M&A Navigator: Deal pipeline – 23 July
The following is a list of deals covered in detail by M&A Navigator this week:
- COMMERZBANK MERGING RUSSIAN UNITS
German Commerzbank (ETR:CBK) is combining the operations of its Russian units ZAO Dresdner Bank and ZAO Commerzbank under the ZAO Commerzbank brand.
Status: Agreed
- US VOLCOM IN DEAL TO TAKE OVER LICENSEE IN AUSTRALIA
US premium clothing designer and marketer Volcom (NASDAQ:VLCM) said it had agreed to buy Volcom Australia, its licensee in the country for an undisclosed sum.
Status: Agreed
- CANADIAN MINER MOUNTAIN LAKE TO BUY PEER NEW ISLAND RESOURCES
Canadian miner Mountain Lake Resources (CVE:MOA) said it had entered into a definitive agreement to buy sector player New Island Resources (CVE:NIS) in an all-stock deal.
Status: Agreed
- RALCORP CLOSES OFFER FOR AMERICAN ITALIAN PASTA, OWNS 85.2%
US supplier of store brand foods Ralcorp (NYSE:RAH) said it had completed its USD53 (EUR41) per share cash takeover offer for American Italian Pasta (NASDAQ:AIPC), after securing 85.2% in the company.
Status: Bidding
- DOUBLE-TAKE SOFTWARE SHAREHOLDERS APPROVE TAKEOVER BY VISION SOLUTIONS
US recovery software provider Double-Take Software (NASDAQ:DBTK) said its shareholders cleared the takeover by data management software firm Vision Solutions for USD10.55 (EUR8.16) per share in cash.
Status: Closed
- TURKEY'S OIB GETS 39 BIDS FOR POWER GRIDS
Turkish privatisation body OIB said it had received 39 bids for the four power grids it has put up for sale.
Status: Bidding
- CANADIAN SGF BUYS INTO FRENCH VIDEO GAME DEVELOPER UBISOFT
Canadian financial holding group Societe generale de financement du Quebec, or SGF, said it has bought a 4.5% stake in French video-game developer Ubisoft (EPA:UBI) for USD40m (EUR30.9m).
Status: Closed
- FRENCH DANONE WRAPS UP MEDICAL NUTRITION USA TAKEOVER
French food group Danone (EPA:BN) has completed the previously announced acquisition of Medical Nutrition USA (NASDAQ:MDNU), or MNI, for some USD62.3m (EUR48.2m) in cash.
Status: Closed
- DUTCH SLIGRO EARMARKS EUR200M FOR ACQUISITIONS
Dutch wholesaler and retailer Sligro Food Group (AMS:SLIGR) has warchest of about EUR200m (USD258.6m) for acquisitions.
Status: Bidding
- UK ATH RESOURCES LOOKS AT MANAGEMENT APPROACH TO BUY REGEN
The board of UK coal miner ATH Resources (LON:ATH) said it was reviewing the approach by a management team proposing to buy the company's coal recovery, land remediation and regeneration business ATH Regeneration, or Regen.
Status: Bidding
- LEGRAND MAKES OFFER FOR INDO ASIAN FUSEGEAR'S SWITCHGEAR UNIT
French electrical and digital building infrastructures specialist Legrand (EPA:LR) said it had offered to buy the switchgear unit of Indo Asian Fusegear (BOM:532658), an Indian manufacturer and distributor of electrical products.
Status: Bidding
- HONEYWELL ACQUIRES SOFTWARE FIRM E-MON
US software company E-Mon LLC, part of the portfolio of investor Branford Castle Inc, has been taken over by US industrial group Honeywell (NYSE:HON).
Status: Closed
- US HYATT TAKES OVER ALLSTATE'S LEGAL PLAN BUSINESS
US group legal plan provider Hyatt Legal Plans Inc, subsidiary of MetLife, said it had acquired the group legal plans operations of US personal lines insurer Allstate Corporation (NYSE:ALL).
Status: Closed
- US NYMET BUYS CANADIAN RECYCLED-METALS BROKERAGE VICAN
US metal and commodities trader Nymet Holdings Inc (PINK:NYMH) said it had purchased Canadian Vican Trading Inc, a brokerage specialising in the recycled-metals sector, for an undisclosed sum.
