March 9, 2018 / 10:58 AM / 9 months ago

Deals of the day-Mergers and acquisitions

(Adds Aurora Cannabis, Sava Re, OpCapita, Merck, SQM, M&G Investment, GE; updates GKN, Broadcom)

March 9 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Friday:

** General Electric Co is exploring a sale of the electrical engineering business which it acquired for $3.2 billion in 2011, as the U.S. industrial conglomerate continues to shed unwanted assets, according to four people familiar with the matter.

** At least three bidders are expected to submit final offers for global miner Rio Tinto’s Hail Creek and Kestrel coal mines in Australia, which could fetch up to $2.5 billion, people familiar with the process said.

** Broadcom Ltd has promised not to sell critical national security assets to foreign buyers if its deal to buy chipmaker Qualcomm Inc is approved, another effort by the Singapore-based firm to appease U.S. security concerns.

** GKN has struck a $6.1 billion deal to merge its automotive business with U.S. company Dana Incorporated in a move by the British engineer to fend off a hostile takeover by turnaround specialist Melrose Industries.

** China Resources Beer (Holdings) Co Ltd is in talks to acquire Heineken NV’s China business in a deal that could be worth more than $1 billion, as the country’s largest brewer seeks new growth from premium brands, five people close to the discussions said.

** Japan’s Idemitsu Kosan Co said its subsidiary acquired 100 percent of the outstanding shares of an independent Australian petroleum products distributor Trinity Petroleum Services Pty Ltd.

** State-controlled China Huarong Asset Management Co has bought a 36.2 percent stake in the unit of CEFC China Energy through which CEFC is acquiring a $9.1 billion stake in Russia’s Rosneft, a filing by the CEFC unit showed.

** China’s Sinopec Corp got a major boost in its pursuit of Chevron’s South Africa and Botswana assets after South Africa’s Competition Tribunal approved, with conditions, the $900 million transaction.

** Aurora Cannabis, Canada’s second-largest marijuana producer, has won shareholder support for its C$1.1 billion ($857 million) proposed takeover of smaller rival CanniMed Therapeutics, the company said.

** Toshiba Corp expects the sale of its $18 billion memory chip business to be completed by June at the latest, if not by an agreed deadline of the end of March, as it awaits antitrust regulatory approval from China.

** Japanese auto parts supplier Denso Corp is buying an additional 4.5 percent stake in chipmaker Renesas Electronics in a deal worth $800 million based on market prices, as car makers accelerate the adoption of self-driving and other technologies.

** China’s HNA Group is selling a land parcel in Hong Kong to local developer Wheelock and Co Ltd for $811.1 million, the latest in a string of global asset disposals to ease its liquidity crunch.

** The infrastructure fund of British asset manager M&G Investment Management Ltd said it had offered to buy rural broadband provider Gigaclear Plc in a deal valued at about 270 million pounds ($374 million).

** Royal Dutch Shell is selling out of the ageing Draugen field in Norway and is also offering small stakes in a number of other fields, according to a document seen by Reuters.

** The head of Boeing Co said on Thursday the U.S. planemaker can absorb transactions on the scale of a proposed tie-up with Brazil’s Embraer without putting at risk internal investments in its business or returning cash to shareholders.

** Brazil’s state-controlled oil company Petróleo Brasileiro SA said on Thursday to start the binding phase in the process to sell 100 percent of subsidiary Petrobras Oil & Gas B.V., according to a securities filing.

** Slovenian insurer Sava Re said it had bought 93 percent of Serbian insurer Energoprojekt Garant a.d., which specialises in construction and liability insurance.

** Brazilian pulp producer Suzano Papel e Celulose SA and the controlling shareholders of rival Fibria Celulose SA, who are in talks regarding a potential tie-up, still need to address structural and financial issues during negotiations, Suzano said.

** Merck & Co Inc and Japan’s Eisai Co Ltd have signed a potential multibillion-dollar collaboration to develop and sell Eisai’s cancer drug Lenvima, which is already approved in dozens of countries for two uses.

** European private equity firm OpCapita said it had reached a deal to buy the majority of Sebeto, an Italian restaurant group whose assets include pizza chain Rossopomodoro.

** Chile’s government has asked antitrust regulators to block the sale of a stake in lithium company SQM to a Chinese company Tianqi Lithium on the grounds the sale would give China an unfair advantage in the global race to secure resources to develop electric vehicles, according to a document seen by Reuters. (Compiled by Mrinalini Krothapalli and Arunima Banerjee in Bengaluru)

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