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China’s Sinochem Corp. has hired banks to advise it how to foil BHP Billiton’s $39 billion bid for Potash Corp., two sources with direct knowledge of the matter told Reuters.
The state-owned chemicals group had hired Deutsche Bank and Citigroup for the purpose, the sources said after BHP extended its offer for Potash, the world’s largest fertilizer group, by a month to November 18 to provide Canada’s competition regulator with more information. Get the full story »
BHP Billiton’s $39 billion battle to take control of Canada’s Potash Corp. is expected to drag on into next year after it failed to win immediate backing from Canadian authorities.
The Anglo-Australian miner, which wants to use the world’s largest fertiliser-maker as its entry into the global food industry, also said it had no plan to change its $130-a-share offer and shrugged off talk of a China-backed rival bid emerging. Get the full story »
Canada’s prime minister says concerns surrounding a possible foreign takeover of Canada’s Potash of Saskatchewan will be examined and says foreign takeovers are not automatically approved. Get the full story »
Motorola Inc. said Thursday it has acquired a company that develops location-based software for smartphone devices.
Terms of the deal with Aloqa GmbH, which has offices in Munich, Germany and Palo Alto, Calif., were not disclosed. Aloqa makes a mobile phone application that delivers content to a device based on where its owner is located. A person might receive discounts on local businesses or information about nearby events, Motorola said. Get the full story »
Drug and medical device firm Abbott Laboratories says it has abandoned plans to sell its vaccines unit, less than three months after exploring sales talks with rival companies. Get the full story »
Hewitt Associates completed its acquisition of investment advisory firm EnnisKnupp, the company said Thursday.
Terms of the deal, first announced July 20, have not been disclosed.
BHP Billiton denied on Monday that it would divest some of Potash Corp.’s assets if its $38.6 billion hostile bid for the world’s largest fertilizer producer proved successful. Get the full story »
Potash Corp. of Saskatchewan Inc. said Monday that its board voted unanimously to reject BHP Billiton’s hostile $38.5 billion takeover offer as it doesn’t reflect the strong growth the company believes it is poised to enjoy.
The Canadian company said it’s in talks with several companies who have approached it or it has initiated contact with.
From Bloomberg | In an interview with Bloomberg News, Kraft’s European president, Mike Clarke, said the company plans to focus on integrating the acquisitions of Cadbury Plc. and Groupe Danone SA’s LU unit, rather than make more purchases. “I don’t think we need at this time to buy other businesses to grow,” said Clarke.
Fertilizer producer CF Industries Holdings Inc. posted a lower-than-expected profit on Thursday as integration costs for recently acquired rival Terra Industries drained profit, sending shares down more than 3 percent in after-hours.
The company spent more than $113 million during the period to integrate Terra, which it bought in March for more than $4.6 billion. Executives said the integration is on track and delivering the cost savings it had expected. Get the full story »
Chicago private equity firm Water Street Healthcare Partners said Friday that it has purchased a Massachusetts maker of infusion therapy products and supplies.
Water Street, which did not disclose a purchase price, said it will commit “up to $75 million of equity to invest in and grow” Stoughton, Mass.-based Medical Specialties Distributors.
The deal brings Water Street’s portfolio of health care companies to 12, the company said.
Water Street said Medical Specialties has more than 4,000 customers, including specialty pharmacies owned by Walgreens, Accredo Health Group and Coram Specialty Infusion Services. The business of specialty pharmacy such as home infusion is fast-growing given the need for more aging baby boomers to get care in their homes.
Arthur J. Gallagher & Co., the Itasca-based insurance brokerage, said it acquired the 60 percent equity interest in Australia’s Specialised Broking Associates Pty Ltd. it didn’t already own.
Terms weren’t disclosed. Get the full story »
From Auto Remarketing | Avis Budget has put Dollar Thrifty into play with a $1.3 billion offer for the rival car rental operation. This tops a $1.2 billion offer from Hertz.
Chicago-based Nuveen Investments Inc., which serves institutions and wealthy investors, said U.S. Bancorp will receive a 9.5 percent stake in the company and an $80 million cash payment in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors.
FAF, which manages $25 billion of long-term assets and is adviser of the First American Funds, will be combined with Nuveen Asset Management, which manages $75 billion in municipal fixed income assets and is adviser of the Nuveen funds. Get the full story »