Status: Closed
- SPANISH SANTANDER CLOSES BUYOUT OFFER FOR PUERTO RICO UNIT
Spanish banking group Santander (MCE:SAN) said its subsidiary Administracion de Bancos Latinoamericanos Santander (ABLASA) had closed the USD12.69 (EUR9.8) apiece cash offer for the residual stock in Puerto Rico unit Santander BanCorp (NYSE:SBP).
Status: Bidding
- KERIMOV'S NAFTA MOSKVA TO EXIT RUSSIAN PIK GROUP FOR USD1BN
Nafta Moskva, the investment vehicle of Russian billionaire Suleiman Kerimov, wants to dispose of its interest in property developer PIK Group (LON:PIK) for USD1bn (EUR775m), or USD6 per share.
Status: Speculation
- SOLOMON CAPITAL OFFERS TO BUY OUT METALS EXPLORATION FOR GBP35.76M
Metals exploration investor Solomon Capital announced a mandatory cash offer for the stock of UK miner Metals Exploration (LON:MTL), which it still does not own, of GBP0.13 (USD0.2/EUR0.15) per share, or a total of GBP35.76m.
Status: Bidding
- UK DIGITAL BARRIERS BUYS OVERTIS SOLUTIONS FOR GBP3.2M
UK Digital Barriers, a provider of specialist products and services to the homeland security market, said it had purchased UK Overtis Solutions, a unit of Overtis Group, for GBP3.20m (USD4.9m/EUR3.8m) in cash.
Status: Closed
- KARDAN TO SELL REMAINING 40% IN TBIH FINANCIAL SERVICES
Dutch-Israeli holding firm Kardan NV (AMS:KARD) said it will sell the remaining 40% stake in its insurance and pension unit TBIH Financial Services to Vienna Insurance Group (WBAG:VIG) for EUR126m (USD163m).
Status: Agreed
- US WILLIAMS PARTNERS TO GET 50% IN JV WITH ONEOK
US natural gas specialist ONEOK Partners LP (NYSE:OKS) said Williams Partners LP (NYSE:WPZ) intends to use its option to raise its stake in joint venture Overland Pass Pipeline Company LLC to 50% from 1% currently.
Status: Agreed
- CERBERUS TO START BUYOUT OF US BLUELINX
Cerberus ABP Investor LLC, or CAI, an affiliate of Cerberus Capital Management, said it envisages to make a bid of USD3.40 (EUR2.63) per share in cash for the full takeover of US building products distributor BlueLinx Holdings Inc (NYSE:BXC).
Status: Bidding
- AUSTRALIAN SAI GLOBAL AGREES ON US INTEGRITY INTERACTIVE PURCHASE
Australian risk management solutions company SAI Global Limited (ASX:SAI) said it had agreed on the purchase of US compliance and ethics specialist Integrity Interactive for an undisclosed sum.
Status: Agreed
- DATACARD GROUP TAKES OVER DATACARD SOUTH PACIFIC
US card and identification products provider Datacard Group has fully acquired its previous joint venture Datacard South Pacific (DCSP) for an undisclosed sum.
Status: Closed
- US SOUTHWIRE BUYS CABLE MAKER TAPPAN
US cable and wire maker Southwire Company has bought sector player Tappan Wire & Cable without providing financial details.
Status: Closed
- US SCANTRON BUYS EDUCATIONAL SOFTWARE FIRM SPECTRUM K12
US educational software provider Scantron Corporation, a subsidiary of Harland Clarke Holdings, has acquired sector firm Spectrum K12 School Solutions.
Status: Closed
- DUTCH RANDSTAD TO SELL FRENCH UNIT SELPRO TO ACTIVA CAPITAL
Dutch staffing company Randstad (AMS:RAND) has agreed to sell its French unit Selpro to French private equity firm Activa Capital.
Status: Agreed
- US WEST INTERACTIVE BUYS VOICE AUTOMATED SYSTEMS FIRM TUVOX
US automated customer contact solutions provider West Interactive said it has acquired voice automated software company TuVox to enhance its services.
Status: Closed
- US INTERSECTIONS SELLS UNIT TO STERLING INFOSYSTEMS
US Intersections Inc (WBAG:INTX), a provider of identity risk management services, said it had sold its Screening International LLC subsidiary to employment and background screening systems firm Sterling Infosystems Inc for USD15m (EUR11.6m).
