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Company News

Deals of the day-Mergers and acquisitions

(Adds Victoria’s Secret, Tegna, Mylan NV, Glencore, Boeing; Updates Facebook)

April 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** Buyout firm Sycamore Partners disclosed it had walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak.

** Tegna Inc said proxy advisory firm Glass Lewis had recommended that the U.S. regional TV station operator’s shareholders vote for all 12 of its director nominees in the proxy contest against hedge fund Standard General LP.

** The European Commission said it had approved generic drugmaker Mylan NV’s planned purchase of Pfizer’s off-patient branded drugs business Upjohn, subject to conditions.

** Glencore is taking its Toronto-listed Congo business Katanga Mining private, the subsidiary said on Wednesday, citing limited trading liquidity and the costs of a stock exchange listing as reasons for the move.

** EU antitrust regulators are now due to make a decision on a $4.2 billion deal between planemakers Boeing and Embraer on Aug. 7, a filing showed, once again pushing back the timeline on the proposed tie-up.

** Facebook is set to spend $5.7 billion to buy a 9.99% stake in Reliance Industries’ digital arm, as it looks to roll out services for India’s grocers and small businesses by capitalizing on WhatsApp’s extensive reach in the country.

** Japan plans to block foreign companies from acquiring domestic drug and medical equipment makers, to protect access to medicine and ventilators that have proven critical amid the coronavirus outbreak, a media report said.

** Brazilian power company Eneva SA pulled out of a deal to buy rival AES Tietê after the AES board rejected the bid, Eneva and AES Tiete said in filings.

** Online travel services company Expedia Group Inc is in advanced talks to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management Inc for about $1 billion, the Wall Street Journal reported on Tuesday.

** Agricultural commodities trader Bunge Ltd said on Tuesday it will sell 35 of its interior U.S. grain elevators to Zen-Noh Grain Corporation, dramatically reducing its grain origination network in the United States. (Compiled by Ayanti Bera and Shanti S Nair in Bengaluru)

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