Deals of the day: Mergers and acquisitions
SMMT•The roundup includes Italgas’s agreement to buy a 22.5% stake in Floene for about €120 million, a Novartis licensing deal with Abogen worth up to $7.8 billion, and JD.com’s $2.5 billion bid for Ceconomy moving toward EU approval.
1. Energy and industry deals
Italgas agreed to acquire a 22.5% stake in Portuguese gas distributor Floene from Marubeni and Toho Gas for around €120 million. Shyam Metalics and Energy signed a deal with Maharashtra to invest 500 billion rupees ($5.19 billion) in a steel plant. Germany’s state-owned SEFE is working with Lazard to explore options in Berlin’s effort to sell the energy group.
2. Biotech and company stakes
Abogen signed a licensing deal worth up to $7.8 billion with Novartis to develop messenger RNA-based therapies. AstraZeneca and Daiichi Sankyo entered a clinical collaboration with Summit Therapeutics to test Datroway with ivonescimab across multiple tumour types, including lung and breast cancers. SK Group Chairman Chey Tae-won will sell a 2.26% stake in SK Corp for about 944 billion won ($699.5 million) to fund a divorce settlement, while remaining the holding company’s top shareholder.
3. Other bids and acquisitions
JD.com is set to secure EU approval for its $2.5 billion bid for Ceconomy after revising remedies to address regulators’ concerns. BAE Systems is among potential bidders in early discussions about an offer for Robin Radar Systems. Generali agreed to buy a 9.9% stake in Banco de Crédito Cooperativo for €150 million. Britain’s Competition and Markets Authority said Nexfibre’s proposed acquisition of Netomnia could substantially reduce competition and that it would have preferred CityFibre to buy the operator.
