March 10, 2008 / 11:14 AM / 11 years ago

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

(Adds LSI Corp, Tenneco and others)

March 10 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2000 GMT on Monday.

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

** Japan’s Sumitomo Heavy Industries Ltd (6302.T) and private equity firm TPG said they raised their bid for Axcelis Technologies Inc (ACLS.O) by 15 percent to $615.6 million to encourage the semiconductor equipment maker to open talks for a friendly deal. [nN09412847]

** Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) (BRKb.N) will sell its 16.3 percent stake in White Mountains Insurance Group Ltd (WTM.N) in a transaction valued at $836 million, seven years after investing in the Bermuda-based insurer, White Mountains said. [nN10368791]

** Nationwide Financial Services Inc NFS.N said affiliates of parent Nationwide Mutual Insurance Co have offered to buy all of its outstanding Class A common stock for about $2.2 billion. [nN10429715]

** Irish telecoms billionaire Denis O’Brien said he had raised his stake in Dublin-based newspaper publisher Independent News & Media (INME.I) to 20.16 percent from the 19 percent declared last week. [nL10267798]

** LSI Corp (LSI.N) has agreed to buy the hard-drive semiconductor business of Germany’s Infineon Technologies AG (IFXGn.DE), the U.S. company said.

LSI did not disclose financial details. [nL10388824]

** Auto parts maker Tenneco Inc (TEN.N) said that it would buy ride control assets and inventory at bankrupt Delphi Corp’s DPHIQ.PK Kettering, Ohio facility.

Lake Forest, Illinois-based Tenneco said it would pay approximately $10 million for ride control components inventory and roughly $9 million for machinery and equipment. [nWNAS4151]

** Computer storage provider Iomega Corp IOM.N said it received an unsolicited acquisition offer from EMC Corp EMC.N for $178.1 million but said the offer was not superior to a share purchase deal. [nBNG199579]

** The army-backed interim government of Bangladesh said it had scrapped a deal to sell a state-run bank for $330 million to a Saudi prince, saying conditions of the sale had not been met. [nDHA196053]

** Investment firm H Partners Distribution said it was launching a bid for children’s clothes retailer Du Pareil Au Meme DPAM.PA at a price of 40 euros per share. [nL10173470]

** U.S. fund Steel Partners said it would seek a one-third stake in Japan’s third-biggest beer maker Sapporo Holdings (2501.T), ending its push for a majority stake, and was willing to pay 6 percent more to get it. [nT217002]

** Japan’s Nippon Telegraph and Telephone Corp (9432.T) will sell its entire stake in Sri Lanka Telecom SLTL.CM to Malaysia’s mobile network operator Maxis Communications Bhd after a long legal battle, an official said. [nCOL180242]

** Imperial Tobacco Group PLC IMT.L said it would sell its 49.95 percent stake in Aldeasa SA to Autogrill Espana SA, a subsidiary of Autogrill S.p.A for a total cash consideration of euro 275 million. [nWLB8329]

** Italy’s Autogrill (AGL.MI) has acquired the World Duty Free airport retail business from Spain’s Ferrovial (FER.MC) for an enterprise value of 543.5 million pounds ($1.10 billion). [nL10706457]

** Gitanjali Gems Ltd (GTGM.BO) said it had acquired two companies, Renaissance Retail Venture Pvt Ltd and Trinity Watch Co Pvt Ltd, through its subsidiary, Gitanjali Lifestyle Ltd. Gitanjali will spend 450 million rupees for the acquisitions and on further investments. [nBOM175406]

** Travel firm Thomas Cook UK Ltd (TCG.L) made an open offer to the shareholders of Thomas Cook India Ltd (THOM.BO) to acquire about 20.4 percent of its capital at a price of 107 rupees each. [nBOM135014]

** Australian miner Herald Resources Ltd HER.AX has backed a bid by Indonesia’s PT Antam (ANTM.JK) and China’s Shenzhen Zhongjin Lingnan Nonfemet Co Ltd (000060.SZ), trumping rival Indonesian bidder PT Bumi (BUMI.JK). To read more, please double click on [nSHA226286]

** The Canadian state pension fund bidding for 40 percent of New Zealand’s Auckland International Airport Ltd (AIA.NZ) said it would restrict its voting rights to meet stricter government regulation, but would likely walk away if its bid fails. [nWEL140970]

** Hangzhou Wahaha Group, China’s top beverage firm, said talks with joint venture partner French food group Danone (DANO.PA) to resolve a long-running dispute have hit an impasse as a deadline nears. [nPEK134937]

** Abu Dhabi Group has bought Georgian Standard Bank from the private equity group Salford Capital which was close to Georgian billionaire Badri Patarkatsishvili who died last month. [nANT941291]

** China Life (2628.HK) is interested in taking a stake in China Development Bank and in buying into foreign banks, Yang Chao, the chairman of the country’s top insurer said. [nPEK206075]

** Kuwait’s Noor Financial Investment Co (NOOR.KW) said it is in talks to acquire 10 percent of an Indian energy firm in a $20 million deal. [nLAE941346]

** China’s Hongyuan Securities 000562.SZ said it had agreed to form a “strategic partnership” with China Everbright Bank, which plans to list in Shanghai in the second half of this year. [nSHA197849]

Compiled by Tina Kwan in Singapore, Esha Dey, Amulya Nagaraj and Swagata Gupta in Bangalore

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