Deals of the day-Mergers and acquisitions

PSC Insurance

09/05/2024 10:41

May 9 (Reuters) - The following bids, mergers,
acquisitions and disposals were reported by 0930 GMT on
Thursday:

    ** SoftBank  9434.T  CEO Junichi Miyakawa said that the
Japanese telecommunications firm is in talks with South Korea's
Naver  035420.KS  over control of LY Corp  4689.T , which
operates the popular messaging app Line.
     urn:newsml:reuters.com:*:nL1N3HC0L0
    
    ** Spanish bank BBVA  BBVA.MC  presented a 12.23 billion
euro ($13.11 billion) takeover offer for rival Sabadell
 SABE.MC  directly to shareholders, turning to a hostile bid
after Sabadell's board rejected the same proposal this week.
     urn:newsml:reuters.com:*:nL8N3HC0Y0
    
    ** Japan's top steelmaker, Nippon Steel  5401.T , is
sticking to its plan to close a deal by year-end to buy U.S.
Steel  X.N , which it expects to boost output and profits, the
company said, despite resistance to the transaction in the U.S.
     urn:newsml:reuters.com:*:nL1N3HC0F9
        
    ** Apollo-backed Concord said it will stick with its offer
of $1.25 apiece for Hipgnosis Songs Fund  SONG.L , days after
Blackstone  BX.N  outbid it for the music rights owner of
artists such as Shakira and Red Hot Chili Peppers.
     urn:newsml:reuters.com:*:nL4N3HC1OM
    
    ** British oilfield services and engineering firm John Wood
Group  WG.L  rejected a potential 1.42 billion pound ($1.77
billion) buyout proposal from Dubai-based firm Sidara on
Wednesday, saying it "undervalued Wood and its future
prospects".
     urn:newsml:reuters.com:*:nL4N3HB3DK
    
    ** Shares of PSC Insurance Group  PSI.AX  rose to a record
high  after UK-based broking business Ardonagh Group agreed to
buy the Australian company in a deal valuing it at A$2.26
billion ($1.49 billion) amid rising confidence in the sector.
     urn:newsml:reuters.com:*:nL4N3HC0QC
    
    ** Occidental Petroleum  OXY.N  hopes to close its
acquisition of shale oil producer CrownRock before its
second-quarter earnings call, CEO Vicki Hollub said on
Wednesday. The event typically falls in early August.
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 (Compiled by Rajarshi Roy in Bengaluru)
 ((Rajarshi.Roy@thomsonreuters.com;))