DealZone

Deals wrap: Bid for ING Direct USA

General Electric and Capital One have submitted bids for ING’s U.S. online banking operations in a deal worth about $9 billion, Bloomberg reports.

The frothy market for Internet IPOs is raising the specter of a bubble, underscoring how little has changed despite lawsuits and investigations in the wake of the 1990s dot-com craze.

Maple Group Acquisition Corp, which has gone hostile with its $3.7 billion offer for Toronto Stock Exchange operator TMX Group , is in talks to add at least three other financial-services companies to its consortium, the Wall Street Journal reports, citing sources.

BP is preparing to sell half of its 50 percent stake in TNK-BP to state-controlled Rosneft, the Wall Street Journal reports. The move represents an attempt to salvage a planned tie-up between BP and Rosneft, announced in January, and could be a negotiating tactic with AAR, the group of billionaires which owns the other half of TNK-BP, the Journal reports.

Chinese companies have stepped up acquisitions in Europe and the trend is expected to continue, reports the WSJ.

Deals wrap: Nasdaq, ICE drop NYSE bid

Nasdaq OMX and IntercontinentalExchange (ICE) dropped their $11.1 billion bid for rival exchange NYSE Euronext after it became clear the deal would not gain approval from U.S. antitrust regulators. The companies first offered to buy the New York Stock Exchange parent on April 1, aiming to curb a proposed friendly merger with Deutsche Boerse that was worth $10.2 billion when first announced in February. Deutsche Boerse responded to the news of the dropped bid by saying it plans to continue to pursue a merger with the Big Board parent.

In other exchange merger news, a consortium of Canadian banks and pension funds launched a $3.7 billion bid for TMX Group in the hopes of keeping Canada’s largest stock exchange from falling under foreign ownership. The bid tops a $3 billion offer for the exchange operator from the London Stock Exchange (LSE). The LSE said it remains committed to its own merger proposal with the TMX despite the higher rival offer, but should its bid fail it could find itself to be a takeover target, analysts said.

U.S. chemicals group DuPont won its takeover battle for Danish food ingredients company Danisco. The $6.4 billion acquisition is a part of DuPont’s push into the food technology business that CEO Ellen Kullman says will “create an industry leader in industrial biosciences and nutrition and health.”

Deals wrap: GE to slow M&A warpath

General Electric Co Chairman & CEO Jeff Immelt talks to the media before speaking at the Detroit Economic Club in Birmingham, Michigan June 26, 2009. REUTERS/Rebecca CookGeneral Electric continued on its M&A warpath with a $3.2 billion agreement to acquire France’s Coverteam, a maker of automation systems used in the oil and gas sector, marking the latest in a series of deals in the energy industry. But, after some $11 billion in acquisitions in the energy sector over the past six months, GE plans to slow its pace of dealmaking, a top executive said.

Rio Tinto said it would go ahead with its A$3.9 billion ($4 billion) takeover offer for Riversdale Mining even if it ended up with a minority stake in the Mozambique-focused coal miner.

Canada’s federal election could add a fresh element of uncertainty to the London Stock Exchange‘s proposed C$3 billion ($3.1 billion) takeover of TMX Group, a deal which was already seen as far from a sure thing, writes Cameron French.

Deals wrap: An all-Japan exchange?

A man walks past a glass wall with logos of the Tokyo Stock Exchange at the bourse in Tokyo November 4, 2010. REUTERS/Yuriko Nakao Call it the survival instinct. The flurry of mergers and alliances underway in the global exchanges industry has served as a call to action for the Tokyo Stock Exchange, which may begin merger talks with its main Japanese rival Osaka Securities Exchange as it seeks out ways to survive consolidation sweeping the sector.

Meanwhile, some of Canada’s big banks are protesting the London Stock Exchange’s proposed $3.2 billion takeover of Toronto Stock Exchange parent, TMX Group. Bank executives told a hearing that the deal threatens Toronto’s status as a global financial hub and could harm the prospects of Canadian companies looking to raise funds on public markets.

HCA, the biggest U.S. for-profit hospital chain, made history on Wednesday when it pulled off the largest private-equity backed initial public offering ever. Investors snapped up more shares than expected in the $3.79 billion IPO, shrugging off the hospital operator’s high debt levels as the market for newly traded shares heats up. Check out our list of the ten largest U.S. private equity-backed IPOs.

Deals wrap: Key facts about the Sanofi/Genzyme deal

Chris Viehbacher, CEO of Sanofi-Aventis, gestures as he speaks during a news conference to present Sanofi-Aventis' 2010 annual results in Paris February 9, 2011.   REUTERS/Charles Platiau  French drugmaker Sanofi-Aventis agreed to buy Genzyme with a sweetened $20.1 billion cash offer, plus payments tied to the success of the U.S. biotech group’s drugs, the companies said. Reuters has a factbox about the two companies, a timeline of Sanofi’s quest for Genzyme and a look at Sanofi’s patient CEO.

The London Stock Exchange’s bid to take over Canada’s TMX Group  is likely to navigate through a battery of regulatory reviews and emerge intact, even though investors are nervous about its chances.

In Asia however, tough regulatory regimes, cumbersome ownership structures and protectionist-minded governments mean cross-border mergers involving regional markets will be difficult.

DealZone Daily

“Saab story ends” we wrote on these pages last week. Now it has begun again, after Dutch luxury carmaker Spyker raised a last-minute bid over the weekend. It looks as if there are other options, with General Motors saying it will look into several new expressions of interest for its Swedish unit. That’s only two days after it said it would start an orderly wind-down.

The London Stock Exchange (LSE.L) is buying 60 percent in Turquoise, its rival launched by a group of investment banks with a lot of fanfare two years ago. The centuries-old bourse will merge Turquoise with Baikal, its dark pool platform.

Kraft’s (KFT.N) hostile bid does not reflect Cadbury’s (CBRY.L) value, a significant number of big Cadbury shareholders thinks — that’s what Cadbury Chief Executive Todd Stitzer told my U.S. colleagues on Friday. ”It appears that the stand-alone value of the company has risen in the eyes of shareholders,” he said. Meanwhile, the New York Times writes that Britain is going “into an emotional tailspin” over the prospect of losing Cadbury. If that’s the case, they’re hiding it well — must be the stiff upper lip.