Deals of the day -- mergers and acquisitions
July 1 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:
** Chinese state oil firm CNPC will buy a stake in Kazakhstan's giant Kashagan oil project, through back-to-back deals with Kazmunaigaz through which ConocoPhillips will exit, the Kazakh state oil firm said on Monday.
Lyazzat Kiinov, chief executive of Kazmunaigaz, confirmed the deal structure on the fringes of a summit of gas exporting nations in Moscow, telling Reuters that CNPC would pay more than $5 billion for the stake.
** Tribune Co said it would buy 19 television stations from Local TV Holdings LLC for $2.73 billion in cash, making it the largest TV broadcaster in the United States.
** Nokia Corp announced plans to buy out Siemens AG's share of their network equipment joint venture, betting on the technology to run 4G networks as it struggles in the smartphones business. Loss-making Nokia gains full control of the profitable venture Nokia Siemens Networks (NSN) for $2.2 billion, a cheaper than-expected price, analysts said. Continued...