Deals of the day: mergers and acquisitions
ETN•Eaton agreed to acquire Italy-based COL Group for an enterprise value of €810 million ($923.16 million), while BASF approached Evonik about a possible takeover and Genel Energy raised its offer for Capricorn Energy to $436 million.
1. European deal activity
BASF approached smaller peer Evonik about a possible takeover, Evonik said in a statement. Genel Energy raised its cash offer for Capricorn Energy to $436 million, topping a rival offer from DNO and regaining Capricorn's board backing after a months-long bidding war.
2. Other reported deals
Eaton agreed to acquire COL Group from Oaktree Capital Management for an enterprise value of €810 million ($923.16 million). Inpex exercised pre-emptive rights to buy a 0.735% stake in its Ichthys liquefied natural gas project in Australia from JERA, blocking a deal with MidOcean Energy. EQT is reportedly preparing to sell its controlling stake in Parques Reunidos, while MGM Resorts is reportedly discussing a bid for People Inc.
