Company News

Deals of the day-Mergers and acquisitions

(Adds Saudi Arabia, EssilorLuxottica)

July 8 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:

** EU antitrust authorities have extended their investigation into Ray-Ban maker EssilorLuxottica’s 7.2-billion-euro ($8.1 billion) bid for Dutch opticians group GrandVision by a week to Aug. 20.

** Saudi Arabia said it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre.

** Private equity firm KKR & Co Inc has agreed to buy retirement and life insurance company Global Atlantic Financial Group, the companies said.

** French TGV high-speed train maker Alstom said its discussions with the European Commission over the planned bid for Bombardier Inc’s rail division were going smoothly.

** Japanese trading house Itochu Corp announced a 588 billion yen ($5.5 billion) tender offer for the rest of convenience store FamilyMart Co, seeking full control of a business facing slow growth and tough competition.

** Scandal-hit Steinhoff International agreed to sell its stake in the struggling French unit of home furnishings chain Conforama to Mobilux Sàrl, the parent company of furniture retailer BUT, for a nominal amount, the company said.

** Russia’s Otkritie Bank sold around 3% of Russian gold and silver miner Polymetal via an accelerated book building (ABB) at a discount of around 3% to the market price, two sources close to the deal told Reuters.

** U.S. Insurer Allstate Corp said it will buy National General Holdings Corp for about $4 billion in cash, scaling up its auto insurance business at a time when the coronavirus has crushed traffic on roads and reduced claims.

** British private equity investment firm Novator Partners has bought a majority stake in Colombia’s Avantel and launched a restructuring of the business, the South American telecommunications company said.

** Property data and analytics company CoreLogic rejected an unsolicited $7 billion takeover offer from two investment firms, saying it expected to earn more this year and would buy back more of its stock. (Compiled by Sanjana Shivdas and Shanti S Nair in Bengaluru)