Deals of the day-Mergers and acquisitions

  • Reuters
  • Stock Market News
Deals of the day-Mergers and acquisitions

(Adds Fosun International, ArcelorMittal, State Bank of India , Sainsbury's)

May 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday:

** German industrial gases group Linde's LING.DE supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair PX.N , two people familiar with the matter told Reuters. Fairfax FXJ.NZ New Zealand and NZME NZM.NZ said they would appeal New Zealand's competition regulator's decision to bar their merger in the country's High Court. Group Inc WEB.O , a U.S. provider of internet domain name registration that also helps businesses build websites, is in talks with private equity firms after receiving takeover approaches, people familiar with the matter said on Thursday. ArcelorMittal and steel processor Marcegaglia have won a bid to buy troubled Italian steel plant Ilva, a source with knowledge of the matter said. Yancoal Australia YAL.AX said it was not concerned "at this stage" over the financial strength of its No.2 shareholder Noble Group NOBG.SI , and that its acquisition of Rio Tinto's coal mines did not hinge on funding from the commodities trader. Britain's Spirax-Sarco Engineering Plc SPX.L said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million on a cash-free, debt-free basis. Sainsbury's SBRY.L , Britain's second largest supermarket group, is in the early stages of examining a takeover bid for wholesaler Palmer & Harvey (P&H), Sky News reported. Australia's top energy retailer Origin ORG.AX has drawn interest from at least five potential bidders, including China's Fosun International 0656.HK , for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said. State Bank of India SBI.NS is set to hire Bank of America-Merrill Lynch, Deutsche Bank (DE: DBKGn ), IIFL, JM Financial (NS: JMSH ), Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported, citing two sources with knowledge of the plan. UK hedge fund TCI said aero engine maker Safran's SAF.PA reduced offer for Zodiac Aerospace ZODC.PA was still too high and it would vote against the deal. Taiwan's Cathay Financial Holdings 2882.TW said its two subsidiaries have completed an agreement to acquire the Malaysia unit of The Bank of Nova Scotia BNS.TO for $255 million. A Hong Kong-China consortium of property developers won an auction for a plot of land in Hong Kong's New Territories with a bid of HK$8.33 billion ($1.07 billion), beating market expectations. State-backed Russian Direct Investment Fund (RDIF) and China's Fosun International Ltd 0656.HK could announce an investment in Russia's top gold producer Polyus PLZL.MM in early June, a source familiar with the talks told Reuters.

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