Deals wrap: Glencore IPO draws key investors
Glencore kept a lid on its aspirations for a much-hyped market debut, targeting proceeds of $11 billion after securing record commitments from investors. The commodities trader set a price range of 480 to 580 pence per share for the London IPO, confirming an earlier Reuters report. That values it at $61 billion at the mid-point, in line with early forecasts. Glencore is planning a dual-listing in London and Hong Kong.
Chip equipment maker Applied Materials will buy Varian Semiconductor for $4.9 billion, as it looks to maintain its edge in new chipmaking technology to meet rising demands. Applied expects to fund the transaction with a combination of cash on hand and debt.
ConAgra Foods said it raised its offer for private-label food maker Ralcorp Holdings by 5 percent to about $4.9 billion in cash. The company, one of North America’s largest packaged food companies is looking to gain access to more U.S. store brands that have been attracting people looking to cut spending on food. ConAgra’s proposal comes after Ralcorp said late on Sunday that its board rejected an unsolicited offer it received from a third party in March.
German engineering conglomerate Siemens is looking for acquisitions of up to 3 billion euros ($4.5 billion) to boost core areas after raising its full-year outlook on strong demand from emerging markets. The company makes products ranging from lights bulbs to trains and power plants to name a few.
When Nasdaq and InterContinentalExchange first unveiled their spoiler takeover offer for NYSE Euronext, it was valued at $11.1 billion – or $1.78 billion more than the bid from rival Deutsche Boerse. Within a month, that gap has narrowed by 55 percent. In this Wall Street Journal piece, Shira Ovide explains what has happened in the past month to change the price-gap of the offers.