Telecom Italia (TI -1.2%) is evaluating a potential acquisition of Brazilian carrier Oi (OIBR +11.8%) through its Tim Participacoes (TSU -2.1%) unit to challenge Telefonica (TEF +0.9%) in Latin America's largest phone market, Bloomberg reports.
In a deal, Tim, Brazil's second largest mobile phone company, would gain Oi’s fixed-line network to sell broadband services after losing out to Spain's Telefonica in a bid to merge with another local landline provider, GVT.
Shares of Anheuser-Busch InBev (BUD -0.8%) are lower after some of the buzz over a potential merger with SABMiller (OTCPK:SBMRY) wears off. In Europe, shares of SBMRY are also tilting lower.
Analysis of the combination of the two beer giants is nearly evenly split. Some analysts think the regulatory hurdles are too high to clear, while others maintain that outside of the U.S. and China there's not a huge amount of overlap that would draw in regulators.
Stifel Nicolaus and Buckingham Research have both raised their price target on BUD, moving to $130 and $137 respectively.
MillerCoors (TAP -1%) is in a holding pattern. If the mega-merger goes through, the company is nearly assured of a new owner.
The wildcard: There's also still the chance that A-B could have the rug pulled out from under it if SABMiller improves its offer to Heineken (OTCQX:HEINY) to a level which wins over the controlling family.
The cash and stock deal currently values Glimcher Realty Trust (NYSE:GRT) at $14.20 per share (vs. last night's close of $10.59). Glimcher owners will receive $10.40 in cash and 0.1989 of a share of Washington Prime (NYSE:WPG) for each share of GRT they own.
The merged company - to be named WP Glimcher - will have a portfolio of 119 properties and 68M square feet of gross leasable space.
Alongside this deal, Simon Property Group (NYSE:SPG) - which just spun off Washington Prime - will buy Glimcher's Jersey Gardens in Elizabeth, NJ and University Park in Ft. Worth, TX for $1.09B in cash.
The purchase is expected to be accretive to WPG's normalized FFO per share, and the current annualized payout of $1 per share should be maintained.
Current Washington Prime CEO Mark Ordan will become Executive Chairman of the combined company, and current Glimcher CEO Michael Glimcher will be the new company's Vice Chairman and CEO.
The deal is expected to close early next year and WP Glimcher will trade on the NYSE under the ticker symbol WPG.
Although a sale price as high as ~C$300M ($270M) had been rumored earlier, Reuters reports that VimpelCom (NASDAQ:VIP) and Egypt's Global Telecom will sell their stake in wireless carrier Wind Canada to Globalive Capital for C$135M ($122M).
The proceeds of the sale will go to Vimpelcom, in repayment of part of the debt owed to the company.
Allergan (NYSE:AGN) has reached an agreement with Bill Ackman's Pershing Square and Valeant (NYSE:VRX) to hold a special shareholder meeting on the originally planned date, Dec. 18.
After lining up investors who own a combined 35% of Allergan to support the meeting, Ackman is hoping to replace most of the company's board members with his own nominees, and win support for the takeover offer.
Subsequently, Pershing Square and Valeant have dismissed their lawsuit against Allergan over the timing of the meeting.
French carrier Orange (NYSE:ORAN) is offering to acquire Spanish broadband provider Jazztel (OTCPK:JAZTF) for ~€3.4B ($4.4B), or €13/share for a premium of 22% over the stock’s close Friday in Madrid.
Buying Jazztel would give Orange ~1.5M broadband subscribers to help bolster offers of combined broadband, TV and wireless packages; Jazztel's revenue has grown in every quarter since 2008, and this year sales may reach €1.2B, quadrupling from 2007.
Chairman Leopoldo Fernandez Pujals is Jazztel’s biggest shareholder with a ~15% stake.
VimpelCom (NASDAQ:VIP) is close to selling its stake in Canadian wireless carrier Wind Mobile Canada to Toronto-based Globalive Wireless Management for ~C$300M ($270M), with an announcement expected as soon as tomorrow, according to various reports.
A deal would cap VIP's struggle to exit the Canadian market following a lengthy regulatory spat over Canada's foreign investment rules.
A sale also would boost the Canadian government’s effort to create a fourth national wireless carrier to help foster competition and reduce mobile phone rates; the three biggest carriers, Rogers Communications (NYSE:RCI), BCE and Telus (NYSE:TU), together control 90% of the market.
Actua (NASDAQ:ACTA) agrees to acquire FolioDynamix, a cloud-based wealth management technology platform, for $199M.
ACTA says FolioDynamix brings a current net revenue run rate of $30M-plus, with positive earnings and cash flow; the company grew by more than 40% in 2013, and ACTA expects the growth rate to continue in 2014.
Diagnostics maker Alere (ALR +12.9%) bucks biotech's down day by jumping on a 6x surge in volume on reports that former CEO Ron Zwanziger intends to bid $46 per share for the company. His potential offer would value Alere at almost $4B.
Mr. Zwanziger believes the firm is undervalued. He has a point. Alere's sales and earnings are decelerating and its P/S, P/B and P/CF ratios all lag the industry according to msn money.
Barron's Ben Levisohn believes that AstraZeneca (AZN +0.7%) remains a solid target for Pfizer (PFE +0.9%) citing the tax inversion appeal, the ability to free up its ex-U.S. cash and AZN's robust pipeline.
He also believes Actavis (ACT -0.2%) is an equally compelling target due to its lower risk and good fit with Pfizer's Global Established Product unit while offering the tax inversion pathway and access to ex-U.S. cash as well.
A deal between the beer giants would require significant divestiture massaging, possibly including SABMiller shedding its interest in MillerCoors (NYSE:TAP) in the U.S.
What to watch: A-B has to decide before the end of the year if its wants to renew a soft-drink bottling contract with PepsiCo. If the brewer declines, it could be an indication that it has its eyes on SABMiller's deal with Coca-Cola in Africa.
Microsoft (MSFT -0.2%) has reached an agreement to buy Mojang, and the company’s iconic Minecraft franchise for $2.5B.
The acquisition marks the largest purchase ever for chief executive Satya Nadella, who says the purchase "is more than a great game franchise - it is an open world platform, driven by a vibrant community...with new opportunities for that community and for Microsoft."
Microsoft expects the acquisition to be break-even in FY15 on a GAAP basis. The acquisition is expected to close in late 2014.