Deals of the day -- mergers and acquisitions

By

The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday:

** Plains Exploration & Production Co will borrow $7 billion -- more than its market value -- to buy BP Plc's stake in some deepwater Gulf of Mexico wells in a $5.55 billion deal that will triple its crude production and boost its power in the North American energy market.

** Qatar, Xstrata's second-largest investor, has held back immediate support for Glencore's raised bid for the miner, despite an apparent rapprochement last week, saying in a rare statement on Tuesday it was still considering its position.

** Thai Beverage PCL is teaming up with a partner to bid for Fraser and Neave Ltd (F&N), moving the Thai group a step closer to snapping up the conglomerate's property and soft drinks businesses should F&N sell its prized beer unit to Heineken NV.

** Federated Investors Inc said it bought about $4.4 billion in assets from Fifth Third Asset Management Inc.

** GAIL India Ltd confirmed media reports that it is eyeing the liquefied natural gas (LNG) assets being put up for sale by Spain's Repsol in Canada, Peru, and Trinidad.

** Asian insurer AIA Group Ltd has emerged as the front-runner to buy ING's Malaysia and Thailand insurance operations, sources with knowledge of the matter said, in a deal that could be worth about $2 billion.

** Hellman & Friedman LLC, Permira Advisers LLP and TPG Capital LP are bidding for Ancestry.com Inc, though a deal remains elusive as the family-history website seeks an offer that tops $35 per share, or about $1.5 billion, three people familiar with the matter said on Monday.

** Hospital staffing company CHG Healthcare Services Inc has hired Goldman Sachs Group to advise on a potential sale that could fetch more than $1 billion, according to two people familiar with the matter.

** Fisher and Paykel Appliances Ltd said Haier Group offered NZ$869 million ($705 million) to buy the kitchen and appliance maker in a deal that would give the Chinese white-goods company full control of its New Zealand partner.

** Mobile network equipment maker Nokia Siemens Networks (NSN) is in talks with various companies to sell its business support systems (BSS) unit, Chief Executive Rajeev Suri said on Tuesday.

Ericsson is in pole position to buy NSN's business support systems unit, Dow Jones Newswires reported earlier this month.

** Oil and natural gas company NuVista Energy Ltd said it will sell three properties in Canada for about C$236 million ($241.9 million) to repay debt.

** Cyber-security services provider KEYW Holding Corp said it will buy privately held Poole & Associates Inc for $126 million in cash and stock to get more contracts from the U.S. government.

** The board of General Growth Properties Inc on Monday rejected activist investor Bill Ackman's call for the company to consider selling itself, saying its shareholders would be best served by the company sticking to its current business plan.

** Investment bank and asset management firm Lazard Australia said it has acquired Sydney-based independent advisory firm O'Sullivan Partners to boost its investment banking business.

** Hammerson PLC said it would buy Leeds' Victoria Quarter for 136 million pounds ($217.74 million).

** Citrix Systems Inc bought Beetil Service Management, a privately held cloud-based service desk technology provider, for an undisclosed amount.

** India's NIIT Technologies Ltd said it bought Sabre Philippines development center.

This article is copyrighted by Reuters

© 2024 VCPOST.com All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics