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mergers and acquisitions

** Sony Corp , Toshiba Corp and Hitachi Ltd said they will merge their liquid-crystal display operations using government-backed funding, to better compete with low-cost panels from South Korea and Taiwan.

** Bank of America Corp is looking to sell its correspondent mortgage business and the unit’s employees could be notified as soon as Wednesday, the Wall Street Journal said, citing people familiar with the matter.

** Tesco Plc , the world’s No.3 retailer, has put its loss-making Japanese business up for sale, abandoning an eight-year attempt to break into a tough retail market and underscoring its new boss’s commitment to investor returns.

** Joy Global Inc said it agreed to sell the drilling products business of recently acquired LeTourneau Technologies to Cameron International Corp for $375 million as it plans to focus on its core mining equipment business.

** NGL Energy Partners LP will buy SemGroup Corp’s SemStream LP unit for about $282 million in cash and stock, plus a 7.5 percent interest in the general partner of NGL Energy, the companies said.

** Susquehanna Financial Group advised shareholders in Chinese search engine Baidu to buy into Sina Corp’s stock as well, to hedge against potential competition from Sina’s social media website Weibo.

** South Korean business conglomerate CJ Corp said it will sell its 543.5 billion won ($507 million)stake in Samsung Life Insurance Co Ltd to affiliates to meet holding company regulations.

** Brunswick Corp sold its sealine brand of boats, based in Kidderminster, UK to Oxford investment group for an undisclosed value. The Lake Forest, Illunois-based company said it is still working out the restructuring charge.

** About a third of the stake, or 4.93 billion shares, in China Construction Bank Corp that Bank of America Corp sold on Monday went to overseas funds, the Chinese lender said.

** Piraeus Bank (BOPr.AT) must feel a bit jilted. The smallest of the four big Greek banks has just watched its most likely merger partners, Eurobank EFG (EFGr.AT) and Alpha Bank (ACBr.AT), head off into the sunset together. A consolation deal with National Bank of Greece (NBGr.AT), the biggest of the bunch, could work. But Piraeus may have to make significant concessions to make it happen.

** BT Invest, owned by Russia’s second-largest bank VTB , has won a tender to buy a 79.8 percent stake in Bulgaria’s dominant cigarette maker Bulgartabak for 100 million euros ($145 million).

** Bain Capital has agreed to buy Australian software maker MYOB for about A$1.2 billion ($1.3 billion) after Sage Group plc’s bid ran into last-minute trouble, two sources with direct knowledge of the matter told Reuters on Saturday.

** Belgium’s Option NV , Europe’s only maker of wireless modems, narrowed its net loss in the first six months and announced the purchase of technology used in smartphones and tablets. The acquisition is a further step in the troubled Belgian group’s transformation from a supplier of increasingly commoditised hardware, such as USB modems, to a wireless software and systems provider.

** British insurer Omega said it remained in talks over a possible takeover of the company and aimed to conclude discussions with interested parties shortly, sending its shares sharply higher.

** Irish financial services company IFG Group said on Wednesday it had entered into exclusive talks with private equity firm Bregal Capital over a possible 231 million euro ($333.4 million) takeover of IFG.

** CNinsure Inc said it will buy two insurance agencies for 25 million yuan ($3.9 million), three months after the Chinese insurer received a $953 million offer to go private.

** China National Materials Co Ltd (Sinoma) is in talks for overseas acquisitions at 1-10 billion yuan ($153,800-$1.5 billion) each in the cement equipment and high-tech building materials sectors, its president said on Wednesday.

** Luxury-resort operator Kerzner International Holdings Ltd may sell its 50 percent stake in the Atlantis resort in Dubai to raise money to restructure $2.6 billion in mortgage debt coming due next week, the Wall Street Journal reported citing sources.

** A consortium led by CJ Group member companies has cut the acquisition price for South Korea’s top logistics company Korea Express Co Ltd by 3 percent, local news outlet MoneyToday said on Wednesday.

** Shares in Esso (Thailand) Pcl , a unit of ExxonMobil , jumped more than 6 percent on Wednesday on speculation Exxon may sell its stake in the Thai unit after divesting its refiner Esso in Malaysia.

** Hong Kong’s billionaire Choi family has backed out of plans to acquire funds from RAB Capital , the Financial Times reported on Wednesday.The newspaper said the collapse of the deal is not understood to have had a material monetary impact on the London-based hedge fund manager.

** Irish telecoms billionaire Denis O’Brien, the largest shareholder in Irish media group Independent News and Media , has acquired a direct stake in Australia’s APN News & Media for the first time.

** The asset management arm of Edmond De Rothschild Group, owned by the Rothschild Family, said it had bought more than 5 percent of China CYTS Tours Holdings Co Ltd , worth $54 million at current value, and plans to increase its stake over the next 12 months. (Compiled by Satyanarayan Iyer in Bangalore; Editing by Gopakumar Warrier)

Quelle : Reuters

Reuters deals

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