Company News

Deals of the day-Mergers and acquisitions

(Adds Voestalpine, Edison; Updates BP)

June 29 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** BP has agreed to sell its global petrochemicals business to billionaire Jim Ratcliffe’s Ineos for $5 billion, pulling out of a sector widely seen as a key driver of oil demand growth in the coming decades.

** Japan’s Accordia Golf Co. Ltd, part of private equity firm MBK Partners, proposed to buy out Singapore-listed Accordia Golf Trust’s (AGT) stakes in 88 golf courses in Japan for about 61.8 billion yen ($576.92 million)

** A bidding war for Australian wind and solar firm Infigen Energy heated up, with Spain’s Iberdrola raising its bid to A$856 million ($589.1 million), shortly after Philippine conglomerate Ayala Corp hiked its offer.

** Singapore Exchange Ltd (SGX) said it would pay about $128 million to buy the 80% stake it does not own in trading platform, BidFX, as it seeks to build its presence in foreign exchange futures and the over-the-counter market.

** Austrian specialty steelmaker Voestalpine said it had bought a railway switch plant in France and stakes in companies in China and Argentina to strengthen its production capacity in the railway business.

** Italy’s Edison has agreed to reduce the value of the sale of its oil and gas operations to Energean by two thirds to $284 million after dropping the Algerian and Norwegian assets from the deal.

Compiled by Bharath Manjesh and Shreyasee Raj in Bengaluru