June 25, 2019 / 10:01 AM / 4 months ago

Deals of the day-Mergers and acquisitions

(Adds La Poste’s, Woodford, Iren, Magellan Midstream; Updates AbbVie, Bombardier)

June 25 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:

** Drugmaker AbbVie Inc said it would acquire Allergan Plc for about $63 billion, giving AbbVie control over the lucrative wrinkle treatment Botox and buying time to seek new growth before its blockbuster arthritis treatment Humira loses U.S. patent protection.

** Woodford Investment Management is close to hiring bankers to sell its stakes in private companies Atom Bank and Oxford Nanopore, part of a rescue bid aimed at raising hundreds of millions of pounds, Sky News reported.

** France’s market regulator has approved state-owned mail operator La Poste’s takeover of CNP Assurances in a bid to create a state-controlled bank and insurer focused on the country’s rural areas.

** U.S. pipeline operator Magellan Midstream Partners is exploring the sale of a 35% stake in its Longhorn crude oil pipeline in Texas for as much as $2 billion, four people familiar with the matter said.

** Bombardier Inc said it will sell its money-losing regional jet business to Japan’s Mitsubishi Heavy Industries Ltd (MHI) for $550 million in cash, in a deal marking the Canadian plane and train maker’s exit from commercial aviation.

** Italian utility Iren made a non-binding offer to tie-up with regional peer Compagnia Valdostana delle Acque (CVA) to create one of Italy’s biggest hydroelectric players, a source close to Iren said.

** Private equity firm Onex Corp said its C$3.5 billion buyout offer for WestJet Airlines Ltd received approval from Canada’s Minister of Transport, clearing the first of several regulatory hurdles.

** Australian copper miner Sandfire Resources NL sweetened its takeover offer for smaller rival MOD Resources Ltd , valuing it at A$167 million ($116.3 million) and enough to satisfy MOD’s board.

** South Korea said it would sell its entire stake in Woori Financial Group Inc within three years, in a move to recoup taxpayers’ money spent to bail out the company two decades ago.

** French fashion group SMCP has agreed to buy men’s luxury clothing company De Fursac, in a deal which it said would boost its earnings and fit in well with its other existing brands such as Sandro.

** E.ON has offered to sell assets in Hungary, Germany and the Czech Republic to address European Union antitrust concerns over the German energy group’s bid for rival Innogy’s network and retail assets.

** German lighting group Osram said it had sold its luminaires unit Siteco to the investment arm of strategic consultancy Stern Stewart & Co for an undisclosed sum.

** Bellevue Group is weighing the sale of its Bank am Bellevue wealth management unit and has held talks with potential buyers, it said, adding that efforts to reposition activities lag internal expectations.

** Spain’s Allfunds Group is buying Credit Suisse’s business-to-business investment fund platform InvestLab for an undisclosed sum as the investment services industry consolidates to reap the benefits of scale. (Compiled by Debroop Roy and Bharath Manjesh in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below