Deals of the day- Mergers and acquisitions
Oct 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:
** Portugal Telecom and Brazil's telecommunications giant Oi, in which PT is the largest shareholder, plan to merge to form a Brazilian entity with projected synergies worth a net 1.8 billion euros ($2.43 billion).
** Russia's sporadic drive to raise money from state-owned assets took a step forward, when the government said it would cut its stake in diamond miner Alrosa as part of a $1.6 billion share sale by the company. Alrosa is the world's biggest diamond producer by output. Under the offering, Russia's federal and regional governments plan to sell 14 percent of the company's shares. An additional 2 percent shares will be sold by Alrosa's subsidiary, Wargan Holdings Ltd, the company said.
** Russia's No. 2 crude oil producer Lukoil wants to leave a Russian consortium developing a large oil project in Venezuela, the Kommersant daily reported, citing sources close to the project. Lukoil is developing heavy oil in Venezuela's Orinoco basin as part of the Junin-6 consortium, led by Russian state oil major Rosneft.
** Italian energy company Eni wants to hive off its 50 percent stake in the German natural gas transmission networks it co-owns with utility EnBW, a German newspaper reported. Either EnBW or a consortium of EnBW and its main public-sector shareholders are likely to buy Eni's stake in the gas networks holding comprising Gasversorgung Sueddeutschland and Terranets BW, newspaper Stuttgarter Zeitung said, without specifying its sources. The deal could be worth a mid triple-digit million euro amount, the paper said. Continued...