Deals of the day-Mergers and acquisitions

  • Reuters
  • Stock Market News
Deals of the day-Mergers and acquisitions
Credit: © Reuters.

(Adds CIBC , Tata Steel , Forestar, Glencore , Rosneft, Sanlam, Capita; Updates Toshiba)

June 23 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:

** Miner and trader Glencore GLEN.L hit back with an increased offer of $2.675 billion in cash to buy Australian coal assets from Rio Tinto RIO.AX , RIO.L that earlier this week said it was favouring a Chinese bid. Outsourcer Capita CPI.L said it would sell its asset management services arm to Australian financial services firm Link Administration Holdings LNK.AX for 888 million pounds ($1.13 billion). A Chinese consortium and two private equity firms are likely to submit bids next week to buy Singapore-listed warehouse operator Global Logistics Properties Ltd GLPL.SI , people with direct knowledge of the matter said. Spanish builder OHL OHL.MC said it was looking to sell between 25 percent and 40 percent of its concessions affiliate in an effort to find the unit a partner by the end of the year. Creditor banks to India's Essar Oil approved the acquisition of the company by a group including Russia's Rosneft ROSN.MM , two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years. Toshiba Corp 6502.T said it was open to talks with Western Digital Corp WDC.O in their dispute over the sale of the Japanese conglomerate's prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder. Ireland raised 3 billion euros ($3.4 billion) by selling a quarter of Allied Irish Banks ALBK.I in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom. Tata Steel Ltd TISC.NS said it sold its stake in Tata Motors Ltd TAMO.NS to Tata Sons TATAS.UL , the holding company of India's salt-to-software Tata conglomerate, for 37.83 billion rupees ($586.3 million). Forestar Group Inc FOR.N said top U.S. homebuilder D.R. Horton Inc DHI.N had sweetened its offer to buy a 75 percent stake in the real estate developer, escalating a bidding war with investment firm Starwood Capital Group. Canadian Imperial Bank of Commerce CM.TO has completed the $5 billion acquisition of Chicago-based PrivateBancorp PVTB.O , which will help it diversify from its domestic market, it said. South Africa's largest insurer Sanlam Ltd SLMJ.J has sold its stake in Ghanaian holding company Enterprise Group's insurance business for $130 million but will retain a presence in the country, Sanlam said. Russia's largest oil producer Rosneft ROSN.MM is considering selling a stake in its retail business, which it had decided to spin off, a source at the company said.

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