The European Union’s antitrust regulator has formally obnected to Unilever’s planned $1.67 billion acquisition of Sara Lee Corp.’s shower-gel and European detergents business. Paul Matthews, a London-based spokesman for Unilever, said the company remains confident that a “positive agreement” can be reached by the end of the year.
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Potash’s Chicago ties play into BHP’s hostile bid
BHP Billiton Ltd. took its $38.6 billion offer for Potash Corp. of Saskatchewan Inc. direct to its shareholders, a day after Potash’s board rejected the bid by mining company.
Shares of Potash, the world’s largest fertilizer producer, continued to trade Wednesday well above BHP’s $130-a-share offer. The stock closed at $147.93, up 3.3 percent, on the New York Stock Exchange. Shares soared 27.7 percent Tuesday to close at $143.17, after news of BHP’s offer broke. Get the full story »
Potash shares jump on rejected BHP Billiton bid
Shares in Potash Corp. were up about 27 percent in afternoon trading on the New York Stock Exchange after the company said its board had received and rejected an unsolicited takeover bid from BHP Billiton Ltd. The bid is worth about $38.49 billion. Potash said it undervalues the fertilizer producer.
BHP Billiton, an Australian natural resources company, is offering to buy Potash for $130 per share, a 16 percent premium over Monday’s closing price. Potash, which has its U.S. headquarters in Northbrook, said its board has adopted a shareholder rights plan, also known as a poison pill, to give the company time to better develop alternatives to enhance shareholder value. Get the full story »
Pactiv to be acquired by New Zealand’s Rank Group
Pactiv's new owner, Rank Group, sells products like Reynolds Wrap foil. (Bill Hogan/Chicago Tribune)
Pactiv Corp., the Lake Forest maker of Hefty trash bags, announced an agreement Tuesday to be acquired by New Zealand’s Rank Group Ltd. in a transaction valued at about $6 billion.
Privately-held Rank Group will pay $33.25 in cash for each Pactiv share, or about $4.6 billion. The sale price represents a premium of about 39 percent over Pactiv’s closing price of $23.97 on May 14, the day prior to published reports regarding a potential transaction.
Rank Group also will assume Pactiv’s $1.5 billion debt. Pactiv said the deal is targeted to close by the end of the year. Get the full story »
UAL, Continental set shareholder votes for Sept. 17
Shareholders at United and Continental airlines will vote on Sept. 17 on combining their two companies. A filing on Monday says the votes will happen at special meetings in Houston, where Continental is based, and at a United Airlines facility in Elk Grove Village, Ill.
Aon ties up $2.5 billion for Hewitt deal
Aon Corp. said it entered into credit agreements for up to $2.5 billion to fund its recent acquisition of Hewitt Associates.
The world’s largest insurance brokerage said it entered into a three-year unsecured term loan facility of up to $1 billion and also for an unsecured bridge loan of up to $1.5 billion. Get the full story »
HSBC may be pursuing bid for Northern Trust
HSBC is in focus after the Telegraph reported on renewed speculation that the bank is preparing a $15 billion bid for Chicago-based Northern Trust. Sources said the UK bank asked Goldman Sachs to advise it on a possible $65-a-share offer.
Blackstone buys Dynegy, sells its natural gas assets
Private equity firm Blackstone Group Friday struck a deal to buy power producer Dynegy Inc. for $543 million in cash and sell some of the company’s best assets to NRG Energy in the latest shake-up in the electric industry.
The deal values Dynegy at $4.7 billion including debt, which would make it one of the biggest buyouts of a power company since Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs bought TXU for $32 billion in 2007. Get the full story »
Shareholders OK Allscripts, Eclipsys merger
Shareholders of Allscripts-Misys Healthcare Solutions Inc. and Eclipsys Corp. approved the $1.3 billion merger of companies, the companies announced. Get the full story »
Burkle deal dead, Barnes & Noble girds for proxy fight
Barnes & Noble said it failed to reach a deal to end a rift with billionaire investor Ron Burkle, casting doubt on the bookstore chain’s ability to attract buyers and raising the specter of a proxy battle.
“Barnes & Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms,” the company said in a statement on Thursday, referring to Burkle’s investment firm. Get the full story »
United shows new look for planes after merger
The new planes will feature United on the fuselage and a Continental globe on the tail. (UAL photo)
United Airlines and Continental Airlines revealed refinements to the visual branding for the new global airline that will result from the proposed merger between the two airlines.
The new logo displays the combined company’s United brand name in capital letters, in a custom sans-serif font, joined with the global mark which has represented Continental’s brand image since 1991. Get the full story »
Hewitt sets date for vote on Aon merger
Hewitt Associates Inc. on Wednesday established a special meeting date of Sept. 20 for its shareholders to consider its almost $5 billion merger with Aon Corp. and Alps Merger Corp., its wholly owned subsidiary. Get the full story »
Under Armour deal part of Hanesbrands aquisition
Hanesbrands Inc. said it will buy privately held GearCo Inc., a seller of college logo T-shirts and other sportswear, for about $55 million in cash, sending its shares up 8 percent Tuesday.
Known for its innerwear, Hanesbrands is looking to strengthen its footing in the outerwear market with its first acquisition as a standalone company. Get the full story »
Little Caesars owner to bid for Pistons
The owner of the Little Caesars Pizza chain and professional baseball and ice hockey teams said Monday he wants to buy the Detroit Pistons basketball team, confirming speculation since the team’s owner died last year.
Michael Ilitch, who lives in the Detroit area and owns the Detroit Tigers baseball team and Detroit Red Wings hockey team, said he wants to keep the National Basketball Association team from leaving Detroit. Get the full story »
