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Deals of the day- Mergers and acquisitions
July 16, 2014 / 9:56 AM / 3 years ago

Deals of the day- Mergers and acquisitions

(Adds Allergan, Blackstone, 3M, Elliott, Intralot Czech, ONGC, Weltbild, Love Culture, GE, Telefonica, UniCredit, Ferrero; updates Time Warner)

July 16 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Rupert Murdoch’s 21st Century Fox said it made a bid to buy media conglomerate Time Warner Inc, but was rebuffed. The bid was worth roughly $80 billion, or $85 per share, in cash and stock, a source familiar with the situation told Reuters.

People familiar with Murdoch’s thinking say he is determined to bring the U.S. media conglomerate into his empire.

** Activist investor Bill Ackman urged Botox maker Allergan Inc to negotiate a possible takeover by Valeant Pharmaceuticals Inc and not delay a special shareholder meeting that could overturn most of Allergan’s board.

** General Electric Co is in talks to sell its century-old household appliances business for as much as $2.5 billion, Bloomberg reported, citing people familiar with the matter. The business, which had revenue of more than $8 billion in 2013, may fetch $1.5 billion to $2.5 billion in a sale, Bloomberg quoted the people as saying.

** Blackstone has won the auction for a 6.4-billion-euro ($8.66 billion) portfolio of property loans belonging to Spain’s bailed-out Catalunya Banc, which is being prepared for a sale, two people familiar with the process said.

** 3M Co will pay about $885 million for Sumitomo Electric Industries Ltd’s stake in their Japan joint venture, giving the diversified U.S. manufacturer full control of the business, 3M said.

** U.S. hedge fund Elliott has filed a suit with a Munich court demanding higher compensation for minority shareholders in a squeeze-out of Kabel Deutschland by Vodafone , two people familiar with the matter told Reuters.

** The Czech Fortuna Entertainment Group (FEG) has completed the acquisition of Intralot Czech, the betting and lottery company said.

** The Indian government invited bids from investment banks to manage the sale of a 5 percent stake in state oil firm Oil and Natural Gas Corp, a deal that could raise as much as $3 billion.

** The administrator of insolvent German bookseller Weltbild said he had broken off talks with investor Paragon Partners and agreed to do a deal with restructuring specialist Droege International Group instead.

** Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy and said it is up for sale, becoming the latest women’s apparel retailer to seek protection from creditors.

** Telefonica will sell 750 million euros ($1 billion) in bonds that convert to Telecom Italia shares, it said, effectively loosening its grip as largest shareholder.

** UniCredit has received at least three binding offers for debt collection unit UCCMB, which Italy’s biggest bank by assets has put up for sale as it tackles its large stock of soured loans, three sources close to the matter said.

** Italy’s Ferrero, the maker of Nutella chocolate spread, said on Wednesday it had bought Turkish company Oltan, one of the world leaders in the production and marketing of hazelnuts.

** Sanofi has held talks with Abbott Laboratories , Mylan Inc and private equity firms over the possible sale of a 6.3 billion euro ($8.5 billion) portfolio of mature drugs, according to an internal document seen by Reuters.

** Italy’s GTECH will buy U.S. slot machine maker International Game Technology for $6.4 billion, including debt, shifting the lottery operator’s center of gravity away from its struggling domestic market.

** Japan’s KDDI Corp and Sumitomo Corp, in partnership with Myanmar’s state-backed telecoms operator, plan to invest about $2 billion over the next decade to expand service in one of the world’s least-connected countries.

** International Business Machines Corp said on Tuesday that it would partner exclusively with Apple Inc to sell iPhones and iPads loaded with applications geared at enterprise clients this fall.

** Airbus Group is ready to offer Poland a sweeping partnership alongside its core European nations to support its bid for a major military helicopter contract, a senior executive told Reuters.

** Canadian private equity firm Onex Corp said it would buy York Risk Services Group Inc, an insurance claims services provider, for $1.33 billion.

** Japanese financial firm Orix Corp has agreed to buy a controlling stake in a logistics unit of South Korean conglomerate Hyundai Group in a deal worth about 600 billion won ($581.5 million), two people with direct knowledge of the matter said on Wednesday.

** Finance firm Pepper Australia has roped in Bank of East Asia Ltd to help run a Hong Kong consumer finance business that it is seeking to acquire from Standard Chartered Plc, said sources with direct knowledge of the matter.

** Thailand’s second-largest private power producer, Electricity Generating Pcl, on Wednesday said it had bought a 40.95 percent stake in Philippines-based Masinloc Power Partners for $453 million.

** Buyout group SVP Global is preparing to sell Vestolit, a maker of durable plastics used for window frames, floorings and pipes in a potential 300 million euro ($407 million) deal, three people familiar with the transaction told Reuters.

** Portugal Telecom has been forced to take a cut in its share of the merger with Brazil’s Grupo Oi after a holding company of the Espirito Santo family failed to repay more than $1 billion it owed to the telecom company.

** When Imperial Tobacco Group Plc agreed Tuesday to buy a group of brands from Reynolds American Inc and Lorillard Inc as part of their merger, the British company insisted the assets include Lorillard’s blu e-cigarette unit.

** Mexico’s Grupo Bimbo, one of the world’s largest bread makers, said on Tuesday it had agreed to buy Ecuadorian peer Supan, as it seeks to widen its presence in South America.

** Britain’s Vodafone said it was unlikely to be interested in telecom assets being put up for sale in Mexico by tycoon Carlos Slim’s America Movil since a deal would not fit with its focus on the corporate market in Latin America.

** Negotiations on an investment by Etihad Airways in loss-making Italian carrier Alitalia are expected to be concluded by the end of this month, Etihad CEO James Hogan said on Wednesday.

** Qantas Airways Ltd will be able to increase its level of foreign ownership, but will remain majority Australian-owned after more ambitious changes being pushed by the federal government were blocked by opposition parties.

** South Korean steelmaker POSCO is considering selling as much as 49 percent of its liquefied natural gas terminal in the southwestern city of Gwangyang, a company official told Reuters on Wednesday.

** Sun Pharmaceutical Industries Ltd, India’s third-largest generic drugmaker by sales, said on Wednesday it had acquired U.S.-based Pharmalucence Inc, which has sterile injectable capacity and research capabilities.

** Spain’s Grupo Villar Mir and Portuguese utility Energias de Portugal (EDP) have emerged as potential buyers for German utility E.ON’s Spanish assets, two people familiar with the process told Reuters.

** Private equity firm Emerging Capital Partners plans to sell its 50.6 percent stake in Continental Reinsurance , the African insurer said in a filing with the Nigerian Stock Exchange.

** Efforts by Turkey’s Cukurova to recover a disputed controlling stake in mobile phone operator Turkcell suffered a setback on Wednesday after regulators said fellow conglomerate Yildiz Holding could not help it finance the move.

** Emerging markets telecoms group Millicom reckons it will get the final approval for its merger with Colombian UNE in a few weeks, its top executive said on Wednesday. ($1 = 0.74 euros) (Compiled by Ankit Ajmera and Amrutha Gayathri in Bangalore)

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