Laboratory equipment company Thermo Fisher Scientific (TMO) agreed to buy Phadia, the Swedish diagnostics maker, from the private equity firm Cinven for $3.5 billion in cash, the latest in a flurry of deal-making by the laboratory equipment manufacturer. (DealBook)
Thermo Fisher Scientific is also involved in the auction for Gen-Probe (GPRO),which has a market capitalization of $3.8 billion. Other bidders for the San Diego diagnostics company include Novartis AG (NVS), and Life Technologies Corp (LIFE), according to the Wall Street Journal. (Reuters)
Deal Idea: Citigroup analyst David Driscoll notes that the departure for Del Monte of Hershey (HSY) CEO David West could make the chocolate company a prime takeover target, though he estimated the probability of a sale is only around 10%, up from his estimation of 2%.
Standard & Poor's said it was "surprised" by West's departure and reiterated its "sell" opinion on the stock, although analyst Tom Graves said he was impressed by Hershey's first-quarter performance.
Janney Capital Markets analyst Jonathan Feeney reiterated a "buy" opinion on the stock and said in a note to clients that West's departure was "clearly unexpected, both internally and externally," but added that it likely has more to do with attractive terms offered by Del Monte than Hershey's outlook. (The Patriot News)
U.S. construction machinery maker Terex Corp (TEX) launched its hostile $1.31 billion bid for Germany's Demag Cranes. The company said on Thursday Demag Cranes shareholders would have until June 30 to accept its 41.75 euro-per-share offer for Demag. Terex this month took its offer directly to shareholders after talks with Demag failed to secure a deal. (Reuters)
China Mobile Ltd., the world's largest mobile operator by market value, said on Thursday that it is seeking acquisition opportunities in Asian emerging markets, including Myanmar. (Reuters)
Energy suppliers North Sea Group and Argos Oil announced they are discussing a merger which they say would see the creation of the largest independent player on the North-west European market. (PR Newswire)
Private equity firm Kohlberg Kravis Roberts & Co (KKR) plans to make a cash offer for Versatel in a deal giving the German phone and Internet company's stock a value of at least 295 million euros ($420 million). (Bloomberg)
Deal Update: Japan's largest drugmaker Takeda Pharmaceutical (OTCPK:TKPHF) is buying privately held Nycomed for €9.6 billion ($13.7 billion), boosting its presence in emerging markets and adding a newly approved lung-disease drug. (Reuters)
"Takeda is buying time with this acquisition, it was slow to enter emerging markets," said Atsushi Seki, an equities analyst at Barclays Plc in Tokyo. "However, it's an expensive purchase and may not be enough to make up for revenue that will be lost from Actos." (Bloomberg)
Deal Update: Toshiba Corp (OTCPK:TOSBF) said it has closed the deal to buy Swiss-based meter maker Landis+Gyr for about $2.3 billion, in a cash deal that is the latest example of a Japanese firm taking advantage of the strong yen to aggressively target overseas acquisitions for growth. (Wall Street Journal)