3M Looks at Ceradyne, U.S. Okays Teavana Takeover: M&A Weekly Recap

Here’s your Cheat Sheet to this week’s M&A headlines:

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In a Monday press release, the top real estate information marketplace, Zillow (NASDAQ:Z), reported that it will purchase HotPads for $16 million in cash. The latter is based in San Francisco and is a map-based rental and real estate search site. The acquisition marks Zillow’s first purchase of a primarily consumer-facing firm and should close in the fourth quarter.

The United Kingdom’s aerospace group, BAE Systems (BAESY.PK), saw its shares soaring on Tuesday in London on speculation that Lockheed Martin (NYSE:LMT) is interested in the firm, according to several traders. Last month, prolonged merger discussions between BAE and the aerospace group European Aeronautic (EADSF.PK)(EADSY.PK) collapsed.

Siemens (NYSE:SI) will acquire the rail division of London-based Invensys (IVNSF.PK)(IVNSY.PK) at a price of  ₤1.74 billion, or  $2.78 billion, to reinforce its signaling subsidiary and to assist in reducing its pension deficit. Invensys is more than a century old and now produces software employed in the London Underground’s subway trains. The firm decided to divest the asset due to its limited scope through which to expand the business and the sale will allow the firm to concentrate more on areas like industrial software. The transaction should close in the second quarter of 2013, according to a statement released Wednesday.

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In a Wednesday press release, 3M Company (NYSE:MMM) announced  that its tender offer to acquire all issued and outstanding shares of common stock of Ceradyne (NASDAQ:CRDN) at a price of $35 per share was successfully concluded as the tender offer expired at 5:00 p.m. on Tuesday, November 27th. This ends the first phase of the two-step purchase.

BP (NYSE:BP) said Wednesday that it will divest its interests in several central North Sea oil and gas fields to Abu Dhabi’s national energy company TAQA at a price of 1.058 billion dollars along with future payments which depend upon oil price and output that BP expects to exceed 250 million dollars. The assets include the company’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.

Kirby Corporation (NYSE:KEX) will purchase Penn Maritime Inc. and Maritime Investments which operates tank barges and tugboats involved in the coastal transportation of mostly black oil products in the United States, according to a press release.  The total value of the acquisition is around $295 million and will consist of cash, Kirby common stock and the retirement of Penn’s debt.

The government of Canada is still considering two proposed foreign takeovers of its domestic energy firms. Regulators say that they will introduce new policy guidelines on foreign investment around the same time that they announce rulings on the now-famous bid by Cnooc Limited (NYSE:CEO) for Nexen (NYSE:NXY) and the offer by Petronas for Progress Energy Resources Corp. (PRQNF.PK). The deadline for the Cnooc/Nexen decision is the 10th of December, but Industry Minister Christian Paradis says that officials have thus far not finished their work.

A takeover bid by the copper miner First Quantum Minerals  (FQVLF.PK) has been turned down by Inmet Mining Corp. (IEMMF.PK); the proposal valued First Quantum at $70 a share, or approximately $4.9-billion. For its part, Inmet called the cash-and-stock offer “highly conditional” and that its board believes it not to be in the best interests of shareholders.

Humana’s (NYSE:HUM) pending purchase of Metropolitan Health Networks (AMEX:MDF) may now go forward, as the firms announced in a press release that the early termination of the waiting period under the Hart-Scott-Rodino Anti-Trust Improvements Act of 1976, as amended, has been received linked with the proposed transaction. A meeting of Metropolitan shareholders to consider approval of the purchase is set for December 21st, and if approved, the deal should close by the end of the year.

General Electric Company’s (NYSE:GE) $1.5 billion interest in Thailand’s fifth-largest lender, Bank of Ayudhya (BKAHF.PK), is attracting several bidders, say sources to Reuters on Thursday. Among the first-tier hopefuls is the largest bank in Japan,  Mitsubishi UFJ Financial Group (MBFJF.PK). Those companies bidding or said to be interested, including Malaysia’s CIMB Group Holdings (CIMBDF.OB) and possibly Singapore’s Oversea-Chinese Banking Corp (OVCHF.PK), want a foothold in one of Asia’s most rapidly growing economies. Further, they are likely to try for full control of the bank with its $5.9 billion market value.

The proposed purchase of the grocery chain Supervalu (NYSE:SVU) by private-equity Cerberus Capital Management seems to be going nowhere, as the latter isn’t likely to obtain the funds for a leveraged buyout, say inside sources, who add that potential lenders are pulling back because they are dubious as to how the chain will manage the increased debt load as revenue declines. Another observer said that the lenders are pressuring Cerberus to place more money into the deal than it wants to. Supervalu’s market value has decreased, as it lost more than $2.5 billion during the past two fiscal years, due to increasing rivalry from discounters and heavy expenses to run its stores.

