Mergers and Acquisitions Recap: LVLT, GLBC, BP, CEO, GOOG, MMI, MSFT, NUVA, HGIC, FDO, ABC, CVS, IDCC, DISH, CMCSA, NWSA, DIS, RLRN, YHOO, S, CLWR, HPQ, RIO
Hot Feature: Is China Crushing These Luxury Brands?
BP’s (NYSE:BP) $7.1 billion deal to sell Argentine crude producer Pan American Energy LLC is at risk of collapse, jeopardizing China’s biggest energy acquisition this year, according to a person with knowledge of the matter. BP announced last November that it would sell its 60% stake to partner Bridas Corp., a company owned by Chinese oil producer Cnooc Ltd. (NYSE:CEO) and Argentina’s billionaire Bulgheroni family. But political opposition may prevent the deal from being completed when the accord expires in November.
Antitrust regulators are asking Google (NASDAQ:GOOG) for more information on its proposed $12 billion acquisition of Motorola Mobility (NYSE:MMI). On its corporate blog, Google said the Justice Department had sent a “second request” as part of its ongoing investigation. “This is pretty routine; we’ve gotten these kind of requests before,” said Dennis Woodside, a Google senior vice president.
Hot Feature: Can Amazon Really Bruise Apple?
An Italian software making is asking European officials to block Microsoft’s (NASDAQ:MSFT) $8.5 billion purchase of Skype, the Internet phone service, unless its is removed from Microsoft’s Windows Office platform.
BP (NYSE:BP) is considering divesting some of its European and North American assets to India’s Reliance Industries (RELI) in order to deepen its partnership with India’s largest private sector company. BP chief executive Bob Dudley said the oil giant would divest $25 billion to $30 billion in assets. Earlier this year, BP acquired a 30% stake in 23 oil and gas blocks in India from Reliance, worth $7.2 billion.
Medical device company NuVasive (NASDAQ:NUVA) had agreed to buy privately held Impulse Monitoring, which providers monitoring services through surgeries, for $80 million in cash and stock.
Nationwide Insurance will buy Harleysville Group (NASDAQ:HGIC) for $40 a share, a more than 90% premium to the stock’s closing price on Wednesday. The $1.6 billion deal is expected to close in early 2012. Harleysville shares are up over 85% today.
Nelson Peltz has agreed not to attempt to buy Family Dollar (NYSE:FDO) through a hostile offer, and in exchange, Family Dollar has agreed to expand its board and add a representative of Peltz’s Trian hedge fund. Trian will cap its ownership of Family Dollar stock below 10% in a self-inflicted poison pill.
AmerisourceBergen (NYSE:ABC) has agreed to acquire CVS Caremark’s (NYSE:CVS) TheraCom unit for $250 million. AmerisourceBergen hopes to expand the drug wholesaler’s consulting services offerings and pharmacy benefit reimbursement capabilities. TheraCom generates roughly $700 million in annual revenue, and the deal is expected to be accretive to ABC’s 2013 earnings.
Hot Feature: 3 Key Differences Between Google+ and Facebook
InterDigital (NASDAQ:IDCC) has announced that it’s still exploring strategic options, which may include a sale of the company or select assets. Reports that the company had received buyout offers of only $1 billion to $2 billion, less than its market capitalization, had shares down 15% yesterday.
Dish Network (NASDAQ:DISH) reportedly made the highest offer for Hulu during the first round of bidding for the streaming-video service, at $1.9 billion. However, Google (NASDAQ:GOOG) made an informal offer of $4 billion in exchange for more lucrative content licensing rights. Hulu’s owners — NBCUniversal (NASDAQ:CMCSA), Fox (NASDAQ:NWSA), Disney (NYSE:DIS), and Providence Equity Partners – are now reportedly on the fence about selling the site.
Pemira Funds will acquire Renaissance Learning (NASDAQ:RLRN) for $16.60/share, up from an initial offer of $15/share, which Plato Learning beat with an offer of $15.50/share. Renaissance creates educational software used in more than 72,000 schools in North America.
Yahoo (NASDAQ:YHOO) confirmed Friday in an internal letter to employees that it had hired Allen & Company as its financial adviser in order to explore strategic options. No news yet on whether one of those options might include a sale.
Dish Network (NASDAQ:DISH) is considering buying a cellphone service provider like Sprint Nextel (NYSE:S) or Clearwire (NASDAQ:CLWR) in order to make use of its wireless spectrum holdings. “We’ll look at partnerships, acquisitions, all of the above,” said chief executive Joseph Clayton.
Hewlett-Packard’s (NYSE:HPQ) new chief executive, Meg Whitman, didn’t seem happy with the $11.7 billion that the company is paying for Autonomy of Britain when interviewed by All Things Digital. “It is what it is,” she said.
Rio Tinto (NYSE:RIO) is considering spinning off part of its Australian aluminum assets, as a planned carbon tax would increase costs while lowering margins. Rio is working with Macquarie Group and PricewaterhouseCoopers to explore its options.