Credit Suisse’s ETF Unit Up For Sale, Yelp Buys European Reviewer: M&A Weekly Recap

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

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It appears that the Royal Bank of Canada (NYSE:RY) has passed Toronto-Dominion Bank (NYSE:TD) in a bidding war over the weekend to snap up Ally Financial’s operations in Canada in a purchase valued in excess of $4 billion, say sources. However, the situation is also said to be fluid, and an official announcement could come Monday, or TD might bring a higher offer.

Credit Suisse Group’s (NYSE:CS) $17 billion European ETF unit is up for sale and offers from BlackRock (NYSE:BLK) and State Street Corporation (NYSE:STT) are already in, reports Reuters. A State Street victory would reinforce that company’s weak offerings in the region, but a BlackRock triumph would boost its already dominant footprint.

In this episode, Canada will request that China permit a number of transactions in return for the former’s approval of Cnooc’s (NYSE:CEO) $15.1 billion offer for Nexen (NYSE:NXY), according to Bloomberg. Prime Minister Stephen Harper’s government is set to soon release a list of deals by Canadian firms in China that it wants okayed as a part of desired reciprocity in foreign investment policies.

Terex Corporation (NYSE:TEX) is being sued by more than 100 Demag Cranes shareholders for a payout of as much as €200 million after its $1.4 billion purchase of the German firm, according to Reuters. German law mandates that firms which buy 75 percent or more of another firm must offer compensation to the remaining shareholders that is based on a company valuation and not the original bid price. For its part, Terex has offered €45.52 per share, but the investors are demanding more than €100.

Shares of Cogo Group (NASDAQ:COGO) jump Tuesday on word that it will divest subsidiaries representing 30 percent of its assets and revenue to Chairman and Chief Executive Jeffrey Kang for $78 million in cash. In March, Kang had first proposed acquiring the subsidiaries.

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Manitowoc Company (NYSE:MTW) shares move down modestly after Ali Group is said to not be interested in purchasing its food service distribution. On Friday, the shares were trading at $14 prior to rumors of a potential sale, which pushed them up to around $15.20.

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Berkshire Hathaway’s (NYSE:BRKB) National Indemnity Unit received a regulatory okay to close on its acquisition of Israel’s Clal Insurance United States operations. The transaction, which is worth $221 million, was first announced in August.

Royal Bank of Canada (NYSE:RY) will purchase Ally Financial’s Canadian operations for a “total consideration” of between $3.1 billion and $3.8 billion. The operations consist of auto and consumer finance divisions and the buyer is paying a premium to book value of $600 million. The acquisition should be “modestly accretive” to earnings in the first year.

Nike (NYSE:NKE) divests its Umbro affiliate brand to Iconix Brand Group (NASDAQ:ICON) for the price of $225 million in a transaction set to close by the end of 2012. The former had announced in May that it planned to sell the brand, so the move was widely anticipated.

Shares of the plastic products producer Spartech Corporation (NYSE:SEH) are up more that 60 percent in mid-afternoon trading on the news that it has agreed to be bought by the chemical firm PolyOne Corporation (NYSE:POL) in a transaction worth $246.3 million. The buyer expects that the deal should eventually add 50 cents to its earnings per share.

Honeywell International (NYSE:HON) will acquire Saia Burgess Control from Hong Kong-based Johnson Electric for $130 million in a deal that should close by the end of January. Saia produces touch-screen panels, programmable controllers, and other equipment for heating and air conditioning systems.

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Terms of the fairly recent proposed €5.16 billion purchase of the Dutch package-delivery firm TNT Express by United Parcel Service (NYSE:UPS) have the former in advanced negotiations with a minimum of two prospective buyers to divest its airline subsidiary, according to the Wall Street Journal. A complicating factor for the discussions is the fact that UPS and TNT still must gain the European Commission’s approval for their deal.

Deutsche Bank (NYSE:DB) is amassing 5.2 percent holding in GrainCorp, for which Archer Daniels Midland Co. (NYSE:ADM) is offering $2.8 billion. The German bank has been acquiring shares since June, but observers opine that it is for investment purposes as opposed to being on behalf of a rival suitor.

