October 3, 2008 / 9:04 AM / 10 years ago

UPDATE 3-Deals of the day -- mergers and acquisitions

(Updates Wachovia, UST; adds Cleveland-Cliffs and others)

Oct 3 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2000 GMT on Friday. (For Reuters columns on deals, click on [DEALTALK\] )

** Wells Fargo & Co (WFC.N) said it would buy Wachovia Corp WB.N for about $16 billion, apparently besting a government-backed Citigroup Inc (C.N) bid for some of the bank’s assets, in a deal that would catapult Wells Fargo into the ranks of the leading national consumer banks.

To read more, please double click on [ID:nN03460047]

** The Dutch government nationalised the banking and insurance activities of Fortis FOR.BR FOR.AS in the Netherlands after the troubled financial services company hit an acute cash crunch. [ID:nL3713090]

** Ukraine-focused oil and gas explorer Regal Petroleum (RPT.L) denied newspaper reports that it had received a $1.2 billion takeover approach from oil major Royal Dutch Shell Plc (RDSa.L). [ID:nL3553726]

** Altria Group Inc (MO.N) said it may hold off on closing its $10.4 billion purchase of UST Inc (UST.N) until early January because its lenders advised that it would be better to close the deal in 2009. [ID:nN03327058]

** Billionaire Oleg Deripaska has divested his 20 percent stake in Canadian auto parts maker Magna MGa.TO as the global financial crisis deals its first major blow to the business empire of Russia’s richest man. [ID:nL3629815]

** Mitsubishi UFJ Financial Group (8306.T) will consider merging its securities arm with Morgan Stanley’s (MS.N) Japan business, as Tokyo’s biggest lender looks to capitalize on its $9 billion Wall Street investment. [ID:nT342492]

** Japanese property firm Daito Trust Construction Co (1878.T) shelved a planned buyout that could have exceeded $6 billion, after the funds behind the deal failed to raise enough money amid the global credit crunch. [ID:nT164714]

** Cleveland-Cliffs Inc (CLF.N) shareholders voted against allowing hedge fund Harbinger Capital Partners to raise its stake in the iron ore company to as high as a third, the company said. [ID:nN03339707]

** French luxury group LVMH (LVMH.PA) is expanding its presence in Russia by taking a 45 percent stake in perfume retailer Ile de Beaute with an option to become majority owner later, it said.[ID:nL3525461]

** Privately held online health sites Revolution Health Network and Waterfront Media agreed to merge in a deal that could challenge WebMD Health Corp’s WBMD.O dominance in the health care space. [ID:nBNG36338]

** Martin Sorrell’s WPP Group (WPP.L) moved closer to a takeover of market research group Taylor Nelson Sofres TNS.L on Friday, securing support from 61 percent of investors and extending its offer. [ID:nWLB1974]

** Plans by Ireland’s Elan Corp ELN.I to sell its drug delivery unit in an auction have been delayed by the credit crisis but some discussions are still continuing, people familiar with the situation said. [ID:nL376496] (Compiled by Tina Kwan in Singapore, Amiteshwar Singh and Mary Meyase in Bangalore)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below