July 24, 2019 / 10:20 AM / 2 months ago

Deals of the day-Mergers and acquisitions

(Adds Fnac Darty, Rolls-Royce, ABB, Vivendi)

July 24 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** French electronic goods retailer Fnac Darty said it entered exclusive talks to buy the French unit of Germany’s CTS Eventim in a bid to strengthen its ticketing business.

** Rolls-Royce said that its discussions with Indra Sistemas SA, which had expressed interest in acquiring a majority stake in the British group’s Spanish business ITP Aero, have ended without agreement.

** ABB has begun a review of its Integrated Direct Current Power business, the latest stage of the Swiss engineering company’s overhaul to tackle years of underperformance.

** French media group Vivendi is set to appoint several investment banks for the sale of up to 50% of Universal Music Group, its most-prized asset, said a source close to the matter.

** The official receiver to British Steel has been “encouraged” by interest shown in buying the company, which was put into compulsory liquidation in May, Business Minister Greg Clark told parliament.

** Listed Brazilian meat producer Marfrig Global Foods SA is a potential bidder for Paraguay’s Frigorífico Concepción SA, according to a report in newspaper Valor Econômico.

** Kuwait Investment Authority (KIA) has sold a 16.1% stake in Gulf Bank to Alghanim Trading Co for 152.93 million dinars ($503 million), making the business conglomerate the biggest shareholder of the country’s fourth-biggest bank, according to a bourse filing.

** Brazilian state-run oil company Petroleo Brasileiro SA relinquished control of the country’s biggest fuel distributor in a share offering, which may raise up to 9.6 billion reais ($2.5 billion).

** Jollibee Foods Corp, Philippines’ largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf (CBTL) for $100 million as part of an expansion outside its home market.

** Metro recommended its shareholders turn down a takeover offer by EP Global Commerce, which is owned by Czech and Slovak investors, arguing that the 5.8 billion euro ($6.5 billion) bid undervalues the German retail group.

** Daimler has no plans to spin off its trucks division or to pursue a merger with BMW as a way to raise the company’s share price, Chief Executive Ola Kaellenius said.

** Deutsche Telekom has called a leadership meeting in expectation of U.S. regulatory approval of the proposed merger of its U.S. T-Mobile unit with rival Sprint, according to business daily Handelsblatt.

** China’s ByteDance is venturing into artificial-intelligence (AI) generated music, hiring the staff of a London-based start-up after buying some of its intellectual property assets, according to LinkedIn posts and a person with knowledge of the matter.

** French supermarket retailer Casino has signed pledges to sell three of its Geant Casino hypermarkets for 42 million euros ($46.8 million) as it seeks to reduce debt.

** KKR & Co said it is buying Campbell Soup Co’s Australian snacks unit Arnott’s that will give it ownership of top-selling biscuit brands such as Tim Tam, in a deal local media reported was worth $2.2 billion.

** Garda World Security on Tuesday said private equity firm BC Partners would buy a majority stake in the Canada-based security services company.

** Australian electricity generator Pacific Energy recommended a A$419.3 million ($293.3 million) takeover offer from fund manager QIC Private Capital.

** Deutsche Bank AG’s turnaround strategy rests in large part on shedding 288 billion euros of unwanted assets. Three bank insiders said it will take years, tying up capital that could have generated income of 500 million euros ($557 million) a year.

** Starwood Capital Group and Apollo Global Management have submitted offers to buy an aircraft-financing business owned by General Electric Co that could be valued at about $4 billion, Bloomberg reported on Tuesday, citing people familiar with the matter.

** Shareholders of WestJet Airlines on Tuesday voted in favor of its deal to be acquired by billionaire Gerry Schwartz’s private equity firm Onex Corp for C$3.5 billion.

** The U.S. Federal Trade Commission said on Tuesday it had given approval for Quaker Chemical Corp’s proposed $1.4 billion acquisition of Hinduja Group’s Houghton International provided they sell certain products and assets to a subsidiary of Total SA.

Compiled by Dominic Roshan K.L. and Aakash Jagadeesh Babu in Bengaluru

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