PharMerica Buys Amerita, PPG Purchases AkzoNobel Unit: Merger and Acquisitions Wrap

PharMerica Corporation (NYSE:PMC) purchases Amerita in an all cash buyout. Amerita supplies specialty home infusion services with operations in Colorado, Tennessee, Texas, Oklahoma, and Utah. The transaction should be moderately accretive to the firm in 2013. The buyer is a national provider of institutional pharmacy and hospital pharmacy management services.

Renault (RNSDF.PK) said on Wednesday that it is raising approximately $2.1 billion through the divestiture of its remaining 6.5 interest in AB Volvo (VOVLF.PK) through which to reinforce its balance sheet and improve its financial flexibility while  sales fall off in Europe. The sale involves a block of 138.6 million shares which represents 6.5 percent of Volvo’s share capital.

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PPG Industries (NYSE:PPG) acquires its Dutch competitor AkzoNobel’s struggling North American decorative paints division for a price of $1.1 billion. The latter is divesting the unit so as to concentrate more on its bigger European and faster-growing businesses and also to address problems it inherited via its $13 billion purchase of the United Kingdom’s Imperial Chemical Industries back in 2008.

Archer Daniels Midland Co. (NYSE:ADM) offered GrainCorp A$12.20 per share, representing an increase from its previous bid, but that was turned down a couple of days ago as undervaluing the company. Now, analyst Stuart Jackson at JPMorgan believes that ADM could raise its already sweetened offer to as much as A$13.05 a share, or A$3 billion. Jackson says that a final price at or above A$12.65 a share, subtracting a declared 35 cent dividend, is necessary to obtain board support and such a proposal marks a 3.7 percent hike on the rejected offer.

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