The Panama Canal Authority and a building consortium led by Spain's Sacyr Vallehermoso SA on Tuesday agreed to put up at least $100 million each to keep the Panama Canal expansion project running. The two parties are at odds over who should pay for $1.6 billion in project cost overruns.
Corporations
ONGC Videsh and Oil India complete $2.475B stake buy in Videocon's gas field in Mozambique
Oil and gas firms ONGC Videsh Ltd and Oil India Ltd have completed the joint purchase of Videocon Group's 10% holding in a gas field in Mozambique in a deal valued at $2.475 billion.
Norwegian paper manufacturer Norske Skog agrees to offload remaining stake in Brazilian unit for $37M
Norway-based newsprint and magazine paper manufacturer Norske Skog inked an agreement to exit its remaining stake in its Brazilian operations to Papeles Bio Bio SA for $37 million.
UK medical device maker Lombard Medical to pursue IPO in the US
England, UK-based specialty medical device maker Lombard Medical Technologies PLC plans to pursue an initial public offering (IPO) and listing of ordinary shares in the US.
Cebu Air to buy Tigerair Philippines from Singapore's Tiger Airways
Cebu Air Inc., operating as Cebu Pacific Air, will acquire Tigerair Philippines from Singapore's Tiger Airways Holdings Ltd. for an undisclosed sum. Cebu Air and Tiger Airways also entered into strategic alliance to operate common routes between Singapore and the Philippines.
Latest News
Eastern Media International Corp., which currently owns a 30% stake in Eastern Broadcasting Co., is reportedly placing a bid to acquire Carlyle Group's entire 61% stake in Taiwan's largest broadcasting company.
CEC Entertainment, which operates 567 Chuck E. Cheese's stores in 47 states in the US, is reportedly mulling over a possible sale to private equity firm. CEC has a market capitalization of around $760 million.
Sandvik, a high-technology engineering firm based in Sweden, has agreed to buy Texas-based Varel International Energy Services for a price tag of about $740 million.
Bangalore, India-based startup Little Eye Labs confirmed that it has been bought by social media giant Facebook for an amount between the range $10 million and $15 million.
Northwestern Mutual Life Insurance Co. is reportedly looking to sell its asset management business Russell Investments, citing that it is not a core part of its business. Russell Investments has $247 billion in assets under management.
Oracle said it had agreed to purchase Corente, a New Jersey-based cloud-services firm, pushing the technology giant further into the Internet age, The New York Times The Dealbook reported.
Japan-based food and beverage giant Kirin Holdings Ltd has no plans to sell its 9.99% holding in Warrnambool Cheese and Butter Factory Ltd to Canadian firm Saputo Inc as it wants to secure a cheese supply agreement with the latter.
Chinese conglomerate Shenhua has dropped out from the bid for New South Wales (NSW) power generator Macquarie Generation (MacGen), leaving only three bidders, according to a report.
Le Groupe Lactalis reportedly acquired India's Tirumala Milk Products for $275 million. Lactalis bought the 74% stake held by Tirumala Milk's founders and the remaining 26% from private equity firm Carlyle Group.
