DealZone

Deals wrap: Lactalis Parmalat bid leaving sour taste in Italy

French dairy giant Lactalis launched a $4.9 billion offer to take over Italy’s Parmalat, prompting intervention by Italy and France to defuse a row over control of the Italian company. The bid comes just hours ahead of a meeting between Italy’s Prime Minister Silvio Berlusconi and French president Nicolas Sarkozy where the Italian government has expressed worries about French moves on Italian companies. Europe’s biggest dairy group bought 29 percent of Parmalat in March which sparked alarm in Rome.

China’s Minmetals Resources said it has dropped out of the battle for copper miner Equinox Minerals, saying Barrick Gold’s $7.7 billion bid was too rich to justify a counter-offer. “Competing with Barrick at these prices would, in our view, be value destructive for (our) shareholders,” Andrew Michelmore, Minmetals’ chief executive, said in a statement.

The Wall Street Journal paints a picture of Nasdaq’s hardships thus far in a bid for NYSE Euronext. The exchange hasĀ  sweeten their offer with more money but was still turned down and now hope to win over NYSE shareholders. Ronald Barusch sees a four-step program to Nasdaq’s victory.

Yum Brands, the parent of fast-food chains KFC and Taco Bell, said it has made a preliminary offer to buy most of the shares in China’s Little Sheep restaurant chain. Yum currently owns 27.2 percent of Little Sheep and said it will wait for approval from regulators before making a formal offer for the remaining stock in the company.

 

 

 

 

 

 

 

Deals wrap: Barrick strikes deal for Equinox

Barrick Gold said it will acquire Australia’s Equinox Minerals for more than C$7 billion ($7.36 billion), topping an offer by China’s Minmetals Resources. Barrick said it has committed cash and financing in place for the transaction.

NYSE Euronext sees higher savings of almost 400 million euros ($584 million) in its $9.8 billion deal with Deutsche Boerse, up by about a third from its initial estimates, according to a Big Board spokesman. The new savings estimate, along with 100 million euros in benefits coming from cross-selling and distribution opportunities, would bring the total savings and benefits from the deal to about $725 million.

All eyes will be on Warren Buffett at Berkshire Hathaway’s annual shareholder’s meeting next weekend, as he will undoubtedly face questions regarding the resignation of his presumed successor David Sokol. This piece in the New York Times examines Buffett’s hands-off management style, which may come under scrutiny after Sokol’s resignation following news of his dealings in Lubrizol prior to Berkshire’s acquisition of the chemicals company.