M&A Recap: Procter & Gamble Joint Venture, Zillow Snaps Up an Asset
Procter & Gamble Co. (NYSE:PG) and Teva Pharmaceuticals Industries Limited (NASDAQ:TEVA) have formed a new partnership and joint venture focused on developing over-the-counter medicines. The venue will begin with $1.3 billion in annual sales from the companies current products and look for $4 billion in sales by the decade’s end.
In response to the joint venture, Procter&Gamble adjusted its fiscal year 12 guidance and its pending Pringles sale.
SonoSite Inc. (NASDAQ:SONO) saw shares rise after reports circulated the company is up for sale. Potential buyers are rumored to include Samsung Electronics Co. (SSNLF.PK). The company hired JPMorgan Chase & Co. (NYSE:JPM) as an adviser. It has asked for second round of bids and looks to reach an agreement by mid-December.
Carl Icahn increased his stake in Navistar International Corporation (NYSE:NAV) to 9.99 percent, according to an SEC filing. Icahn has made another large investment in a second trucking company, Oshkosh (NYSE:OSK). This has led to speculation he may want to combine his holdings.
Zillow (NASDAQ:Z) announced its purchase of Diverse Solutions, a company that helps real estate agents market their businesses and improve their personal websites. The transaction consisted of $7.8 million in cash and stock.
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