Deals of the day-Mergers and acquisitions

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

Aug 11 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:

** Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least $2 billion at a valuation of over $20 billion in its latest funding round, people familiar with the matter told Reuters. India's JBF Industries JBFI.NS said its promoters, the Arya family, have pledged almost all their equity in the company to its lenders, in a sign of growing unease around the embattled polyester maker's financial situation. Investors in Brazil's Vale SA VALE5.SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world's No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling. Anglo-South African financial services group Old Mutual OML.L aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year. Vietnamese telecoms firm FPT Corp FPT.HM said it has sold 30 percent of a subsidiary to funds of or associated with funds managers VinaCapital and Dragon Capital. Russian aluminium giant Rusal 0486.HK said tycoon Mikhail Prokhorov has agreed to sell around a 7 percent stake to billionaire Viktor Vekselberg for $503.9 million, concluding lengthy negotiations over a sale. The German state of North Rhine-Westphalia (NRW) is considering selling off some of its assets, which include hospitals, airports and the industrial city of Duisburg's harbour, its new Finance Minister Lutz Lienenkaemper tells a newspaper. The chief executive of Innogy IGY.DE , Germany's largest energy group dismissed talk of new, large-scale consolidation in the European utility sector, saying recent media reports about the matter were fuelled by fee-hungry banks.

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