February 17, 2015 / 9:04 PM / in 3 years

Deals of the day- Mergers and acquisitions

(Adds China National Petroleum Corp, ING)

Feb 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:

** Fairfax Financial Holdings Ltd, the Canadian property and casualty insurer run by contrarian investor Prem Watsa, said it would buy Brit Plc for about $1.88 billion to become one of the top five underwriters on the Lloyd’s of London market.

** Dutch bank ING said on Tuesday it would sell a further 1 billion euro ($1.1 billion) tranche of shares in its former insurance arm, the now independently listed NN Group , as the one-time bancassurer reinvents itself as a pureplay bank.

** Japanese freight carrier Kintetsu World Express Inc is buying Singapore’s APL Logistics for $1.2 billion, paying a higher-than-anticipated price for an overseas deal at a time of slow domestic growth.

** China is considering combining its huge state-controlled oil companies to better compete with the world’s biggest producers, the Wall Street Journal reported. Companies being considered for mergers include China’s largest oil producer, China National Petroleum Corp, and its main domestic rival and refiner, China Petrochemical Corp or Sinopec, the Journal said, citing officials with knowledge of a government study.

** Spain’s Caixabank SA bid for full control of Portugal’s third-largest lender, Banco BPI SA, and confirmed plans to pursue an acquisition of state-rescued Novo Banco to challenge for market leadership in the country.

Analysts and investors broadly welcomed a move which placed a billion euro ($1.1 billion) valuation on the outstanding 56 percent stake in BPI that Caixabank does not own.

** Phillips 66 Partners LP said it would buy Phillips 66’s interests in three pipeline systems for $1.01 billion to expand its operations in Texas.

** China’s Anbang Insurance Group is paying $1 billion to buy a controlling stake in South Korea’s Tong Yang Life Insurance, extending a global acquisition drive that has already seen it spend $10 billion in under four months.

** South Korea’s Lotte Group has submitted the highest offer for South Korea’s largest car rental company, KT Rental Corp , in a bid worth about 900 billion won ($818 million), the Korea Economic Daily reported on Tuesday.

** China’s Fosun is in talks to buy Israeli medical laser device maker Lumenis for nearly $500 million, financial newspaper Calcalist reported.

** William Demant, the world’s second-largest hearing aid maker, has entered into exclusive negotiations to buy 53.9 percent of the share capital in smaller French rival Audika. Based on a price of 17.78 euros per share, the transaction will amount to an equity value of 168 million euros ($190 million), the company said in a statement.

** Spanish privately held industrial group Gestamp has hired Bank of America Merrill Lynch to look into the sale of a big stake in its renewable energy arm or a partial listing of the unit, four sources familiar with the matter said.

** South African technology and outsourcing solutions company EOH Holdings Ltd said on Tuesday it had acquired Construction Computer Software for an undisclosed amount.

** GS Retail Co Ltd is the preferred bidder to buy a controlling stake in South Korea’s Parnas Hotel Co Ltd, the hotel operator’s parent, GS Engineering & Construction , said on Tuesday.

** Orix Corp is considering offering support for Skymark Airlines Inc, which in late January filed for bankruptcy protection, Kyodo News reported.

** Toll Holdings Ltd, Australia’s largest freight and logistics firm, has received a takeover approach from the parent of Japan’s post office, the Australian Financial Review reported, citing sources.

** German state-owned bank Hypo Real Estate launched the sale of Deutsche Pfandbriefbank, the mortgage lender it owns, either to investors or through a stock market listing, HRE said. (Compiled by Amrutha Gayathri and Anannya Pramanick in Bengaluru)

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