September 30, 2013 / 1:27 PM / 4 years ago

Deals of the day- Mergers and acquisitions

(Updates AXA; Adds Brookfield Office Properties, Cooper Tire, Nokia, Petrominerales and others)

Sept 30 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Brookfield Property Partners LP said it will acquire the 49 percent of Brookfield Office Properties Inc it does not already own for $5 billion in a deal that would consolidate the companies’ $45 billion in real estate assets.

** Cooper Tire and Rubber Co said its shareholders approved its sale to India’s Apollo Tyres, bringing the tire makers one step closer to completing their $2.5 billion deal.

** Indian authorities have frozen some of Nokia Oyj’s assets in a tax dispute, the Finnish phone maker said on Monday, although it does not expect the move to delay the sale of its handset business to Microsoft Corp.

** Shareholders of German real estate company Deutsche Wohnen AG approved a capital increase, paving the way for the acquisition of local rival GSW Immobilien AG.

** Shares in Canadian oil company Petrominerales Ltd surged 42 percent on Colombia’s stock exchange after the company agreed to be taken over by Pacific Rubiales Energy Corp, Colombia’s largest private oil producer.

** Nigerian President Goodluck Jonathan handed ownership of the bulk of the state electricity company to private buyers, completing one of the final stages of a privatization process meant to end decades of debilitating power shortages.

** South Africa’s Vodacom Group Ltd said it was in exclusive talks to buy the unlisted local unit of India’s Tata Communications Ltd in a potential $590 million deal that would give it a large fiber optic network for high-speed Internet.

** Troubled Italian lender Banca Carige appointed a new chairman and board after the Bank of Italy called for a more robust turnaround plan, and said it was in talks over a sale of non-core assets to a European insurer.

** Britain’s Tesco Plc put its U.S. grocery store chain into bankruptcy as part of a plan to sell most of the 167 stores to a private equity firm led by billionaire Ron Burkle.

** SNC-Lavalin Group Inc wants to sell an equity stake in AltaLink, the largest regulated electricity transmission company in Canada’s Alberta province, the engineering and construction company said.

** Vitol S.A. is in exclusive talks to buy a $137 million stake in an offshore license in Gabon, the seller Harvest Natural Resources Inc said, deepening the Swiss-based oil trader’s presence in West Africa.

** Comcast Corp is prepared to bid if it can force a sale of the financially troubled, regional-sports network that carries the games of the Houston Astros baseball team and the Houston Rockets, the city’s basketball team, court papers show.

** Siemens AG is a possible bidder to buy a Greek rolling stock operating company, a source close to the talks said, making it the first major German company to take an interest in the country’s asset sales program.

** Investment company KKR & Co LP said it had agreed to buy a 10 percent stake in Qingdao Haier Co Ltd, gaining exposure to China’s home appliances market with its biggest investment in the country to date. The companies did not disclose the deal value, but a person familiar with the matter said New York-based KKR paid around $550 million.

** Event management software maker Active Network Inc will be acquired by private equity firm Vista Equity Partners in a deal valued at about $904 million, a little more than two years after it went public. Vista Equity will make a tender offer of $14.50 per share, representing a 27.2 percent premium to Active Network’s Friday closing.

** NLMK, one of Russia’s largest steelmakers, sold a stake in its European steel assets to Belgian state-owned company SOGEPA as part of a plan to improve efficiency and optimize costs in Europe, NLMK said. NLMK, controlled by billionaire Vladimir Lisin, sold a 20.5 percent stake in NLMK Belgium Holdings S.A., which has assets in Belgium, France and Italy, to SOGEPA for 91.1 million euros ($123 million).

** Britain’s biggest drugmaker GlaxoSmithKline agreed the 700 million pounds ($1.13 billion) sale of its thrombosis drug brands and a related factory to Aspen Pharmacare , as part of its strategy to focus on growth products. The company said the divestment to South Africa’s biggest generic drug maker would earn it proceeds of 600 million pounds and 100 million pounds of the headline price related to inventory.

** Pacific Rubiales Energy Corp, Colombia’s largest private oil company, said it would buy compatriot oil producer and explorer Petrominerales Ltd for C$1.6 billion ($1.55 billion), financing the deal with cash and loans. Pacific Rubiales will acquire 18 blocks comprising 1.6 million acres gross and net in Colombia, and four blocks comprising 8.2 million acres gross, or 5.2 million net, in Peru.

** Taiwan’s Compal Electronics will acquire all outstanding shares of its affiliate Compal Communications , the world’s second-largest contract personal computer maker said. The company said it plans to acquire at least 5 percent and up to 52.22 percent of the total issued and outstanding shares of Compal Communications at T$50.8 per share, valuing the total consideration amount of the tender offer at up to T$16.13 billion ($545.77 million).

** San Miguel Corp said it has agreed to sell its holdings in the Philippines’ largest power retailer Manila Electric Co (Meralco) to JG Summit Holdings Inc . It was not immediately clear if San Miguel was selling its entire 27.1 percent stake in Meralco.

