Funds News

Deals of the day-Mergers and acquisitions

(Updates Broadcom, Noble Group; Adds Abertis)

March 14 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Wednesday:

** Prudential is to spin its British and European business off from its international operations, breaking up the 170-year-old insurer in the latest shake-up in a fast-changing industry.

** Singapore-based Broadcom Ltd withdrew its $117 billion bid to acquire Qualcomm Inc, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

** Commodities merchant Noble Group has finalised a restructuring agreement with a group of senior creditors holding 46 percent of its debt, and is in talks with others, as it races to launch a deal crucial to its survival.

** Italy’s Atlantia confirmed on Wednesday it had reached a preliminary deal with ACS and Hochtief over Spanish toll-road operator Abertis, adding its board would meet at 1715 GMT to review the deal.

** French investment firm Tikehau Capital has agreed to buy into the forthcoming flotation of DWS, the asset management company being listed on the stock market by Deutsche Bank.

** InterContinental Hotels Group (IHG) said it agreed to buy a 51 percent stake in luxury brand Regent Hotels and Resorts for $39 million in cash as part of its plan to go more upmarket to tap customers willing to pay top prices.

** Chinese conglomerate HNA Group will sell its 25 percent stake in Hilton Grand Vacations Inc, the timeshare business spun off last year from U.S. hotel chain Hilton Worldwide, Hilton Grand said on Tuesday.

** China’s sovereign wealth fund China Investment Corp (CIC) has sold its equity holding in Blackstone Group LP, the U.S. private equity firm said in a filing, exiting from an 11-year old investment.

** Israeli conglomerate Delek Group said on Wednesday it was looking to buy back outstanding shares in its subsidiary Delek Energy in order to take the business private.

** Billionaire investor William Ackman’s hedge fund sold a stake in Automatic Data Processing, the firm’s biggest holding, as the value of the investment grew over the last months, a regulatory filing released on Tuesday shows.

** AT&T Inc can cite a voluntary commitment not to withhold content in licensing talks as a key part of its defense when an antitrust trial begins next week over the fate of the company’s planned $85 billion merger with Time Warner Inc , U.S. District Judge Richard Leon said on Tuesday.

** German energy groups E.ON and RWE on Tuesday fleshed out their plans to break up RWE’s Innogy business, predicting higher profits and dividends as a result of a more focused corporate structure.

** Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks Corp that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday.

** Starboard Value LP, which is looking to replace the entire board of Newell Brands Inc, said three of its nominees would buy about $25 million in Newell stock with their own money if the hedge fund gained full board control.

** Spain’s stock market regulator said it had asked interested parties involved in the taking over of Abertis to not reveal private information about the 18-billion-euro deal.

Compiled by Diptendu Lahiri in Bengaluru