At a junky 11 percent coupon, the Citi sale of $7.5 billion in preferred mandatory convertibles to Abu Dhabi’s $650 billion sovereign wealth fund is looking like a very sweet deal for the world’s biggest sovereign wealth fund. Royal Bank of Scotland analysts said in a note Citi was paying a high price for the funds, for which the lender is pretty desperate given its $6.8 billion in third-quarter writedowns and the potential for another $11 billion in the fourth quarter. 

Health insurer Cigna Corp said it would buy the health-care unit of Great-West Life & Annuity Insurance for about $1.5 billion. A group led by TPG and British Airways withdrew its 3.4 billion euro ($5.1 billion) takeover bid for Spanish airline Iberia, blaming a less-than-friendly turn in negotiations. 

Australia’s Healthscope scrapped a A$2.8 billion ($2.4 billion) bid for Symbion Health assets after an unfavorable tax ruling opened the way for rival bidder Primary Health Care. The European Commission suspended its review of plans by IBM to buy Swedish business software firm Telelogic AB for about 5.2 billion Swedish crowns, or $833 million. Suspensions come when the EU wants additional information to conduct its competition review. Industry experts say BHP’s proposed bid for rival Rio Tinto and the rise of emerging market players, particularly China, will force further consolidation in metals and mining. The New York Times reports Rio seems to be signaling it is receptive to suitors, though it has rejected BHP’s overtures.