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Deals of the day -- mergers and acquisitions
June 12, 2013 / 10:32 AM / 5 years ago

Deals of the day -- mergers and acquisitions

June 12 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2010 GMT on Wednesday:

** British mobile firm Vodafone is pursuing Kabel Deutschland after having an initial 7.2 billion euro ($9.6 billion) bid proposal knocked back by Germany’s biggest cable operator, sources close to the matter said on Wednesday.

** India’s Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world’s seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.

** Hedge funds that bet Severn Trent would agree to a Canadian-led takeover are reeling from losses after the water company refused to talk, casting further doubt on their money-making abilities in an anemic M&A environment.

** Proxy advisory firm Institutional Shareholder Services (ISS) has recommended Sprint Nextel Corp shareholders vote for SoftBank Corp’s revised offer, after the Japanese mobile operator sweetened its buyout terms.

** A majority of CP All Pcl shareholders approved a planned $6.6 billion acquisition of cash-and-carry wholesaler Siam Makro Pcl which is expected to be completed by the third-quarter of this year.

** DBS Group Holdings Ltd may review its planned acquisition of a stake in Indonesia’s PT Bank Danamon if the Singapore lender is allowed to buy only a 40 percent share, DBS’s chairman told Singapore’s Business Times newspaper.

** Japanese trading house Marubeni Corp is bidding for a 29 percent stake in Anglo-Australian miner Rio Tinto’s Coal & Allied unit, valued at an estimated $2 billion, two sources familiar with the process said.

** Australian satellite communications company NewSat has flagged its interest in Singapore Telecommunications Ltd’s A$2 billion ($1.88 billion) sale of its Australian unit, Optus Satellite.

** Oil sands developer Cenovus Energy Inc said on Tuesday that Surge Energy Inc will pay C$240 million ($236 million) for its properties in the Shaunavon tight oil field in Saskatchewan.

** Japan’s Orix Corp said it has agreed to buy a 25.7 percent stake in Bahrain-based insurer Mediterranean and Gulf Insurance and Reinsurance Company B.S.C (Medgulf) for a little over $200 million, the latest deal by a Japanese financial company seeking growth overseas amid weak prospects at home.

** Deutsche Telekom AG (DT) is close to finishing due diligence on a possible bid for Poland-based GTS Central Europe, part of efforts to strengthen its regional position, market sources told Reuters.

** Suriname’s state oil company, Staatsolie, said German energy company RWE DEA AG bought a 40 percent stake in an offshore block where Staatsolie is also partnered with Malaysia’s Petronas.

** The biggest Nordic bank, Nordea, is selling its Polish bank, life and financing businesses to PKO Bank Polski for 694 million euros ($925.56 million), it said on Wednesday, as it aims for a streamlined structure to reach its profitability goals.

** Miners Rio Tinto and Glencore Xstrata have held early-stage talks to consider a plan that could combine thermal coal assets in Australia as they battle low prices and high costs, two sources familiar with the plan said.

** Commodities trader Gunvor said it plans to buy a minority stake in a new oil products terminal in Indonesia as part of a global buying spree to acquire physical assets and boost its footprint in Asia.

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