M&A

15 November, 2009

UPDATE 2-Deals of the day -- mergers and acquisitions

** A federal judge has issued a ruling supporting a nearly $2.5 billion bid by Grupo Mexico (GMEXICOB.MX), the country's largest mining company, for Asarco LLC, paving the way for the U.S. copper miner to exit bankruptcy. [ID:nN14494858]

** JPMorgan (JPM.N) is preparing to pay around 11 times this year's earnings for the 50 percent of its joint venture with Cazenove that it does not already own. [ID:nLG399265]

** French hotel group Accor (ACCP.PA) could decide at a board meeting to sell its Wagons-Lits unit, which specialises in food catering aboard trains, French daily Le Figaro reports. [ID:nLG314610]

** India's cabinet will soon consider selling part of government's stake in Steel Authority of India Ltd (SAIL.BO) and NMDC Ltd (NMDC.BO), Steel Minister Virbhadra Singh told reporters. [ID:nDEL002347]

** Dutch utility Eneco said it would buy the solar energy company Ecostream Belgium, part of the Dutch company Econcern which was declared bankrupt in June, but did not disclose any financial details. [ID:nLG723091]

** German luxury carmaker Daimler (DAIGn.DE) is further strengthening ties to its largest shareholder Aabar AABAR.AD after agreeing to jointly acquire the majority of the champion Formula One team, Brawn GP. [ID:nFAB015327]

** Volvo (VOLVb.ST), the world's second-biggest truck maker, said on Monday it was pulling out of a stalled venture with the China National Heavy Duty Truck group, selling its stake in Jinan Huawo Truck Corporation and clearing the way for a Volvo tie-up with another Chinese group. [ID:nLG336240]

** The European Commission extended the deadline for its antitrust review of a bid by consulting firm Watson Wyatt Worldwide (WW.N) to acquire rival Towers Perrin Forster & Crosby. [ID:nLG369254] (Compiled by Tina Kwan in Singapore and Fareha Khan in Bangalore) ((tina.kwan@reuters.com; Reuters Messaging: tina.kwan.reuters.com@reuters.net +65 6870 3924))

Source: http://www.reuters.com