Mergers and Acquisitions Recap: Vodafone’s Delay, US Airways Receives Union Thumbs Up, Pfizer’s Bidding War
Vodafone (NASDAQ:VOD) is given more time to make its offer for U.K. firm Cable & Wireless Worldwide, as it now has until Monday. VOD might well benefit from a theoretical £5.2 billion “capital loss,” which is permanently available to C&W, for reduction of taxes levied on U.K. profits, along with that company’s fixed-line network.
Don’t Miss: American Airlines Workers Stage Revolt.
US Airways’ (NYSE:LCC) proposed linkup with American Airlines (AAMRQ.PK) is okayed by the unions involved, but the overall merger is not yet a certainty, according to CBS. Three of American’s unions have entered into collective bargaining pacts with US, this from a Friday morning 8-K filing.
The bidding war over Pfizer’s (NYSE:PFE) infant nutrition unit continues, as Danone (DANOY.PK) increases its offer to almost $11 billion, besting (so far) competitor Mead Johnson (NYSE:MJN), and Nestle (NSRGY.PK) who earlier this week bid at least $9 billion. Danone is said to need acquisition of the division, or it find difficulty in further expansion.
Further Reading: Is Pfizer Dropping Out of the Baby Business?