August 25, 2015 / 8:09 PM / 3 years ago

Deals of the day- Mergers and acquisitions

(Adds Pepco Holdings, Nippon Life Insurance, Heartland Food, Al Raya, Syngenta, updates Tesco, RSA, Encana)

Aug 25 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:

** Zurich Insurance made a friendly 5.6 billion pound ($8.8 billion) takeover proposal for British rival RSA on Tuesday, paving the way for one of Europe’s biggest insurance deals.

** The Public Service Commission of the District of Columbia on Tuesday denied Exelon Corp’s $6.8 billion bid for Pepco Holdings Inc, possibly delivering a knockout blow to the deal.

** British retailer Tesco has received three separate binding bids for its South Korean unit from a consortium of Affinity Equity Partners and KKR & Co, Carlyle Group LP, and MBK Partners, people familiar with the matter said.

The bids have come in at around the 7 trillion won ($5.9 billion) mark, one of the people said, adding that Tesco is likely to pick a preferred bidder as early as this week.

** Nippon Life Insurance Co is in talks to buy Mitsui Life Insurance Co, people familiar with the matter said early on Wednesday, in what would be the first major realignment in Japan’s life insurance market in 11 years.

The talks are centred on a Mitsui Life valuation around 400 billion ($3.3 billion), based on the values of listed insurers, one source told Reuters.

** Canadian insurer Sun Life Financial Inc is in talks to buy New York-based insurer Assurant Inc’s employee-benefits unit for about $900 million, Bloomberg reported, citing people familiar with the matter.

** Canadian oil and gas producer Encana Corp said on Tuesday it will sell its Haynesville natural gas assets in northern Louisiana for $850 million to GEP Haynesville LLC.

** Mitsubishi Electric has agreed to buy Italian air conditioning company DeLclima for 664 million euros ($768 million) in cash, the latest Asian acquisition in the European country.

** Brazil’s Triunfo Participacoes e Investimentos SA announced on Tuesday it was selling controlling stakes in three different energy businesses to the local subsidiary of China Three Gorges Corp for up to 1.9 billion reais ($538 million).

** Privately held Heartland Food Products Group said on Tuesday it would buy Johnson & Johnson’s low-calorie artificial sweetener, Splenda.

** Three of the Gulf’s biggest private equity firms are battling it out for a majority stake in Saudi supermarket chain Al Raya for Foodstuff Co, three sources with knowledge of the matter said on Tuesday, with a deal likely worth as much as $300 million.

** A Monsanto offer of 470 Swiss francs per share in Swiss agricultural chemicals maker Syngenta would be a good price for the company, a fund manager for Oddo Asset management said on Tuesday, suggesting Syngenta open talks with its suitor.

** Oil Search Ltd said on Tuesday it is looking for acquisitions in Papua New Guinea, where it holds the bulk of its assets, but Managing Director Peter Botten said deals may take some time as buyer and seller expectations remain wide apart.

** Britain’s competition watchdog said it was minded to approve Poundland’s acquisition of rival 99p Stores, after it discounted fears the combined 800-strong group would dominate the value market.

** Food retailer ICA Gruppen has made a cash offer for the remaining shares in Hemtex as it sees better opportunities to boost sales and profitability with a wholly owned subsidiary.

** Commercial International Bank (CIB) said it had received central bank approval to buy Citigroup’s retail business in Egypt. ($1 = 0.6327 pounds) ($1 = 119.6500 yen) (Compiled by Manish Parashar in Bengaluru)

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