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Deals of the day-Mergers and acquisitions
May 9, 2017 / 10:28 AM / 4 months ago

Deals of the day-Mergers and acquisitions

(Adds FamilyMart and Atlantia)

May 9 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:

** Toshiba Corp has told Western Digital Corp not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action.

** Elliott Advisors, the hedge fund that has been pushing Dutch paint maker Akzo Nobel to enter takeover talks with U.S. peer PPG Industries, said it had launched legal action to try to oust Akzo chairman Antony Burgmans.

** Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said they have signed a deal to form a business alliance ahead of Idemitsu’s stalled merger with Showa Shell.

** China Poly Group, a real estate developer, said it has transferred its main energy unit to China Coal Group as required by the state asset supervisor.

** FamilyMart UNY Holdings, Japan’s second-largest convenience store chain, is considering partnering on new business with China’s CITIC Ltd and Thailand’s Charoen Pokphand Group, its president told Reuters.

** Italian toll road group Atlantia could present a takeover bid on Spanish rival Abertis within days, two sources close to the matter said.

** Atlantia’s possible cash and share bid for Spanish rival Abertis is likely to be priced at between 16 and 17 euros per share, three sources close to the matter said.

** Pandora Media Inc said late on Monday that KKR & Co LP has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale.

** Verizon Communications Inc does not see an urgent need to undertake a big strategic merger or acquisition, its chief executive said on Monday, as some Wall Street analysts have urged the wireless company to do.

** Brazilian state oil company Petroleo Brasileiro SA said on Monday a federal court had thrown out a lawsuit seeking to block its divestment of distribution arm BR Distribuidora.

** Health insurer Anthem Inc asked a Delaware judge on Monday to give it more time to try to win approval for a merger with rival Cigna Corp, which is seeking to end the deal and collect a $1.85 billion break-up fee.

Compiled by Divya Grover and Rishika Sadam in Bengaluru

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