it said on Wednesday, having failed to find a buyer at the right price earlier this year.

** Israel-based software provider Nice Systems agreed to buy U.S. data firm Causata and reported a rise in profit, driven by big gains in products that analyse data to help companies comply with regulations and prevent fraud.

** Archer Daniels Midland Co said on Wednesday that South Korea had cleared the grain trader’s takeover of GrainCorp Ltd, leaving China and Australia as the last two countries that need to approve the deal.

** The founders behind Kazakh miner ENRC, bidding to buy out minority investors, said in an offer document published on Wednesday that they could sell some of the group’s international assets after a “thorough strategic review”.

** Private equity group KKR is in talks with credit investment firm Centerbridge to restructure car repair chain Auto-Teile Unger (ATU), a household name in Germany, two people familiar with the deliberations said.

** NMDC Ltd, India’s largest iron ore producer, is going it alone with a project to build a 3 million-tonne-a-year steel plant without Russian partner Severstal, NMDC’s chairman said on Wednesday.

** Guinea will buy emergency electricity from British power provider Aggreko in a bid to stem rolling power cuts that have led to street protests, the West African nation’s electricity firm said.

** The sale of Dutch meat producer Vion’s ingredients division has attracted a clutch of bidders, with private equity firms and trade buyers making it through to the second round of an auction process, banking sources said on Wednesday.

** Chinese state owned conglomerate Yue Xiu Enterprises (Holdings) Ltd is seeking a one-year bridge loan to back its acquisition of a stake in Hong Kong-listed Chong Hing Bank Ltd banking sources said on Wednesday. Nomura is arranging the loan, one banker said. The Japanese bank is likely to underwrite the loan with a Taiwanese bank and another Asian lender, a second banker said.

** Spain’s nationalised Catalunya Banc said it had agreed to sell its property management unit to two U.S. investment funds, the first in a series of similar disposals planned by lenders trying to leave a real estate crash behind. (Compiled by Sruthi Ramakrishnan and Maria Ajit Thomas in Bangalore,)

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