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Deals of the day-Mergers and acquisitions

Published 27/11/2019, 12:30 am
© Reuters.  Deals of the day-Mergers and acquisitions
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(Adds Alitalia, Gategroup, Cap Gemini , London Stock Exchange , British Steel)

Nov 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:

** British commodities tycoon Sanjeev Gupta is ready to bid for British Steel if an offer from China's Jingye Group 600768.SS falls through, two sources close to the matter have said. London Stock Exchange LSE.L shareholders overwhelmingly backed the exchange's $27 billion takeover of data and analytics company Refinitiv, a deal designed to broaden LSE's trading business and make it a major distributor of market data. Switzerland's Gategroup is nearing a deal to buy the European operations of Lufthansa's LHAG.DE LSG catering unit, which the carrier has offered for sale as it struggles with low margins in a competitive market, three people close to the matter said. Software company Capgemini CAPP.PA will stick to its bid of 14 euros ($15.43) per share for smaller rival Altran ALTT.PA , its chief executive told Reuters, as it tries to fend off pressure from activist hedge fund Elliott for a higher offer. Italy is considering several options to save Alitalia CAITLA.UL , but selling the struggling carrier to a consortium led by railway group Ferrovie dello Stato is no longer an alternative, the industry minister said. Just Eat JE.L shareholder Cat Rock Capital urged investors to back an all-share merger with Takeaway.com TKWY.AS , saying it believed the combination could create a company worth 1,200 pence a share in little more than a year. Egypt will offer 22% to 25% of the shares in Heliopolis Company For Housing and Development on the Egyptian stock exchange in the first quarter of 2020, Public Enterprise Minister Hesham Tawfik said. Thomas Cook's German airline Condor has drawn substantial interest from potential suitors, the group said, two months after its parent collapsed. Carrefour CARR.PA said it was in advanced talks with consumer electronics group Fnac Darty FNAC.PA to set up around 30 Darty standalone stores within its French hypermarkets under exclusive operating agreements. Morgan Stanley (NYSE:MS) Infrastructure Partners' MS.N offer for PNE PNEGn.DE which values the German renewable firm at 306 million euros ($337 million) is too low, small shareholders group SdK said. An exploration well drilled by Wintershall Dea GmbH in the Norwegian Sea contained only minor amounts of oil and will not be profitable to develop, the Norwegian Petroleum Directorate (NPD) said. Canadian convenience store operator Alimentation Couche-Tard Inc ATDb.TO sweetened an approach for Caltex Australia CTX.AX with a A$8.61 billion ($5.8 billion) offer, a day after Caltex said it could carve out some of its convenience shop sites. Fiat Chrysler FCHA.MI and Peugeot-owner PSA PEUP.PA told their employees they would sign a binding merger agreement in coming weeks. Pedro Moura Costa, a pioneer of carbon markets in the 1990s, and partner Pablo Martinez are buying back from Swiss trader Mercuria Energy Group Ltd the low-carbon projects' developer and carbon credit generator EcoSecurities, Moura Costa said. Embattled Singapore water firm Hyflux HYFL.SI said it had entered a restructuring deal worth S$400 million ($293 million) with United Arab Emirates-based utility Utico FZC. The bankrupt Philadelphia Energy Solutions Inc oil refiner is seeking a minimum of $2.5 million in bonus payments to its top executives as part of a plan to reorganize or sell the company, U.S. bankruptcy court filings show. Daimler's DAIGn.DE main Chinese joint venture partner BAIC Group BEJINS.UL has signaled its intention to increase its stake in the German luxury car manufacturer, sources briefed on the matter said, after it built up a 5% Daimler holding in July. Japanese conglomerate Hitachi Ltd 6501.T is nearing a deal to sell its 51% stake in Hitachi Chemical Co Ltd 4217.T to Showa Denko KK 4004.T in a transaction that could be worth about 950 billion yen ($8.7 billion), the Nikkei reported on Monday. Pipeline operator Tallgrass Energy LP TGE.N said on Monday Chief Executive Officer David Dehaemers resigned and would be replaced by operations head Bill Moler, a move that was backed by shareholder Blackstone (NYSE:BX) Group Inc BX.N . A Delaware judge on Monday ordered broadcaster CBS Corp (NYSE:CBS) CBS.N to turn over records regarding its plan to reunite with Viacom Inc VIAB.O to a shareholder who wants to investigate if the deal unfairly benefits Shari Redstone, who controls both companies. Australia's Evolution Mining Ltd EVN.AX agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corp NEM.N for $375 million in cash. U.S. insurer American International Group Inc (NYSE:AIG) AIG.N said it would sell a major portion of its stake in reinsurer Fortitude Re to buyout fund Carlyle Group CG.O and Japanese insurer T&D Holdings 8795.T for about $1.8 billion. Activist investor Starboard Value LP has taken a stake in CVS Health Corp (NYSE:CVS) CVS.N and held talks with the drugstore chain's management, the Wall Street Journal reported on Monday, citing people familiar with the matter. Texas' attorney general settled with T-Mobile Inc TMUS.O and Sprint Corp S.N and will drop his opposition to the $26.5 billion merger, leaving just Democratic attorneys general fighting the proposed combination.

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