Deals of the day- Mergers and acquisitions

(Adds Fedex, SunEdison, Reliance and IFS Updates Ladbrokes, Phillips 66, Pinnacle and HNA Group)

** Spanish investor Gonvarri has backed away from a program to invest about 350 million euros ($ 319.26 million) in power firm Abengoa a source with knowledge of the circumstance mentioned, an injection noticed as important to its viability.

** Tennessee-based Fedex Corp and Dutch counterpart TNT Express have won U.S. antitrust permission to merge, according to a listing of approved offers the Federal Trade Commission issued on Tuesday.

** U.S. solar company SunEdison Inc stated it would sell projects in India with producing capacity of 425 megawatts (MW) to its “yieldco” TerraForm International Inc for $ 231 million.

** Reliance Communications Ltd, India’s fourth-biggest wireless carrier, is nearing a deal to sell its mobile phone masts unit to a single or a consortium of private equity firms, three sources with direct understanding said.

** Enterprise computer software maker IFS is chasing acquisitions as portion of its ambition to win a larger slice of the market, a top executive stated.

** Li Ka-shing’s flagship infrastructure firm lost its bid to get out a money-wealthy Hong Kong utility for $ 12.four billion, in a defeat for the billionaire investor as he seeks to broaden his investments away from slowing growth in China.

** Japan’s Nippon Life Insurance coverage Co has agreed to practically double its stake in India’s Reliance Life Insurance coverage, becoming the latest foreign firm to take benefit of a rule modify and raise its sights in a industry seen supplying wealthy possible.

** Shareholders in British bookmaker Ladbrokes strongly backed its 2.three billion pound ($ three.5 billion) tie-up with Gala Coral but rebel investor Dermot Desmond vowed to fight on.

** European media giant Bertelsmann is looking for a private equity partner to aid it acquire the rest of publisher Penguin Random Property ought to co-owner Pearson want a swift exit from the business, 3 sources told Reuters.

** Slovenia sold state-owned aircraft maintenance firm Adria Airways Tehnika (AA Tehnika) to Poland’s rival Linetech Holding S.A., state-owned investment fund Slovenian Sovereign Holding (SDH) mentioned on Tuesday.

** Allianz is hunting mostly for bolt-on acquisitions in the house-casualty business in markets exactly where it has a powerful management group and track record, Allianz Chief Executive Oliver Baete stated on Tuesday.

** Phillips 66 has put Ireland’s Whitegate refinery up for sale much more than a year after taking the country’s only refinery only plant off the industry obtaining failed to uncover a purchaser, the Irish Examiner web site reported.

** Thai Union Group (TU), the world’s largest canned tuna producer, said it expected U.S. authorities to choose on Dec. 18 no matter whether to approve its proposed $ 1.five billion acquisition of rival Bumble Bee Seafoods.

** Hungary’s central bank mentioned it had purchased a 68.eight % stake in the Budapest Stock Exchange, an intervention into financial markets it stated was created to aid businesses acquire capital and help development.

** Chipmaker Microsemi Corp mentioned on Tuesday it would purchase rival PMC-Sierra Inc in a $ 2.5 billion deal, a day following Skyworks Solutions Inc walked away from a bidding war.

** Pinnacle Foods Inc said it would purchase natural packaged foods maker Boulder Brands Inc for about $ 710 million to expand its wellness and wellness categories.

** Unipetrol is interested in purchasing filling stations from OMV and Royal Dutch Shell in the Czech Republic, the Hospodarske Noviny newspaper reported.

** Rockhopper has made a 57.1 million pound ($ 86.five million) takeover supply for rival Falkland Oil and Gas, the businesses mentioned in a deal that could breathe fresh life into Falklands’ exploration which has been hit by weak oil rates.

** Spain’s BBVA has purchased a 29.5 pct stake in aspiring on-line lender Atom for 45 million pounds ($ 68.2 million), marking its 1st foray into British digital banking in a bid to enhance its mobile presence.

** South Africa’s biggest insurer Sanlam stated it will get nearly a single-third of Morocco’s Saham Finances for $ 375 million, as component of a method to look for new streams of earnings to offset slowing development at residence.

** Raiffeisen Bank International (RBI) will revive attempts to sell its Polish banking organization in the coming days, two banking sources told Reuters on Tuesday.

** A Japanese state-backed fund has asked the main lenders of Sharp Corp to forgive some of the screen maker’s debt in return for investment, folks familiar with the matter mentioned.

** China’s HNA Group partnered with JetBlue founder David Neeleman, agreeing to buy a $ 450 million stake in Azul SA, Brazil’s third-largest airline, and providing a cash cushion till a much-delayed initial public supplying (IPO) proceeds. (Compiled by Lehar Maan in Bengaluru)

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