Flurry of European Companies Engaged in Acquisitions, Asset Sales Monday -- at a Glance
June 12 2023 - 8:09AM
Dow Jones News
A bevy of European companies disclosed acquisitions, divestment
and mergers on Monday, a bout of activity that comes after an
otherwise slow start to the year for deal making. Global mergers
and acquisitions in the first quarter fell 48% compared with the
year-earlier period in value terms, while the number of deals
dropped 27%, according to Dealogic data released in April.
-- Swiss mining and trading heavyweight Glencore confirmed it
has approached Canadian mining company Teck Resources over buying
its coal assets as an alternative to a previous bid of around $23
billion for the whole company. The Wall Street Journal previously
reported the approach, and indicated that Glencore originally
valued Teck's coal business at $8 billion.
-- Swiss pharmaceutical company Novartis agreed to acquire
Chinook Therapeutics, a Seattle, Washington-based clinical
biopharmaceutical firm, for up to $3.5 billion. The deal would give
Novartis access to Chinook's pipeline for kidney disease
treatments.
-- Swiss industrial supplier Georg Fischer offered to buy
Finnish peer Uponor for $2.3 billion. The deal would boost Georg
Fischer's water- and flow-solutions business.
-- French private equity firm Antin Infrastructure Partners
offered to buy Spanish energy company Opdenergy Holding for $930.9
million. The deal, which requires an acceptance threshold of 75% of
outstanding shares, would expand Antin's renewable energy
portfolio.
-- Spanish infrastructure company Sacyr said it will sell its
environmental-services business, Valoriza Servicios
Medioambientales, to Morgan Stanley Infrastructure Partners, the
New York-based investment firm, for $456.9 million excluding stakes
held by minority shareholders. Sacyr said the deal will help it
shed debt and focus on public-private partnerships.
-- French civil-engineering firm Eiffage has paid $254.2 million
to become the sole shareholder of the Millau Viaduct concession
company, formerly held by Caisse des Depots Group, a French public
financing group. Eiffage, which has operated the bridge since it
built the structure in 2004, said the deal strengthens its
concession portfolio.
-- Swiss technology company ABB has acquired Eve Systems, a
German maker of smart-home products, for an undisclosed sum. Eve, a
private company, has operations in Europe and the U.S.
-- Swiss investment firm Partners Group has agreed to acquire 35
bio-gas and 10 bio-methane plants from private German company
Energiedenker Group for an undisclosed amount. Bio-gas and
bio-methane production will play a crucial role in Europe's energy
transition, Partners Group said.
-- German medical-diagnostic company Epigenomics is in talks
with an undisclosed U.S. company to sell nearly all its assets for
around $11.5 million. The talks, which are not binding, center on
Epigenomic's blood tests to screen for colon cancer. The
unidentified company would also pay royalties and other costs
associated with the commercialization of a diagnostic product in
development.
-- On top of the new merger-and-acquisition news, Swiss banking
giant UBS said it has concluded its takeover of Credit Suisse
following the near-collapse of its smaller Swiss rival earlier this
year. Spanish energy company Iberdrola said it has entered into an
agreement for its previously disclosed sale of power-generation
plants in Mexico for $6 billion, including debt.
Write to Barcelona editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
June 12, 2023 07:54 ET (11:54 GMT)
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