Status: Closed
- UK CANISP TO BUY TURKISH MINERAL MINER TRI-STAR
UK holding company Canisp (LON:CN) said it had agreed to take over Turkish mineral miner Tri-Star for up to GBP300,000 (USD459,000/EUR355,400).
Status: Agreed
- GENERAL MOTORS TO BUY AMERICREDIT FOR USD3.5BN
US automaker General Motors (GM) announced a USD3.5bn (EUR2.7bn) cash deal to buy auto finance provider AmeriCredit (NYSE:ACF).
Status: Agreed
- PORTUGAL'S OREY BUYS TWO SECURITY EQUIPMENT DISTRIBUTORS
Portuguese diversified holding group Orey Antunes (ELI:ORE) has bought security equipment distributors Secur and Segurvouga for a total consideration of EUR486,000 (USD627,000).
Status: Closed
- SWISS JULIUS BEAR EYES GERMAN BHF BANK
Swiss banking group Julius Baer (SWF:BAER) is interested in buying German BHF Bank, Julius Baer CEO.
Status: Bidding
- FRENCH DU PAREIL AU MEME TO BUY MAJORITY IN KID SHOES RETAILER PETITS PETONS
French children's clothing group Du Pareil au Meme announced an agreement to buy a majority stake in kid shoes retailer Petits Petons from private equity firms UFG Private Equity and BNP Paribas Private Equity.
Status: Agreed
- RUSSIAN SEVENTH CONTINENT BUYS OUT FINSERVIS BANK
Russian grocery retail chain Seventh Continent (RTS:SCON) has increased its stake in mid-sized bank Finservis to 100% from 25.5%, without providing financial details.
Status: Closed
- FRANCE EYES MAJORITY IN EUROFARAD
Private equity firm LBO France is considering to buy a majority stake in French electronic components maker Eurofarad.
Status: Speculation; Bidding
- BOARD OF SPANISH BANK CAM TO LOOK AGAIN AT MERGER WITH PEERS
The board of Spanish savings bank Caja Mediterraneo (CAM) will discuss again the possibility of merging with peers Cajastur, Caja Extremadura and Caja Cantabria, after rejecting such a plan last week.
Status: Talks
- CONOCOPHILLIPS SAYS MAY SELL GERMAN REFINERY WILHELMSHAVEN
US oil and gas company ConocoPhillips (NYSE:COP) said it was looking at options for its German refinery Wilhelmshaven, including a sale, in line with its strategy to scale down its downstream portfolio.
Status: Auction
- GERMAN AAREAL BANK'S BID FOR WESTIMMO BELOW RIVAL OFFERS
German Aareal Bank's (ETR:ARL) EUR400m (USD513m) binding offer for wholesale bank WestLB's property arm Westimmo is lower than rival bids by private equity firms Apollo and Terra Firma.
Status: Bidding
- AUSTRIAN EVN IN TALKS TO BUY ENEL'S BULGARIAN POWER PLANT
Austrian utility EVN (WBAG:EVN) is in negotiations on the purchase of the 73% stake in Bulgarian power producer Maritsa East Three owned by Italian Enel (BIT:ENEL).
Status: Talks
- US SPEEDUS AGREES ON INVESTMENT BY HMH
Speedus Corp (NASDAQ:SPDE) and Dubai-based equity investor Hye Mar Holdings Ltd, or HMH, have signed a letter of intent envisaging for HMH to buy into Speedus for some USD4m (EUR3.1m).
Status: Exclusivity
- GERMAN INFINEON MOOTS CELL PHONE CHIP JV WITH SAMSUNG
German chip maker Infineon AG (ETR:IFXA) is exploring the opportunities for creating a cell phone chip joint venture with South Korean Samsung Electronics (SEO:005930).
Status: Talks
- MANAGEMENT KEEN TO BUY OUT ALPINVEST
Dutch private equity firm Alpinvest Partners' management has expressed interest in buying the company from pension funds PGGM and APG.
Status: Bidding; Speculation
- ROMANIA TO SELL STAKES IN ENERGY COMPANIES TO RAISE CASH
The Romanian government is looking to dispose of 15% in each of utilities Transelectrica (BSE:TEL) and Transgaz (BSE:TGN) as well as gas producer Romgaz to raise cash for infrastructure projects.
