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.