Deals du Jour
Belgium’s Solvay is selling its drugs unit to U.S. partner Abbott Laboratories for 4.5 billion euros ($6.6 billion) in cash and reinvest in chemicals and plastics. Sources familiar with the deal have earlier told Reuters Abbott had agreed to buy the unit to bloster its flagging prescription drug business.
Australia’s biggest department store chain Myer plans to raise up to $2 billion in a share offering that will test investor appetite for retail stocks.
In M&A news reported by Reuters and elsewhere on Monday:
* A Saudi prince is set to spend up to 350 million pounds ($558 million) to buy a 50 percent stake in English soccer club Liverpool, al-Riyadh newspaper quoted him as saying on Sunday.
* Kraft Foods Inc (KFT.N) is poised to launch a hostile bid for Cadbury (CBRY.L) valuing the British confectionery business at around 11 billion pounds ($17.6 billion), a report in The Observer newspaper says.
* Italian cable maker Prysmian (PRY.MI) has 1 billion euros ($1.5 billion) in liquidity to fund growth and is eying acquisitions in high-growth areas such as Russia, the company’s chief executive told Sunday’s Il Sole 24 Ore.
* Russia’s Rusal, the world’s top aluminium producer controlled by Russian businessman Oleg Deripaska, is ready to file a prospectus for a Hong Kong listing, which will value the firm at $30 billion, the Sunday Times said.
* ENN Solar, the solar cell company controlled by the chairman of Xinao Gas Holdings (2688.HK), could seek a listing in Hong Kong as early as the middle of next year, the South China Morning Post reports.
* Agricultural Bank of China, the only big state lender that has yet to float shares, plans to list only in Shanghai and will not list any shares in Hong Kong, the South China Morning Post reports.