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AMERICAS
Canada has approved Glencore's $6.9bn acquisition of Teck Resources' metallurgical coal business, while the latter announced a $2bn share buyback and pledged to boost copper output, Bloomberg reported.
Teck Chief Executive Officer Jonathan Price said the transaction with Glencore marked a new era as the company focused on metals for the energy transition.
Glencore is advised by Citigroup, Morgan Stanley, Linklaters (led by Ian Hunter) and McCarthy Tetrault (led by Adam Taylor). Teck is advised by Ardea Partners, BMO Capital Markets, Barclays (led by Paul Knight), CIBC World Markets, Goldman Sachs (led by Dan Korich), Origin Merchant Partners, TD Securities, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz, Christopher Cummings and Ian Hazlett), Stikeman Elliott (led by Sean Vanderpol and Jonah Mann), Sullivan & Cromwell (led by Sergio J. Galvis and Lauren S. Boehmke), Felesky Flynn, Brunswick Group and Joele Frank (led by Andrew B. Siegel).
Rhône Capital-backed HBC, a Canadian retail business group, agreed to acquire Neiman Marcus Group, an American integrated luxury retailer, for $2.65bn.
"We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees. This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners and employees," Richard Baker, HBC Executive Chairman and CEO.
Neiman Marcus Group is advised by JP Morgan, Lazard and Sullivan & Cromwell (led by Melissa Sawyer and Lauren S. Boehmke). HBC is advised by Elm Street Advisors, Deloitte, M. Klein & Co, Solomon Partners and Willkie Farr & Gallagher. Debt financing is provided by Apollo Global Management, Bank of America, Citigroup, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities. Rhône Capital is advised by Brunswick Group.
Sterling Investment-backed Markon, a management consultancy, completed the acquisition of ASEC, an engineering, training, and flight services provider. Financial terms were not disclosed.
"We're thrilled to welcome ASEC. This partnership brings together two organizations with shared values, culture, and exceptional talent, deeply dedicated to the important government missions we serve and the enrichment and well-being of our employees. This collaboration will deliver even greater value to our clients by leveraging broader and deeper expertise. We embark on this journey with a steadfast commitment to serving our clients with unmatched dedication," Ray Carney, Markon CEO.
ASEC was advised by Foley & Lardner. Markon was advised by Stout Capital and Morrison & Foerster.
Pluxee, an employee benefits and engagement company, and Santander Brazil, a private bank, formed a joint venture. Financial terms were not disclosed.
"This joint venture reinforces our leadership position in the country, in addition to being a success story for the company on a global level," Thierrt Guihard, Pluxee CEO.
Pluxee was advised by JP Morgan.
Carlyle in talks to buy Baxter's kidney care unit. (FS)
Private equity firm Carlyle Group is in exclusive talks to acquire Baxter International's, kidney care spinoff Vantive for more than $4bn, including debt, Reuters reported.
Medical device maker Baxter said in March it had been in discussions with select private equity investors to explore a potential sale of the kidney care unit more than a year after it announced plans to separate the unit amid supply-chain challenges and weak demand for dialysis operations.
EMEA
BBVA shareholders have approved a €10bn ($10.9bn) share issue to facilitate the Spanish lender's hostile bid for Banco Sabadell, clearing a hurdle for the biggest transaction in European banking this year, FT reported.
At an extraordinary meeting on July 5, 96% of BBVA investors gave executive chair Carlos Torres the go-ahead to issue the stock he wants to offer Sabadell shareholders in an all-share tender, which is likely to be launched towards the end of this year.
Altarea, a real estate developer, completed the acquisition of Prejeance Industrial, a French rooftop solar developer, from Repsol, a Spanish multinational energy and petrochemical company, for €140m ($150m).
"This operation enhances the photovoltaic installation development platform in France that the Group implemented in 2023 as part of the new activities segment of its strategic roadmap," Altarea.
Altarea is advised by Credit Agricole, Komodo and Shan Strategic Communications.
Canatu, a carbon nanomaterial developer, agreed to go public via SPAC merger with Lifeline SPAC I, a Finnish special purpose acquisition company, in a €230m ($248m) deal.
"We have analyzed tens of Nordic technology growth companies for Lifeline SPAC I. Canatu is the perfect match. The capital provided can make the Company grow even faster and become stronger," Timo Ahopelto, Lifeline SPAC I Chairman.
EQT, a Swedish global investment organization, and Kühne, representing one of the world's leading logistics entrepreneurs and investors, agreed to acquire a 35% stake in FlixBus, a German brand that offers low-cost intercity bus. Financial terms were not disclosed.
"We are delighted to welcome EQT Future and Kühne as strong and purpose-driven investors with proven track records of building upon sustainable long-term investment strategies. Their capital and know-how will be a strong asset to our company's overall strategic vision. We couldn't ask for better partners to embark on the next chapter of Flix's journey," André Schwämmlein, Flix CEO and Co-Founder.
Drahi's French fiber sale said to stall over valuation concerns.
Telecom tycoon Patrick Drahi's planned sale of a controlling stake in his French fiber optic company XpFibre is stalling due to disagreements over price, Bloomberg reported.
