April 27, 2020 / 10:34 AM / a month ago

Deals of the day-Mergers and acquisitions

(Updates Embraer, BP, Allianz)

April 27 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Brazil’s Embraer SA said it had begun an arbitration process against Boeing Co, after the U.S. planemaker abruptly canceled a $4.2 billion deal over the weekend that was years in the making.

** BP said it had amended financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp Energy Co following the recent slump in oil prices, which may lead to a lower cash boost than initially planned.

** German insurer Allianz has struck a deal to invest in the bancassurance business of Spanish lender BBVA , the companies said, confirming an earlier report by Reuters.

** Shareholders in Intesa Sanpaolo approved issuing new shares to support plans by Italy’s biggest retail bank to take over smaller rival UBI Banca.

** French asset manager Amundi is not interested in taking over smaller Italian rival Anima Holding, a spokeswoman said.

** Imperial Brands is withdrawing from the premium cigar business to focus on vaping, with a 1.23 billion euro ($1.33 billion) sale of hand-rolled makes including Cohiba and Montecristo which will help it pay down debt.

** A little-known U.S.-based engineering and design firm said it plans to invest 10 billion yuan ($1.41 billion) to make sports cars with China’s FAW Group under the brand of choice of late revolutionary leader Chairman Mao Zedong, Hongqi.

** Infrastructure fund Greencoat UK Wind PLC has agreed to buy the South Kyle wind farm in Scotland from developer Vattenfall for 320 million pounds ($397.66 million) once the farm begins operating in 2023.

** Sumitomo Mitsui Financial Group Inc will tie up with internet brokerage SBI Holdings in a smartphone service business, the Nikkei newspaper reported, adding the two firms are expected to reach an agreement this week. (Compiled by Praveen Paramasivam in Bengaluru)

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