March 19, 2020 / 10:33 AM / 11 days ago

Deals of the day-Mergers and acquisitions

(Adds BMW, Alitalia, Mechel, Astaldi, Intesa Sanpaolo, Newlat)

March 19 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2030 GMT on Thursday:

** UK’s Pennon Group said it would sell its waste management business to private equity firm KKR & Co Inc in a 4.2 billion pounds ($4.95 billion) deal, as it seeks to reduce debt and focus on its water division.

** Spain’s stock market regulator CNMV has issued a favourable recommendation for the Spanish government to approve a proposed takeover of Madrid stock exchange BME by Swiss exchange SIX, a CNMV spokesman said.

** Potential bidders have expressed interest in Australian Associated Press, the domestic news agency that announced earlier this month it would shut its doors in June, AAP Chief Executive Bruce Davidson said.

** German carmaker BMW will not engage in large merger and acquisition deals, even if the coronavirus crisis adds pressure on companies to share costs, Chief Executive Oliver Zipse said.

** Italian information and communications technology group Almaviva said it has expressed interest, along with a group of other IT service companies, in struggling airline Alitalia.

** Russian steel and coal producer Mechel confirmed it was in talks to sell its flagship Elga coal project, one of the world’s biggest coking coal deposits, ahead of the imminent expiry of a debt claim relief deal.

** Italian builder Astaldi said it had signed an accord to sell its stake in Istanbul’s third Bosphorus bridge to its local partner IC Ictas Sanayi ve Ticaret for $315 million, in a key step of its rescue process.

** Italy’s Intesa Sanpaolo said it was ready to accept a lower price in a deal it has agreed with BPER Banca to address possible antitrust issues in a proposed takeover of rival UBI Banca.

** Italian food group Newlat said it had entered talks to buy a majority stake in dairy group Centrale del Latte d’Italia, adding the coronavirus outbreak was boosting its food sales.

Compiled by Amal S and Manojna Maddipatla in Bengaluru

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