M&A

The following has been reported in the newspapers referred to below: 

  • Australian mining company BHP Billiton has made a takeover bid for its UK rival Rio Tinto, valuing the latter at €96bn excluding debt. Rio Tinto immediately rejected the offer (FT, November 9, 2007, p. 1; WSJE, November 9, 2007, p. 1) 
  • Canadian producer of hydrogen fuels cells Ballard Power Systems Inc has agreed to sell its automotive fuel cell business to two car manufacturers, German-based car Daimler and US Ford in a deal that values the business at US$168m (WSJE, November 9, 2007, p. 4) 
  • Spanish bank Banco Santander has made an instant 60% profit by selling Italian bank Banca Antonveneta, which it had just acquired, to Italian rival Banca Monte dei Paschi di Siena for €9bn (FT, November 9, 2007, p. 15; WSJE, November 9, 2007, p. 19) 
  • On November 8, 2007, Dutch banking and insurance group ING bought a 30% stake in Thailand’s TMB Bank for €460m (FT, November 9, 2007, p. 19) 
  • UK investment bank Close Brothers has rejected a US$2.96bn bid from a consortium led by its UK rival Cenkos saying that the offer was “wholly inadequate” (FT, November 9, 2007, p. 20; WSJE, November 9, 2007, p. 4) 
  • The following concentrations have been notified to the European Commission: 
    • RBS/Sempra — Candidate case for simplified procedure (physical commodities trading and associated activities) (OJ C 267, 9 November 2007, p. 38) 
    • Arjowiggins/M-real Zanders Reflex (production and distribution of carbonless paper and other specialty paper) (OJ C 267, 9 November 2007, p. 39) 
  • The following concentrations have been cleared by the European Commission: 
    • CVC/DSI (development, manufacture and supply of tension technology components and systems) (OJ C 267, 9 November 2007, p. 1)
    • Petronas/Selenia (automotive and industrial lubricants) (RAPID, November 9, 2007)
    • Wallenius/Antelo/GAL/CAT (finished vehicles logistics, general contract logistics) (OJ C 267, 9 November 2007, p. 1) 
    • Carlyle/Applus (vehicle inspections in Spain, engineering testing and certification, non-destructive testing and inspection, technical assistance and consultancy) (OJ C 267, 9 November 2007, p. 2) 
    • 21 Centrale Partners/Nord Est (packaging) (OJ C 267, 9 November 2007, p. 2) 
    • ELG Haniel/Metal One/JV (trade of secondary raw material for the steel industry in Japan and Asia) (OJ C 267, 9 November 2007, p. 3)