The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Nasdaq OMX and IntercontinentalExchange (ICE) dropped their $11.1 billion bid for rival exchange NYSE Euronext after it became clear the deal would not gain approval from U.S. antitrust regulators. The companies first offered to buy the New York Stock Exchange parent on April 1, aiming to curb a proposed friendly merger with Deutsche Boerse that was worth $10.2 billion when first announced in February. Deutsche Boerse responded to the news of the dropped bid by saying it plans to continue to pursue a merger with the Big Board parent.
General Electric continued on its M&A warpath with a $3.2 billion agreement to acquire France’s Coverteam, a maker of automation systems used in the oil and gas sector, marking the latest in a series of deals in the energy industry. But, after some $11 billion in acquisitions in the energy sector over the past six months, GE plans to slow its pace of dealmaking, a top executive said.
Call it the survival instinct. The flurry of mergers and alliances underway in the global exchanges industry has served as a call to action for the Tokyo Stock Exchange, which may begin merger talks with its main Japanese rival Osaka Securities Exchange as it seeks out ways to survive consolidation sweeping the sector.
French drugmaker Sanofi-Aventis agreed to buy Genzyme with a sweetened $20.1 billion cash offer, plus payments tied to the success of the U.S. biotech group's drugs, the companies said. Reuters has a factbox about the two companies, a timeline of Sanofi's quest for Genzyme and a look at Sanofi's patient CEO.
"Saab story ends" we wrote on these pages last week. Now it has begun again, after Dutch luxury carmaker Spyker raised a last-minute bid over the weekend. It looks as if there are other options, with General Motors saying it will look into several new expressions of interest for its Swedish unit. That's only two days after it said it would start an orderly wind-down.
from Funds Hub:
SO: Gartmore is going ahead with a listing on the LSE after all, ending a "will it- won't it" game that has gone on for quite a bit in the past few weeks. Phew!