August 11, 2017 / 10:01 AM / 10 months ago

Deals of the day-Mergers and acquisitions

(Updates Tata Steel )

Aug 11 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:

** Vietnam Prosperity Joint Stock Commercial Bank (VPBank) will list its shares on the Ho Chi Minh Stock Exchange on Aug. 17 with an expected market value of $2.3 billion, the bank said.

** French media group Vivendi’s growing influence over Telecom Italia does not breach Italian rules aimed at protecting strategic companies, according to a legal opinion sent by Telecom Italia (TIM) to the Rome government.

** Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.

** Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least $2 billion at a valuation of over $20 billion in its latest funding round, people familiar with the matter told Reuters.

** India’s JBF Industries said its promoters, the Arya family, have pledged almost all their equity in the company to its lenders, in a sign of growing unease around the embattled polyester maker’s financial situation.

** Investors in Brazil’s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world’s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.

** Anglo-South African financial services group Old Mutual aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year.

** Vietnamese telecoms firm FPT Corp said it has sold 30 percent of a subsidiary to funds of or associated with funds managers VinaCapital and Dragon Capital.

** Russian aluminium giant Rusal said tycoon Mikhail Prokhorov has agreed to sell around a 7 percent stake to billionaire Viktor Vekselberg for $503.9 million, concluding lengthy negotiations over a sale.

** The German state of North Rhine-Westphalia (NRW) is considering selling off some of its assets, which include hospitals, airports and the industrial city of Duisburg’s harbour, its new Finance Minister Lutz Lienenkaemper tells a newspaper.

** Innogy, Germany’s largest energy group, has no need of a strategic partner to help expand its business, its chief executive said, adding there was no prospect of a large deal involving the company.

** India’s Tata Steel Ltd has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany’s Thyssenkrupp. (Compiled by Arjun Panchadar and Vibhuti Sharma in Bengaluru)

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