Status: Auction
- FRENCH PAI PARTNERS MULLS OVER SELLING STAKE IN YOPLAIT
French private equity firm PAI Partners said it is considering selling its 50% stake in yoghurt maker Yoplait.
Status: Auction
- THAI BERLI JUCKER EYES CARREFOUR'S STORES IN SOUTHEAST ASIA
Thai supply chain operator Berli Jucker (BAK:BJC) is ready to bid for Carrefour's (EPA:CA) Southeast Asian business on sale for some USD1bn (EUR778.2m).
Status: Bidding
- US DRUMMOND SAID TO DISPOSE OF COLOMBIAN OPERATIONS
US coal miner Drummond plans to sell its activities in Colombia.
Status: Auction; Speculation
- GERMAN MORPHOSYS SEEKS ACQUISITIONS
German biotech company Morphosys AG (ETR:MOR) is exploring potential acquisitions, chiefly in the field of diagnostics.
Status: Bidding
- UK FIRESTONE DIAMONDS IN STOCK DEAL TO BUY KOPANE
UK-based diamond miner Firestone Diamonds (LON:FDI) said its board had agreed to buy peer Kopane (LON:KDD) in an all-stock deal, subject to approval by the companies' shareholders.
Status: Bidding
- BOSNIAN BOBAR IN TALKS TO BUY BUS OPERATOR AUTOPREVOZ
Drinatrans, the transport unit of Bosnian financial group Bobar (BANJ:BBRB-R-A), is in negotiations on the purchase of bus line operator Autoprevoz.
Status: Talks
- GERMAN SAP GETS EU NOD TO BUY US SYBASE
German software developer SAP (ETR:SAP) said it has received approval from the European Commission (EC) for its proposed acquisition of US enterprise and mobile software developer Sybase (NYSE:SY).
Status: Bidding
- RUSSIAN RAILWAYS TO SELL 50% OF TRANSTELECOM WITHOUT MAIN NETWORK
State-owned Russian Railways will sell 50% minus one share in its wholly-owned telecom unit TransTeleCom without including in the sale the main communications network used by the unit.
Status: Auction
- US IA GLOBAL TO TAKE OVER JAPANESE ZEST
US global services and outsourcing company IA Global Inc (PINK:IAGI) said it had inked a letter of intent to fully acquire Japanese construction firms Zest Corporation Co Ltd and Zest Home Co Ltd from Kansai Trust Co Ltd.
Status: Exclusivity
- FINMECCANICA, DCNS, THALES MAY TIE UP TORPEDO, SONAR ASSETS
Italian aerospace and defence group Finmeccanica (BIT:FNC) and French defence groups DCNS and Thales (EPA:HO) are discussing a combination of their torpedo and sonar operations.
Status: Talks
- RBS GETS THREE BIDS FOR WORLDPAY FROM PRIVATE EQUITY FIRMS
Royal Bank of Scotland (LON:RBS) received three offers for its payment processing unit WorldPay by the deadline on July 20 from private equity firms.
Status: Bidding; Speculation
- TROIKA DIALOG SHAREHOLDER MAY SELL STAKE OVER NEXT 2 YEARS
Ruben Vardanyan, a major shareholder of Russian private investment bank Troika Dialog, could dispose of his holding in the bank within the next two years.
Status: Speculation; Auction
- AUSTRIAN CPAG MANAGERS AGREE TO EUR47 P/S SQUEEZE-OUT
Sulipo, the majority owner of Austrian Constantia Packaging (WBAG:COV), or CPAG, agreed with CPAG's management on cash EUR47 (USD61) per share squeeze-out price for the minority shareholders.
Status: Bidding
- BARCLAYS SAYS OFFER FOR SWEDISH TRICORONA UNCONDITIONAL
UK financial group Barclays (LON:BARC) said the SEK8.00 (USD1.09/EUR0.84) recommended cash offer by its unit TAV AB to buy Swedish Tricorona (STO:TRIC) is now unconditional.
Status: Bidding
- US TACTICAL AIR IN MOU TO TAKE OVER COLOMBIAN SUDAMIN
US Tactical Air Defense Services Inc (OTC:TADF), a contractor to the aerospace and defence industries, has inked a memorandum of understanding to purchase Colombian defence services contractor Sudamin A&D SA.