** French oil group Total said it had bought a 50 percent interest in Block 11B/12B from CNR International Resources Ltd, for an undisclosed amount. The asset is located in the Outeniqua Basin, about 175 km off the southern coast of the country.

** Total said it had sold its exploration and production assets in Trinidad to the country’s national gas company, in a transaction valued at $473 million.

** Finnish and Baltic power producers have started talks to divest their shares in Estlink-1, a 350-megawatt subsea connection between Estonia and Finland, to meet European Union regulations, the companies said. Latvia’s Latvenergo and Estonia’s Eesti Energia said they planned to sell their stakes to Estonia’s transmission system operator Elering and Finnish TSO Fingrid as EU market rules require power producers to exit transmission business.

** Trading house Noble and private equity group TPG have each invested $500 million in a private mining venture led by Mick Davis, the former head of Xstrata, hoping to cash in on low valuations and a dearth of buyers for mining assets.

** Finnish restaurant and cafe company Restamax plans to sell shares to the public later this year, its chairman was quoted as saying. Restamax board Chairman Timo Laine told business daily Kauppalehti that the listing of the company on Helsinki bourse was almost certain and might take place in November.

** Norwegian telecoms group Telenor entered the online classifieds market on Monday, taking a stake in a Southeast Asian venture and establishing a South American business, the company said in a statement. Telenor will take a 33.3 percent stake in Southeast Asia focused 701 Search, an existing venture between Singapore Press Holdings and Norwegian publishing house Schibsted, and agreed to establish a 50:50 joint venture with Schibsted to create SnT Classifieds with a focus on South America.

** Royal Dutch Shell plans to sell its 106,000-acre stake in the Eagle Ford shale formation in South Texas, the Wall Street Journal reported on Sunday. Shell’s decision comes after it took a $2.2 billion charge against its U.S. shale business in August.

** Glencore Xstrata Plc is unlikely to pounce on OZ Minerals Ltd, a banker who knows both companies well said, playing down a report in a British newspaper that said Glencore was weighing a 750 million pound ($1.2 billion) takeover offer. The Mail on Sunday reported Glencore had acquired up to a 10 percent stake in OZ Minerals, citing sources. OZ Minerals said on Monday it had received no proposal nor any substantial shareholder notice from Glencore.

** China-based advertising agency Charm Communications Inc said it received a buyout offer from founder and Chief Executive He Dang, valuing the company at $183 million.

** Blackstone Group LP is in talks to sell out of a New Delhi property investment for about $40 million, two sources with direct knowledge of the matter told Reuters, in what would be its first exit from a property investment in India. U.S.-based Blackstone is selling its nearly 30 percent stake in a subsidiary of Indian property firm BPTP Ltd and is in talks with two potential buyers, one of which is BPTP’s controlling owner, the sources said.

** Activist hedge fund Clinton Group has upped its stake in Nutrisystem Inc to 5.2 percent, calling the weight loss product company’s stock undervalued and asking for an increase in dividend, according to a filing.

** Singapore’s United Overseas Bank Ltd and Australia and New Zealand Banking Group Ltd are considering a bid for Hong Kong’s Wing Hang Bank Ltd, according to people familiar with the matter. Wing Hang, with a market capitalization of $4.7 billion, announced earlier this month that its controlling shareholders had received preliminary offers from independent third parties to purchase their shares in the bank. It did not name the bidders.

** French insurer AXA SA has sealed the spin-off of its private equity arm under the brand name “Ardian”, reaping a 200 million-euro capital gain ($270 million) and retaining a 23-percent stake in the unit. The terms of the deal, which values Ardian - formerly known as AXA Private Equity - at 510 million euros, were announced in March and remain broadly unchanged.

** Steelmaker ArcelorMittal said on Sunday it would sell a majority stake in its Algerian operations to the Algerian state as part of a $763 million investment agreement. Algerian state-controlled entity Sider will own 51 percent of ArcelorMittal’s Annaba and Tebessa units as part of the deal, with Arcelor owning the rest.

** Exclusive talks for Etisalat to buy Vivendi’s 53 percent stake in Maroc Telecom have been extended to Oct. 31, the United Arab Emirates’ former telecom monopoly said on Sunday. Vivendi in July entered into exclusive negotiations with Etisalat - the UAE’s No.1 telecom operator - to sell its majority holding stake in Maroc Telecom for 3.9 billion euros ($5.28 billion) in cash. The previous deadline for these exclusive talks to end was Sept. 25.

** German department store chain Kaufhof is doing well but its owner Metro wants to sell it, the group’s Chief Executive Olaf Koch told WirtschaftsWoche magazine. He ruled out a merger with German rival Karstadt, which earlier this month sold a stake in its luxury and sports stores to Austrian investor Rene Benko.

$1 = 1.03 Canadian dollars $1 = 0.62 British pounds $1 = 0.74 euros $1 = 29.55 Taiwan dollars Compiled by Aby Jose Koilparambil

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below