Deals du Jour
POSCO and South Korea’s chemicals-to-brokerage group Hanwha are studying a potential bid for Daewoo International, sources close to the companies tell Reuters. Daewoo International’s market value is around $3 billion.
Meanwhile, five British companies unleash a wave of cashcalls to raise over 1.6 billion pounds, rushing to strengthen balance sheets during a “window of opportunity” as investors show a strong appetite to support fundraisings.
In M&A news reported by Reuters and elsewhere on Wednesday:
U.S. oil and gas exploration and production firm SandRidge Energy strikes a deal to buy bankrupt rival, Crusader Energy Group, for $230 million, in a cash and stock deal that would give it additional acreage in the Anadarko and Permian basins.
British mobile phone operator Vodafone is buying another 6 percent stake in its Indian mobile joint venture from two of its associates for $180 million, adding to its 52 percent ownership, the Economic Times reports.
Taiwan’s Far Eastone wants to buy private equity firm MBK’s stake in China Network Systems, a Taiwan cable TV operator, The Commercial Times says. Click here for Reuters story.
China’s Geely Automobile, whose parent has been linked with both Volvo and Opel, said it would raise $334 million by issuing convertible bonds and warrants to an affiliate of Goldman Sachs.
Genetic-testing specialist Qiagen is buying British peer DxS Ltd to expand its cancer diagnostics business and will raise its capital to fund the deal and possibly further takeovers.