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Deals of the day- Mergers and acquisitions
May 12, 2014 / 10:00 AM / 4 years ago

Deals of the day- Mergers and acquisitions

(Adds Mitsubishi Chemical, Abertis, Gerdau; updates Hillshire Brands, Allergan, Shire)

May 12 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** U.S. drugmaker Allergan Inc rejected Valeant Pharmaceuticals International Inc’s $47 billion takeover offer, saying its proposed cost cuts were too steep.

** Hillshire Brands Co said it would buy Pinnacle Foods Inc in a $4.3 billion deal that will combine its lineup of Jimmy Dean sausages and Hillshire lunch meats with Pinnacle’s Birds Eye frozen vegetables and Vlasic pickles.

** Mitsubishi Chemical Holdings Corp will buy a majority stake in Taiyo Nippon Sanso for about 100 billion yen ($980 million) to tap the rising U.S. demand for nitrogen and other gases used in energy production, the Nikkei reported.

** Abertis has agreed to buy 306 towers and other communication sites from Italian motorway operator Atlantia for 94.6 million euros ($130 million), Atlantia said on Monday.

** Brazil’s Gerdau, the largest steelmaker in the Americas, joined the battle for the assets of bankrupt French engineering steel manufacturer Ascometal with an 86 million euro ($118 million) bid and pledges to invest heavily in the firm, a source close to Gerdau told Reuters.

** London-listed drugmaker Shire has bought San Diego-based biopharmaceuticals company Lumena Pharmaceuticals for at least $260 million in a deal that gives it promising drugs that could be used to treat rare liver diseases.

** Australia’s Ramsay Health Care is aiming to gain a majority stake in French private healthcare group Generale de Sante via a joint bid that values the company at around 910 million euros ($1.25 billion).

** Independent oil and gas explorer Egdon Resources said it was in advanced talks to buy Alkane Energy’s shale assets in Britain as interest in the country’s nascent shale gas industry gathers pace.

** Japan’s Toyo Engineering Corp said on Monday its consortium with three South Korean firms had been awarded a $3 billion contract for a large gas chemical complex in Turkmenistan by state concern Turkmengas.

** Pfizer Inc on Monday defended the business case behind its plan to acquire AstraZeneca and questioned the UK drugmaker’s ability to stand alone for much longer as the New York-based group’s CEO prepared for a grilling from British lawmakers.

** Russian steelmaker Severstal OAO has received bids from potential buyers for its North American operations, a Russian source familiar with the matter said on Monday.

** Britain’s largest pay-TV company BSkyB is in talks to buy Sky Deutschland and Sky Italia, a 10-billion-euro deal that would realize Rupert Murdoch’s long-held ambition to combine his European TV interests in a single business.

** Germany utility E.ON said on Monday it would invest another 200 million euros in Eneva, the Brazilian energy group it co-owns with former billionaire Eike Batista, to shore up the debt-laden group’s finances.

** PetroChina Co Ltd , the country’s dominant oil and gas producer, said on Monday it plans to sell more multi-billion dollar pipeline projects to raise cash, cut capital spending and promote private investment in energy.

** Hochtief, majority-owned by Spanish builder ACS , has raised its stake in Leighton Holdings to nearly 70 percent, tightening its grip on Australia’s biggest construction company and paving the way for its restructuring.

** Private equity firm Cinven Ltd is looking to sell its French diagnostics business Sebia in a deal expected to be worth around 1 billion euros ($1.38 billion), the Financial Times reported.

** Time Warner Inc has held talks to acquire Fullscreen Inc, one of the popular YouTube video networks, a person with knowledge of the matter said, according to an article in Bloomberg on Saturday.

** Singapore airport services and catering firm SATS Ltd said on Monday it had abandoned plans to acquire a cruise and ferry terminal operator from a unit of Singapore state investor Temasek Holdings for S$110 million ($88.07 million).

** Private equity firm Clayton Dubilier & Rice has agreed a to buy Germany-based packaging group Mauser from Dubai International Capital for around 1.25 billion euros ($1.72 billion), two sources familiar with the matter said on Sunday.

** Qualcomm Inc is in advanced talks to buy Israeli chipmaker Wilocity, financial news website TheMarker reported on Sunday.

($1 = 0.7269 Euros)

$1 = 1.2490 Singapore Dollars Compiled by Neha Dimri and Mridhula Raghavan in Bangalore

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