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By Sheena Lee

Deal of the Day: The Singapore and Australian (ASX) stock exchanges said that they had revamped their merger proposal in an attempt to win regulatory support for the $8.4 billion deal consolidation in the sector gathered steam. (DealBook)

“We are happy with the progress so far we have made with regulators (on ASX)”, said SGX’s CEO Magnus Bocker. “We are talking to politicians, trying to explain that they are not ‘selling the business,’ they are expanding the business and the markets, leveraging on Asia’s growth.” (Business Spectator)

On the possible merger, David Webb, former director of the Hong Kong Stock Exchange said: ”I don’t think it makes a lot of strategic sense.” Webb acknowledges that the price being offered may be attractive to shareholders, and he sees no more suitable partner for ASX in the region, but he notes that organic growth is more effective for exchanges to succeed. (Business Daily)

Deal Update: NYSE Euronext (NYX) and Deutsche Börse approved a $10 billion all-stock merger that would combine two of the world’s biggest stock exchanges into a trans-Atlantic powerhouse. (DealBook)

Deal Update: Genzyme (GENZ) agreed to be acquired by Sanofi-Aventis (SNY) for $19.2 billion in cash plus future payments based on the performance of an experimental drug. Under the agreement, Genzyme investors will receive $74 per share in cash plus a contingent value right, or CVR, tied to Genzyme’s experimental multiple sclerosis drug. (Reuters) Sanofi had been pursuing Genzyme for months.

Today’s rumors:Howard Lindzon at StockTwits tweets that it “seems like Twitter will buy foursquare and a photo service and not take on Facebook directly. Makes sense to me.”

Other Deal Activity

CB Richard Ellis (CBG), the American real estate giant, announced a deal to buy the bulk of the ING Group’s (ING) real estate investment management business for $940 million in cash. (DealBook)

Billionaire Carlos Slim’s America Movil (AMX) is considering bidding for Poland’s Polkomtel, its chief executive said, as appetite for the top mobile phone operator rises. (Reuters)

Lasgow engineering company Weir Group (LON:WEIR) was among the top percentage gainers in the FTSE-100 share index yesterday, buoyed by vague speculation it could be a bid target for German giant Siemens (SI). (Herald Scotland)

Grohe, German maker of premium bathroom and kitchen fittings, announced that it would launch a tender offer for all outstanding shares of Chinese rival Joyou (JYOUF.PK) . (Financial Times)

Shares in bioMD (BOMDF.PK) fell after the medical device developer announced a recommended scrip-based takeover bid for Perth-based public unlisted company Allied Medical. (The Western Australian)

Source: Singapore and Australian Exchanges Inch Closer to Merger