Deals du Jour
Sweden’s Ericsson has won the race for the wireless assets of bankrupt Nortel Networks Corp, paying $1.13 billion for the crown jewels of the on-time Canadian telecom star.
In other M&A related stories reported by Reuters and other media on Monday:
Commerzbank (CBKG.DE) said it has sold Dresdner Bank (Switzerland) to the Liechtenstein-based LGT Group. LTG said the combined Swiss operations would manage client assets totalling almost 20 billion Swiss francs. Click here for a Reuters story.
ArcelorMittal (ISPA.AS) is exploring a joint venture spinoff of its stainless steel business, worth an estimated $3 billion, in a sign that the world’s biggest steelmaker is contemplating scaling back in response to the recession, the Financial TImes reports.
French drugmaker Sanofi-Aventis (SASY.PA) has agreed to take control of unlisted Indian vaccines group Shantha Biotechnics, a French subsidiary of Merieus Alliance, valuing the business at 550 million euros ($781 million). Click here for the Reuters story.
Belgian private-equity firm RHJ International (RHJI.BR), a bidder for carmaker Opel, is not ruling out selling Opel back to U.S. parent General Motors after returning it to health, RHJ’s chief executive Leonhard Fischer told Frankfurter Allgemeine Sonntagszeitung.
British bus and rail firm Stagecoach (SGC.L) has appoint Deutsche Bank to draw up plans for an all-share takeover bid for rival National Express (NEX.L), trumping an expected 600 million pound bid from Spain’s Cosmen family and private-equity firm CVC, the Sunday Times reported.