June 17, 2020 / 10:03 AM / 20 days ago

Deals of the day-Mergers and acquisitions

(Updates Iberdrola; Adds EQT Partners, Intesa Sanpaolo, Fiat)

June 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** European buyout fund Bridgepoint has agreed to buy EQT Partners’ credit business in a deal that would boost its ability to take part in a wave of corporate restructurings triggered by the coronavirus crisis, a source close to the matter told Reuters.

** Italy’s insurance authority has cleared Intesa Sanpaolo’s proposed bid for rival UBI Banca, paving the way for market watchdog Consob to clear the prospectus for the deal as a crucial antitrust meeting nears.

** Fiat Chrysler and Peugeot maker PSA’s proposed merger may harm competition in small vans in 14 EU countries and Britain, EU antitrust regulators said as they opened a four-month investigation into the deal.

** German airline Lufthansa warned that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25.

** French furniture chain Conforama said it was close to finding a new owner, one of several retailers in France that have been seeking new investors as they have struggled to secure state aid to help them cope with the coronavirus crisis.

** Italy’s insurance authority has cleared Intesa Sanpaolo’s proposed acquisition of rival UBI Banca, providing the last regulatory green light awaited by market watchdog Consob to examine the offer’s document.

** Westpac Banking Corp said it would sell its remaining 9.5% stake in fund operator Pendal Group Ltd for about A$185.4 million.

** Abu Dhabi’s sovereign wealth fund raised its stake in Spanish mobile phone tower operator Cellnex after it had broken a shareholders pact with the Benetton family and Singapore’s sovereign fund last month.

** Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.

** Spain’s Iberdrola has made an agreed A$828 million bid for Australian wind and solar firm Infigen Energy, topping an offer from Philippine conglomerate Ayala Corp .

** Austrian Post has reached an agreement with Aras Kargo to increase its stake in the Turkish parcel delivery firm to 80%, it said, following years of dispute.

** Indebted South African sugar producer Tongaat Hulett said it would sell a sugarcane farm in eSwatini to the country’s public pension fund for 375 million rand.

** Shares of Boohoo rose nearly 10% in early deals as it said it was buying the online businesses of Oasis and Warehouse, snapping up a pair of struggling brands it said would help it build on its momentum at a time when many brick-and-mortar retailers are collapsing.

** Russian conglomerate Sistema and the Russia-China Investment Fund (RCIF) have cut their stakes in children’s goods retailer Detsky Mir in Moscow’s first share offering since the coronavirus pandemic struck.

** Greece’s Alpha Bank is in talks with at least five U.S. investment firms including Cerberus and PIMCO in a fresh attempt to offload a portfolio of bad debt worth more than 10 billion euros, two sources told Reuters.

** German magazine and digital firm Bauer Media Group said its Australian arm that publishes titles, including the Australian Women’s Weekly and ELLE Australia, would be acquired by private equity firm Mercury Capital. (Compiled by Praveen Paramasivam in Bengaluru)

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