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Deals of the day-Mergers and acquisitions
October 30, 2017 / 10:01 AM / in 18 days

Deals of the day-Mergers and acquisitions

(Updates Vistra Energy, Lennar, Constellation; Adds Resolution Group, Paysafe, Pearson, Ineos, Vector, Trimet, Bharti Infratel, LyondellBasell, SoftBank)

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

** Lennar Corp will buy smaller rival CalAtlantic Group Inc for $5.7 billion, creating the largest homebuilder in the United States as it strives to deal with higher land acquisition costs and a tighter labor market.

** Strayer Education Inc will merge with smaller peer Capella Education Co in a $1.9 billion all-stock deal that will offer doctoral, master’s and bachelor’s programs, mainly for working adults across the United States.

** Constellation Brands Inc has bought a nearly 10 percent stake in Canadian cannabis maker Canopy Growth Corp for about C$245 million ($191 million), the first major wine, beer and spirits producer to invest in legal cannabis.

** Vistra Energy Corp said it would buy Dynegy Inc in an all-stock deal worth $1.74 billion, combining two Texas-based power producers in the latest merger in an industry dealing with shrinking profit margins.

** India’s IDFC Group said that talks to acquire some of Shriram Group’s financial services businesses have been called off.

** Dutch paints maker Akzo Nobel, under pressure after rejecting a lucrative takeover offer and two profit warnings, has confirmed merger talks with smaller U.S. rival Axalta Coating Systems Ltd to create a $30 billion company.

** Swiss drugmaker Novartis offered to buy France’s Advanced Accelerator Applications (AAA) in a $3.9 billion cash deal to strengthen the oncology portfolio at the world’s biggest maker of prescription medicines.

** Insulation and roofing company Owens Corning said it would buy European mineral wool maker Paroc Group from private equity firm CVC Capital Partners for about 900 million euros ($1.04 billion).

** Germany’s Continental AG is in advanced talks to buy Israel’s Argus Cyber Security, which has developed technology to protect connected cars from hacking, for about $400 million, Israeli media reported.

** Israeli flavor and fine ingredients company Frutarom Industries said it agreed to acquire the 81 percent of special nutrition firm Enzymotec it doesn’t already own for $11.9 a share, or about $168 million.

** Shanghai Fosun Pharmaceutical (Group) Co Ltd, said it would buy French drug distributor Tridem Pharma S.A.S. for 63 million euros ($73 million), in a move to expand its market share in Europe and Africa.

** Munich Re’s primary insurance arm Ergo is forging ahead with plans to sell the life insurance books of units Ergo Leben and Victoria Leben, Handelsblatt daily reported, citing two people familiar with the matter.

** EasyJet has strengthened its position in Germany by agreeing to buy part of Air Berlin’s operations at Berlin Tegel airport, ending uncertainty over the fate of the failed airline’s remaining assets.

** Britain’s Resolution Group, Swiss Re and private equity firm Cinven have expressed an interest in acquiring two large German life insurance portfolios owned by Ergo and Generali, sources familiar with the matter said.

** A select group of investors have been sounded out on a jumbo $2.59 billion-equivalent loan backing the buyout of UK payment processing company Paysafe, banking sources said.

** Two Asian funds are nearing a deal to buy Pearson’s English-language school business after trumping a rival bid from private equity firm MBK Partners, sources familiar with the matter told Reuters.

** British petrochemicals company Ineos is buying fashion brand Belstaff, best known for its waxed cotton motorcycle jackets once worn by Steve McQueen, in the latest off-beat project by Ineos’s billionaire founder Jim Ratcliffe.

** New Zealand energy utility Vector Ltd said it has taken a minority stake in a software firm that has adapted its system to manage Israel’s Iron Dome missile defence system to managing electricity grids.

** German aluminium producer Trimet Aluminium expects to keep operating at full capacity in 2018 as European demand stays strong, and plans to transfer its automobile parts business into a new joint venture, executive board member Thomas Reuther said.

** Indian mobile masts operator Bharti Infratel Ltd will consider buying the rest of Indus Towers, it said, as its two partners in the joint venture look to sell their stakes as part of their merger deal.

** LyondellBasell Industries NV has approached Brazil’s Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, the Wall Street Journal reported.

** SoftBank Group Corp’s board of directors is having doubts about the merger it has been negotiating between its U.S. wireless subsidiary Sprint Corp and T-Mobile US Inc, due to fears of losing control of a combined entity, a source familiar with the matter told Reuters. (Compiled by Manas Mishra and Sonam Rai in Bengaluru)

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