Deals du Jour

June 3, 2009

China’s Sichuan Tengzhon Heavy Industrial Machinery Co became the surprise buyer for General Motor’s Hummer brand while insurer AIG — another U.S. giant in trouble — cut the asking price for its Taiwan insurance unit. For the day’s top headlines, click here.

And here is what we found of interest in the newspapers.

Global miner Rio Tinto may cut the size of its planned $7.2 billion issue of convertible bonds to China’s Chinalco and raise more equity via a rights issue, the Australian Financial Review reported.

Banks in Qatar, the world’s top exporter of liquefied natural gas, will get cash and bonds in exchange for selling their real estate investments to the government under a $4 billion programme unveiled last week, the daily Gulf Times cited sources as saying.

General Motors Corp’s Saab Automobile unit has narrowed talks with potential buyers for the loss-making Swedish brand to two, the Dagens Industri quoted Chief Executive Jan-Ake
Jonsson as saying.

About 4,000 jobs are at risk as British van maker LDV has fallen into administration after would-be buyer Weststar failed to raise the necessary funds, the Independent and the Financial Times reported.

The Foundry, a London-based visual effects group whose software has been used in films such as “Wolverine”, has been bought back by its management for an amount in the “double-digit millions of pounds”, with the backing of Advent Venture Partners, the Financial Times reported.

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