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Deals of the day-Mergers and acquisitions

Published 19/11/2020, 10:03 pm
Updated 20/11/2020, 08:06 am
© Reuters.

(Adds State Power Investment, Verizon Media, Cellnex; updates West Fraser Timber)

Nov 19 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Thursday:

** Canada's West Fraser Timber Co WFT.TO said it would buy smaller rival Norbord Inc OSB.TO for about C$4 billion ($3.05 billion) in stock, to expand into Europe and add new wood products. Exchange operator Nasdaq Inc NDAQ.O said it would buy anti-financial crime software firm Verafin for $2.75 billion in cash, significantly expanding its reach in the regulatory technology market. Italy's Serie A agreed to sell a stake in its media business to a private equity consortium for 1.7 billion euros ($2 billion) as the top-flight soccer league seeks to prop up revenues hit by the COVID-19 pandemic. Australia-listed Oil Search Ltd OSH.AX said it plans to launch a formal process for sale of its 15% stake in the Pikka project and other key Alaskan assets in the first quarter of 2021. ABB's ABBN.S clutch and transmission manufacturer Dodge had already attracted interest from potential bidders before the Swiss engineering group announced it was exiting the business, people familiar with the matter told Reuters. Verizon Media, a unit of Verizon Communications Inc (NYSE:VZ) VZ.N , said it would sell its news website HuffPost to BuzzFeed, in a deal that will make it a minority shareholder in the online media firm. Cellnex CLNX.MC , the Spanish telecoms infrastructure company, would be interested in buying into Telefonica 's TEF.MC mobile towers business should the opportunity arise, CEO Tobias Martinez said. A number of hedge funds sold positions in two drug companies Moderna MRNA.O and BioNtech 22UAy.F BNTX.O leading the race to a coronavirus vaccine in the quarter before both announced breakthroughs that lifted their stock prices, while a few took stakes in the companies during that time. The online grocer FreshDirect agreed to be acquired by the supermarket operator Ahold Delhaize NV AD.AS and private equity firm Centerbridge Partners LLC, as the coronavirus pandemic and growing acceptance of e-commerce prompt more consumers to buy groceries online. China's State Power Investment Corp (SPIC) has completed its purchase of Mexico's largest independent renewable power company Zuma Energia, SPIC said, furthering goals to increase its overseas and green generation capacity. A U.S. electric delivery van company is in talks to go public through a merger with a special-purpose acquisition company, a person familiar with the plan said. Sinclair Broadcast Group Inc SBGI.O said it had partnered with sports betting company and casino operator Bally's Corp BALY.N and was rebranding its 21 Fox regional sports networks under the Bally name. Under the deal, Sinclair said it would take a 14.9% stake in Bally's and would have the right to raise its stake by another 10% if it meets certain financial targets. Adani Green Energy 's ADNA.NS record $6 billion solar power project announced in June has no guaranteed customer, its deal with India's main solar-adoption agency shows, and may expose the company to higher financial risk. ABB ABBN.S plans to offload three business units that generate $1.75 billion in sales, the Swiss engineering company said, equivalent to 6% of its annual revenue. Regis Healthcare Ltd 's REG.AX top shareholder and Australian investment firm Washington H. Soul Pattinson and Co SOL.AX offered to buy the struggling old-age home operator for A$556.4 million ($405.84 million). Italian gas group Snam SRG.MI said it had agreed to buy a 33% stake in Industrie De Nora from Blackstone (NYSE:BX) in a deal valuing the clean energy company at around 1.2 billion euros ($1.4 billion) including debt. Mediaset MS.MI denied a media report saying the Italian broadcaster had received a letter from the board of France's Vivendi VIV.PA proposing an alliance in Europe to settle a long-standing dispute between the two. Asiana Airline 's 020560.KS lead creditor bank called for backing for Korean Air's 003490.KS takeover of the debt-ridden Korean carrier in the face of opposition to the plan from some shareholders. Saudi Basic Industries Corp 2010.SE said it has agreed to sell its agri-nutrients business to Saudi Arabia Fertilizers Co, in which it owns a 43% stake. Debt-laden Spanish media firm PRISA PRS.MC said it had received an offer for El Pais daily and its other media assets from Spanish businessman Blas Herrero, driving up its share price. Mike Ashley's Frasers Group FRAS.L has raised its stake in Mulberry MUL.L to just under 37% and could make an offer for the British luxury brand, it said. Oil major BP Plc BP.L sold stakes in two blocks of Brazil's prolific deep-water region known as the pre-salt to Brazilian producer PetroRio SA PRIO3.SA , the latter said in a filing. A French court confirmed that water and waste management firm Veolia VIE.PA would have to consult unions on its purchase of a 29.9% stake in rival Suez, adding a layer of complexity to the deal. China's State Power Investment Corp (SPIC) has completed its purchase of Mexico's largest independent renewable power company Zuma Energia, SPIC said, furthering goals to increase its overseas and green generation capacity. Israeli venture investment firm OurCrowd said that Japanese leasing and financial services group Orix Corp 8591.T has taken an undisclosed stake in the company with a strategic investment of $60 million. Wendy's Co WEN.O disclosed it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers Inc.

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