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The bankrupt battery manufacturer A123 Systems (NASDAQ:AONE) can not be sold without the consent of the United States government, as the firm received a $249 million grant from the Energy Department, say court documents. Thus far, Johnson Controls (NYSE:JCI) of Milwaukee and Wanxiang Group Corp of China are bidding over which will acquire A123, which produces  lithium ion batteries for electric cars. Moreover, the idea of a United States government-financed entity being sold to a Chinese competitor does not sit well with some politicians, who say that tech underwritten by American taxpayers should not fall into foreign hands.

On Thursday Carlisle Companies (NYSE:CSLannounced that it is acquiring the wire and cable maker Thermax-Raydex from Belden (NYSE:BDC) at a price of $265 million. The transaction should close by the end of 2012. The buyer said the purchase should add to its earnings in the first year.

In a Thursday press release, Cisco Systems (NASDAQ:CSCO) said that it will purchase the privately-held Cariden Technologies, a supplier  of network planning, design and traffic management solutions for telecommunications service providers.  The buyer is based in Sunnyvale, California.

The news that Unites States regulators have okayed the takeover of Teavana Holdings (NYSE:TEA) by Starbucks Corporation (NASDAQ:SBUX) caused shares of the former to spike in mid-day trading, moving up by as much as 2.6 percent before falling back. The transaction, at $15.50 per share, was announced on November 14th.

When it announced on Wednesday that it was acquiring the rail division of Invensys (IVNSF.PK), Siemens (NYSE:SI), Germany’s most valuable firm, promised investors that the purchase would help boost profits in a tough economy. The buyer paid £1.74 billion for the unit, through which it looks to save €6 billion, or $7.75 billion, and concentrate on its core areas of expertise to catch up with rivals such as ABB and General Electric. As part of the strategy, Siemens will sell its baggage handling and postal sorting operations.

Sprint Nextel Corporation (NYSE:S) might make a counteroffer for MetroPCS Communications (NYSE:PCS), according to a Guggenheim Securities analyst, which possibility has apparently moved shares of the latter up on Friday. MetroPCS agreed in October to merge withT-Mobile USA (DTEGF.PK), a division of Deutsche Telekom. Through the terms, the German parent firm will hold 74 percent of the combined entity and make a cash payment of $1.5 billion to MetroPCS shareholders. Analyst Shing Yin estimates that Sprint might offer between $12 and $13 a share for MetroPCS within the next four weeks as the former extended its deadline Thursday for a proxy statement linked to a separate deal with Japan’s Softbank Corp., reinforcing the notion that Sprint is preparing a MetroPCS bid. Sprint, the third-largest provider, now has 15.2 percent of the market, but the two largest carriers, Verizon Wireless (NYSE:VZ) and AT&T (NYSE:T), hold a combined 58.5 percent.

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Seeking approval of its proposed acquisition of TNT Express (TNTEY.PK), the world’s largest package delivery firm United Parcel Service (NYSE:UPS) has offered concessions such as allowing competitors access to air networks. The price of the merger is estimated at €5.16 billion, or $6.7 billion. The two principle rivals for next-day express deliveries in Europe are Deutsche Post (DPSGY.PK) and TNT. The original deadline for the end of the EU inquiry has been moved to February 5th.

Dover Corporation (NYSE:DOV) purchases Anthony International, a top maker of specialty glass, freezer doors, commercial glass refrigerator and lighting systems, and display equipment, at a price of $602.5 million. The latter is based in Sylmar, California and will be integrated into the Refrigeration and Industrial platform of Dover’s Engineered Systems segment.

Eaton Corporation (NYSE:ETN), a diversified industrial manufacturer, and the electrical equipment provider Cooper Industries (NYSE:CBE) reported on Friday that Eaton has completed its purchase of Cooper, which was announced on May 21st.  The acquisition unites Eaton and Cooper into a new, premier global power management firm, Eaton Corporation plc.

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CACI International (NYSE:CACI) announced in a Friday press release that it has finalized its transaction to buy Emergint Technologies, a premier supplier of emerging tech solutions concentrated on the data-driven needs of national health organizations. This purchase builds on CACIs healthcare information tech capability, and broadens its presence in the growing healthcare IT market.

The Canadian Immigration Minister Jason Kenney, known to harbor reservations about Cnooc Limited’s (NYSE:CEO) offer to buy Nexen (NYSE:NXY) said on Friday that a some of Canada’s aims at getting reciprocal treatment from China had been addressed by an investment pact. Kenney also highlighted Prime Minister Stephen Harper’s general reservations in regards to takeover bids by foreign state-owned enterprises, saying that Harper had underscored the importance of preserving Canadian values like human rights, when dealing with China.