March 3, 2009 / 10:06 AM / 10 years ago

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

(Adds Prudential Plc)

March 3 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2100 GMT on Tuesday.

(For Reuters columns on deals, click on [DEALTALK/]

** General Motors Corp (GM.N) plans to buy back the steering business of its former unit Delphi Corp DPHIQ.PK as part of an agreement to help the bankrupt parts maker restructure, Bloomberg said, citing people familiar with the discussions.

To read more, click on[ID:nN03457891]

** Citigroup Inc (C.N) is hoping to create joint ventures with third parties as a way of shedding businesses it does not want, the New York Post reported on Tuesday, citing high-level insiders at the New York bank. [ID:nL3234775]

** UK insurer Prudential Plc offered a modest price for American International Group’s (AIG.N) Asian unit, AIA, two people familiar with the matter said on Tuesday. [ID:nWLA8842]

** Business-process outsourcing firm ICT Group ICTG.O on Tuesday rejected a $128-million buyout offer from Aegis Ltd, a back-office unit of India’s Essar Group, sending its shares down. [ID:nBNG228702]

** Greek dry bulk carrier DryShips Inc (DRYS.O) said it agreed to halve the sale price of its Panamax vessel and would recognize about $2.4 million in gain on the sale in the first quarter. [ID:nBNG433368]

** Royal Dutch Shell (RDSa.L) said it plans to accept BG Group’s BG.L improved offer for its stake in Australian coal seam gas firm Pure Energy PES.AX in the absence of a higher bid, helping the British firm move closer to a takeover. [ID:nSYD480952]

** Bespoke furniture maker Smallbone Plc SMAL.L said it is considering a sale of the company as its shares were suspended pending clarification on its funding. [ID:nBNG384889]

** China Life (2628.HK) has withdrawn from bidding for the Asian unit of embattled U.S. insurer American International Group (AIG.N) over worries about its quality, chairman of the Chinese insurer said. [ID:nPEK342256]

** Dutch publisher PCM said Belgian De Persgroep would pay 100 million euros ($126 million) for a 51 percent stake in the third biggest publisher in the Netherlands. [ID:nL3358932]

** British plastics and fibre products company Filtrona Plc FLTR.L said it conditionally agreed to sell its North American plastic profile and sheet business, Filtrona Extrusion, to private equity firm Saw Mill Capital Partners, for up to $115 million. [ID:nBNG374166]

** British housebuilder Redrow Plc (RDW.L) said founder and former chairman Steve Morgan was seeking a board seat after increasing his stake in the to 23.5 percent. [ID:nL3102428]

** Greece’s biggest buyout company Marfin Investent Group (MIG) (MRFr.AT) expects to close a deal to acquire the troubled Olympic Airlines from the Greek government this week, a senior MIG official said. [ID:nL3414430]

** German fertiliser company K+S AG is considering a bid for Compass Minerals International Inc, a person familiar with the matter said, in a deal that would create the world’s largest salt producer. [ID:nL3375794]

** Billionaire Suleiman Kerimov has acquired 20 percent of Russian miner Polyus Gold (PLZL.MM) in a deal that signals the end of a protracted asset split between two of Russia’s richest men, industry sources said. [ID:nL3333898] (Compiled by Tina Kwan in Singapore; R. Manikandan and Archana Shankar in Bangalore)

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