Status: Exclusivity
- CYPRESS BIOSCIENCE SAYS TO REVIEW RAMIUS' UNSOLICITED OFFER
US Cypress Bioscience (NASDAQ:CYPB), a provider of therapeutics and personalised medical services, said it would review the unsolicited USD4 (EUR3.08) per-share cash offer from investment advisor Ramius.
Status: Bidding
- BLACKSTONE, TPG SAID TO WITHDRAW FROM BIDDING FOR RADIOSHACK
US private equity firms Blackstone (NYSE:BX) and TPG Capital will probably call off a planned bid for electronics retailer RadioShack (NYSE:RSH).
Status: Speculation; Talks
- GERMAN SAP EXTENDS TENDER OFFER FOR US SYBASE
German software developer SAP (ETR:SAP) has extended the tender offer for all outstanding shares in US enterprise and mobile software developer Sybase (NYSE:SY) to 26 July.
Status: Bidding
- ITALIAN ENI MULLS OVER SELLING GALP ENERGIA STAKE
Italian oil and natural gas group Eni (BIT:ENI) is negotiating the sale of its 33.34% stake in Portuguese peer Galp Energia (ELI:GALP).
Status: Talks
- INDIAN RELIANCE REPORTEDLY IN TALKS WITH US QUICKSILVER
Indian refiner Reliance Industries (BOM: 500325) is negotiating a partial or entire acquisition of US independent energy company Quicksilver Resources (NYSE:KWK).
Status: Talks; Speculation
- RAMIUS MAKES USD4 P/S CASH APPROACH FOR CYPRESS
US investment advisor Ramius said it had approached the board of Cypress Bioscience (NASDAQ:CYPB), a provider of therapeutics and personalised medical services, with a USD4 (EUR3.09) per-share all-cash offer to buy the rest of the company.
Status: Bidding
- US CLIFFS NATURAL RESOURCES EXTENDS BID FOR SPIDER, OWNS 81.8%
US miner Cliffs Natural Resources (NYSE:CLF) said it had extended to 26 July its CAD0.19 (USD0.18/EUR0.14) per share offer for Canadian mineral exploration firm Spider (CVE:SPQ) after securing 81.8% acceptance by 16 July.
Status: Bidding
- BELGIAN DELHAIZE SHOWS INTEREST IN ALDI'S GREEK STORES
Belgian food retailer Delhaize (EBR:DELB) has expressed interest in German discount retailer Aldi's Greek business.
Status: Bidding; Speculation
- GDF SUEZ CONFIRMS MERGER TALKS WITH INTERNATIONAL POWER
French utility GDF Suez (EPA:GSZ) said it was in preliminary merger talks with British sector player International Power (LON:IPR).
Status: Talks
- CANADIAN CONSORTIUM BIDS GBP3.25 P/S FOR UK TOMKINS
The board of UK engineering and manufacturing company Tomkins (LON:TOMK) said it had been approached by a consortium with a proposal to buy it for GBP3.25 (USD4.9/EUR3.9) per share in cash.
Status: Bidding
- NATIONAL BANK OF GREECE SAID TO PLAN MERGER
National Bank of Greece (NYSE:NBG) plans to merge with either another leading Greek bank or a foreign lender.
Status: Speculation
- GERMAN ARQUES PLANS TO EXIT GIGASET CAPITAL IN 2010
German venture capital group Arques (ETR:AQU) intends to offload its telephone unit Gigaset Communications later this year after fully acquiring it.
Status: Auction
- UK KEWILL SAYS STILL IN TALKS TO BE TAKEN OVER
The board of UK software and services company Kewill (LON:KWL) said it was still in talks with an unnamed party over a possible offer for Kewill, without giving any further details.
Status: Talks; Bidding
- UK INTERNATIONAL POWER SAYS IN TALKS TO TIE UP WITH GDF SUEZ UNITS
The board of UK power generation company International Power (LON:IPR) said it was in preliminary discussions with French utility GDF Suez (EPA:GSZ) over a proposal to merge with GDF Suez's Energy International Business Areas and some operations in the UK and Turkey.
Status: Talks
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