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Deals of the day-Mergers and acquisitions
December 28, 2016 / 11:35 AM / a year ago

Deals of the day-Mergers and acquisitions

(Adds Kate Spade, Samir, Boehringer Ingelheim and Brasil Pharma SA)

Dec 28 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday:

** U.S. hand bag and accessories maker and retailer Kate Spade & Co, under pressure from an activist investor, is exploring a sale and is working with a bank to sound out possible buyers, the Wall Street Journal reported, citing people familiar with the matter.

** The court-appointed manager of Samir, Morocco’s only oil refiner, has received a $3 billion offer for the business from a foreign conglomerate without naming the bidder.

** Brasil Pharma SA, the country’s third-largest drug retailer, has walked away from talks with Brazilian industrial conglomerate Ultrapar Participações SA to sell drugstore chain Distribuidora Big Ben SA, two sources with knowledge of the matter told Reuters.

** The U.S. Federal Trade Commission said that German pharmaceutical company Boehringer Ingelheim agreed to divest five types of animal health products to settle FTC charges that a proposed asset swap with Sanofi would harm competition.

** KKR & Co is in talks to buy Japanese conglomerate Hitachi Ltd’s power tools unit Hitachi Koki Co , a person with direct knowledge of the matter said, in a deal that could be worth over $1.3 billion.

** European industrial equipment supplier Loxam SAS raised its offer for UK’s Lavendon Group Plc to 442 million pounds ($542.86 million), in response to an increased bid by Belgian industrial equipment supplier TVH Group NV.

** Intesa Sanpaolo has included Apollo Global Management, Cerberus and Christofferson Robb & Co in a short list of bidders for a 2.5 billion euro ($2.61 billion) bad loan portfolio it aims to sell, two sources close to the matter said.

** Croatia’s Atlantic Grupa is working on an acquisition in western Europe as its room for growth in the former Yugoslavia becomes limited, founder and Chief Executive Emil Tedeschi told Reuters in an interview.

** Saudi Arabia’s top sovereign wealth fund is buying a stake in United Arab Emirates utility company Utico in a multi-million dollar deal, the chief executive of the UAE firm told Reuters.

Public Investment Fund (PIF) has entered into a binding agreement with private utility provider Utico Middle East to buy a “significant minority stake”, Richard Menezes said.

** U.S. activist investor Elliott Capital Advisors raised its stake in Alliance Trust to 19 percent from 17 percent, a regulatory filing showed on Wednesday, after the Scottish asset manager unveiled a change in investment strategy earlier this month.

** Two of three shareholders sharing control of Transmissora Aliança de Energia Elétrica SA have agreed to sell their stake in the Brazilian power transmission company to Colombia’s Interconexión Eléctrica SA for 1.06 billion reais ($324.3 million). (Compiled by Ahmed Farhatha and Aravind K in Bengaluru)

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