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Deals of the day-Mergers and acquisitions

Published 07/05/2019, 05:49 am
Updated 07/05/2019, 05:49 am
© Reuters.  Deals of the day-Mergers and acquisitions

(Adds Acreage Holdings, Hudson's Bay, Conagra Brands, Centene (NYSE:CNC); Updates Banco Bradesco, Occidental)

May 6 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Italian banks plan are set to take a 43 percent stake in troubled peer Carige CRGI.MI under a 720 million euro ($806 million) rescue plan sponsored by U.S. asset manager BlackRock (NYSE:BLK) BLK.N , the head of a banking fund said. Volkswagen VOWG_p.DE has approached several companies to gauge their appetite for buying MAN Energy Solutions, which makes large diesel engines for ships and power generators, people close to the matter said. Hedge fund Marcato Capital Management said it opposed marijuana company Acreage Holdings Inc's ACRGu.CD $3.4 billion sale to rival Canopy Growth Corp WEED.TO , arguing Acreage was too hasty in agreeing to a deal at too low a price. Banco Bradesco SA BBDC4.SA has embarked on its first-ever international acquisition by paying approximately $500 million to buy BAC Florida Bank BACFD.UL , which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals. Norway's Telenor TEL.OL and Malaysia's Axiata Group AXIA.KL are in talks to run a jointly owned telecoms giant in South and Southeast Asia with nearly 300 million customers, as they seek to drive up growth in a highly competitive market. Hotel owner Park Hotels & Resorts Inc PK.N agreed to buy smaller rival Chesapeake Lodging Trust CHSP.N in a cash and stock deal valued at $2.7 billion that would create the second biggest lodging real estate investment trust in the United States. Occidental Petroleum Corp (NYSE:OXY) OXY.N said its latest bid to take over Anadarko Petroleum Corp (NYSE:APC) APC.N was designed to make sure Anadarko's board considers its offer superior to one from Chevron Corp (NYSE:CVX) CVX.N , even though it could spark tensions with its own shareholders. GrainCorp Ltd GNC.AX , Australia's largest-listed bulk grain handler, said Long-Term Asset Partners (LTAP) had withdrawn its unsolicited A$2.38 billion ($1.66 billion) takeover bid for the company. Kenya's biggest lender by assets, KCB Group KCB.NR , plans to buy a bank in Rwanda and one in the Democratic Republic of the Congo (DRC), its chief executive said. Occidental Petroleum Corp OXY.N increased the cash component of its $38 billion bid to acquire Anadarko Petroleum Corp APC.N on Sunday, removing a requirement for any deal to receive the approval of Occidental's shareholders. Elliott Advisors has become increasingly frustrated with Whitbread Plc's WTB.L strategy of owning Premier Inn hotels outright and wants the company to offload chunks of its 5.8 billion pound ($7.64 billion) property portfolio, the Sunday Telegraph reported on Saturday. Acreage Holdings Inc ACRGu.CD shareholder Marcato Capital Management LP said it would vote against the company's proposed $3.4 billion deal with Canopy Growth Corp WEED.TO . Canadian retail operator Hudson's Bay Co HBC.TO said that it was pursuing strategic alternatives such as a sale or merger for its department store Lord + Taylor, which has struggled to attract shoppers. A consortium of Italian investors has agreed to buy Italy-based frozen food business Gelit from Conagra Brands CAG.N as the U.S. group seeks to sharpen its focus on core businesses. Hedge funds Corvex Management LP and Sachem Head Capital Management LP have built stakes in U.S. health insurer Centene Corp CNC.N and are exploring challenging its planned $17.3 billion acquisition of WellCare Health Plans Inc WCG.N , people familiar with the matter said.

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