Yelp (NYSE:YELP) buys the European review site Qype in a transaction set to close in the fourth quarter. The $50 million purchase fits the firm’s broad strategy to enter into new markets via the addition of relevant content for 13 different European countries.

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Archer Daniels Midland Co. (NYSE:ADM) tentatively agrees to divest its 23 percent stake in Gruma SAB (NYSE:GMK) to a Mexican businessperson. Gruma is the world’s largest corn flour and tortilla producer and the proposed sale comes as the seller attempts to acquire GrainCorp (GRCLF.PK) at a price of about $2.8 billion. The proceeds would help ADM raise cash so as to avert a hit to its credit rating that could come from such an expensive purchase.

The Canadian insurer Sun Life Financial (NYSE:SLF) wants to sell its annuities operations in the United States and such a move might bring over $1 billion, says Bloomberg. The company has drawn interest primarily from investment firms, among which include Guggenheim Partners, and it might select a potential buyer for exclusive discussions within a few days.

McKesson Corporation (NYSE:MCK) purchases PSS World Medical (NASDAQ:PSSI) for the amount of $2.1 billion which includes debt. The $29-a-share bid marks a bonus of 34 percent over PSS’s Wednesday close. Shares of PSS are up around one-third at mid-afternoon on the news of the acquisition which values the firm at $1.46 billion. For its part, McKesson intends to join its medical surgical operations with those of PSS so as to provide medical supplies and other services and it projects yearly synergies of $100 million by the fourth year after the transaction closes. Meanwhile, shares of athenahealth (NASDAQ:ATHN) head downwards on the news as PSSI currently sells the former’s services to physicians. It seems that investors worry that the relationship might be negatively impacted over the long-term.

Yes, this is still going on. A Federal Trade Commission division now wants to block the mergers between Dollar Thrifty Automotive Group (NYSE:DTG) and Hertz Global Holdings (NYSE:HTZ) for reasons not yet clear. The deal had finally been thought by analysts to have jumped through the few remaining hoops before nearing its finalization. Shares of both companies are currently down in reaction.

Shares of the supermarket operator Supervalu (NYSE:SVU) move higher as Cerberus moves forward with its takeover offer, says Reuters. It’s known that Cerberus will likely sell off pieces of the company, so Supervalu’s board is wondering if it could pull off the piecemeal sale by itself.

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In a now-continuing saga, Glencore International (GLCNF.PK) has scheduled November 20th as its new deadline for a delayed shareholder meetings to vote on a merger with Xstrata (XSRAF.PK)(XSRAY.PK). Glencore is ineligible to vote with its 34 percent interest in Xstrata and those close to the deal remark that “no” votes from only 12 percent of Xstrata shareholders would be sufficient to block the proposal.

Discussions are progressing over General Motors Company’s (NYSE:GM) plan to acquire a 17 percent interest in GM Korea which is held by Korean Development Bank. An agreement might come at any time.

Pearson (NYSE:PSO) announced Thursday that it is holding discussions through which to merge its Penguin publishing division with Bertelsmann’s Random House. According to the Wall Street Journal, such a deal would form an entity worth between $2 billion and $3 billion and comprise more than 25 percent of worldwide English-language consumer book sales. However, worries over antitrust factors, especially in Europe, have emerged.

The fledgling startup Current TV is said to be exploring strategic options, and larger media firms, perhaps CBS Corporation (NYSE:CBS) and Comcast Corporation (NASDAQ:CMCSA), could potentially show interests. In its current incarnation, Current TV lacks ratings and features cable news and opinion that is a bit left-leaning. Other suitors are possible, but News Corporation (NASDAQ:NWS) seems less likely.

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Apollo Global Management (NASDAQ:APO) and Apax Partners lead the bidders for the McGraw-Hill Companies’s (NYSE:MHP) Education division, according to the Wall Street Journal, with the deadline for offers closing yesterday. However, McGraw-Hill might yet elect to spin off the unit, which prior estimates said could be worth $3 billion. The company is due to make a decision by the end of 2012.

Shares of Joy Global (NASDAQ:JOY) spiked on renewed takeover chatter that General Electric Company (NYSE:GE) has offered $78 a share. Earlier this week, Larry De Maria at William Blair remarked that a takeout of Joy by GE was quite likely over the medium term.