Some potential buyers made offers valuing XpFibre at around €6bn ($6.5bn) to €7bn ($7.58bn) including debt. Drahi, who owns 50.01% of XpFibre through Altice France, has been seeking a valuation of about €8bn ($8.66bn) or more.
Crest Nicholson won't enter talks on merger proposal from Avant Homes.
British homebuilder Crest Nicholson said on it had received a merger proposal from Elliott-backed Avant Homes but added it wouldn't enter talks while it is in an offer period following Bellway's takeover bid last month, Reuters reported.
Avant's all-share proposal would see fund manager Elliott take a 30% stake in the merged company.
Liberty Global weighs stake sale in Swiss telecom unit Sunrise.
Liberty Global has explored selling a stake in its Swiss telecoms operator Sunrise ahead of a planned spin-off later this year, Reuters reported.
Talks have taken place with several investors including Swiss family offices on the matter. Liberty Global, set up by US cable pioneer John Malone, announced in February it would spin off Sunrise to shareholders on the SIX Swiss exchange in the second half of this year. In early May, Liberty Global said the plan to spin-off Sunrise was on track for the fourth quarter.
Thyssenkrupp says steel joint venture sale under review after suitor emerged.
Thyssenkrupp , Salzgitter and France's Vallourec are reviewing a sale of their steel joint venture HKM after they were approached by a potential buyer, Reuters reported.
A sale of HKM, of which Thyssenkrupp owns 50%, would be a major step in the group's efforts to restructure its steel business, ahead of a potential partial sale to Czech billionaire Daniel Kretinsky.
LVMH-backed L Catterton weighs selling stake in Saudi Arabia's Bateel. (FS)
L Catterton, the private equity firm backed by luxury French fashion house LVMH, is looking to sell its stake in Saudi Arabian gourmet food producer and restaurant chain Bateel, Bloomberg reported.
The investment firm is working with UBS Group on the sale. L Catterton, which invested in Bateel in 2015 to support an international expansion plan, is seeking to sell its entire holding of about 20%.
Shell and BP among big firms taking stakes in Adnoc's LNG plant.
Four international companies have agreed to invest in Abu Dhabi National Oil Co.'s next liquefied natural gas export project, Bloomberg reported.
Shell, TotalEnergies, BP and Mitsui & Co. will each take a 10% stake in the Ruwais LNG plant. Agreements may be signed as soon as next week.
BNP and UBS are said to show interest in HSBC's German wealth unit.
HSBC's sale of its German wealth-management unit is attracting initial interest from peers including BNP Paribas and UBS Group, as the London-listed lender looks to streamline its global footprint, Bloomberg reported.
Julius Baer Group is also among those studying the business, which could be valued at €300m ($324m) to €600m ($648m) in a deal. HSBC is keen for a buyer with a global brand and existing operations in Germany for the wealth-management unit, which has about €26bn ($28bn) in assets. KPMG is helping HSBC on the sale.
Lord Saatchi weighs consortium bid for Telegraph.
Maurice Saatchi, a member of the House of Lords, is discussing the possibility of setting up a consortium to bid for The Daily Telegraph, Bloomberg reported.
Lord Saatchi, who's one of the founders of London-listed advertising company M&C Saatchi, could team up with Lynn Forester de Rothschild, a former director of The Economist Group.
Varta engages with Porsche over investment in lithium-ion battery unit.
German battery maker Varta said it is in talks with Porsche over a potential investment in its large-format lithium-ion battery business, V4Drive.
The companies have signed a non-binding term sheet and are working on finalizing the details, Reuters reported.
APAC
Deutsche Bank seeks to buy part of a $1.3bn Corniche loan.
Deutsche Bank has approached several existing lenders to buy a stake in a HK$10.2bn ($1.3bn) project loan backing a luxury-property development in Hong Kong, Bloomberg reported.
The German investment bank offered around 96 to 97 cents on the dollar for a piece of the facility maturing August that financed the construction of The Corniche.
HDFC Bank said to mull loan portfolio sale amid growth scrutiny.
HDFC Bank is mulling the sale of a loans portfolio, amid heightened regulatory scrutiny on the nation's lenders as their credit growth surges, Bloomberg reported.
India's biggest private sector bank has approached public sector lenders, non-banking finance companies as well as some insurance companies and asset managers about participating in the sale.
Bain-backed Emcure Pharma's $234m India IPO draws $11bn in bids. (FS)
India's Emcure Pharmaceuticals drew strong interest for its $234m initial public offering as investors bet on its slate of women's healthcare and HIV treatments to drive growth in a high-margin market, DealStreetAsia reported.
The IPO has received an overwhelming response, with the Qualified Institutional Buyers segment receiving 195.83 times subscriptions and the Non-Institutional Investors segment attracting 48.32 times subscriptions.
Jefferies is said to hire top Barclays investment banker Lars Aagaard. (People)
Jefferies has hired Lars Aagaard from Barclays as Asia head of financial sponsors, as it further expands its global investment banking team.
Aagaard will start in the new role later this year and remain in Hong Kong, Bloomberg reported.
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