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Deals of the day- Mergers and acquisitions
March 9, 2017 / 11:21 AM / in 9 months

Deals of the day- Mergers and acquisitions

March 9 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Thursday:

** Dutch paints and coatings maker Akzo Nobel NV rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG Industries Inc, saying instead it would “unlock value” by spinning off its chemicals business.

** Alphabet Inc’s venture arm has invested in Currencycloud, a UK startup that provides technology to enable businesses to provide cross-border payments services to their customers.

** An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc, owner of People and Sports Illustrated magazines, according to a source familiar with the matter.

** Shares of Yingde Gases Group Co Ltd climbed 2.4 percent to a near two-year high after shareholders voted for major board changes, ending a four-month battle for control of China’s top industrial gases company.

** French dairy group Lactalis has raised the price of an offer for shares in Parmalat it does not already own to 3 euros per share after complaints from some investors that its previous bid undervalued the Italian dairy group.

** German industrial gases group Linde said its planned merger with U.S. rival Praxair was on track and it aimed to raise its profitability this year, lifting its shares to the top of the German blue-chip DAX.

Linde is also seeing interest in assets it may have to divest in the course of a planned merger with Praxair, its chief executive said.

** Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $7.25 billion to Canadian Natural , the company said.

** Taiwan’s Foxconn, the world’s largest contract electronics maker, is not a favoured bidder for Toshiba Corp’s memory chip business due to its close ties with China, sources with direct knowledge of the deal said.

** Taiwan’s Cathay Financial Holding Co is in exclusive talks to acquire the Malaysian unit of Canada’s Bank of Nova Scotia, in a deal that could be valued at around $200 million to $300 million.

** Tabcorp Holdings plans to sell its Queensland electronic gaming machine monitoring business to address competition concerns over its proposed A$6.4 billion ($4.9 billion) takeover of rival Tatts Group, Australia’s competition regulator said.

** U.S. buyout firm Advent International Corp has acquired a minority stake in Brazilian online broker Easynvest for an undisclosed sum, the companies said in a statement on Wednesday. (Compiled by Akankshita Mukhopadhyay in Bengaluru)

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