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  • Thursday, August 27, 2015

  • 11:57 PM
    • Wells Fargo (NYSE:WFC) is the leader in the hunt to buy General Electric's (NYSE:GE) railcar financing unit, in a deal that could come by Labor Day, Bloomberg is reporting.
    • Wells Fargo would outpace Sumitomo Mitsui Financial Group in that case.
    • The sale is another step in GE's divestment of financial services in order to focus on core manufacturing.
    • The railcar financing business has more than $4B in assets.
  • 5:25 PM
    • Viterra, the Canadian grain handler owned by Glencore (OTCPK:GLCNF, OTCPK:GLNCY), agrees to acquire the largest oilseed processing plant in eastern Canada for $190M to triple crushing capacity.
    • The deal more than triples Viterra's crushing capacity, which the company says places it among the three biggest processors in Canada with Bunge and Cargill.
    • The Quebec plant on the St. Lawrence Seaway can process 1.05M metric tons/year of canola and soybeans; Canada is the world's top producer of canola.
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  • 4:05 PM
    • B&G Foods (NYSE:BGS) is having discussion about acquiring the Green Giant business of General Mills (NYSE:GIS), according to Reuters.
    • Earlier this year, reports indicated Green Giant was on the selling block.
    • Both stocks accelerated into the close along with the broad market.
    | Comment!
  • 1:36 PM
    • Mitsubishi Corp. (OTCPK:MSBHY) plans to acquire a 20% stake in Olam International (OTCPK:OLMIY, OTCPK:OLMIF) for $1.07B.
    • Olam is a major player in many food commodities markets, including coffee beans where it ranks as the third largest trader.
    | Comment!
  • 1:16 PM
    • Spartan Stores (SPTN -3.3%) plans to step up M&A over the next 12 to next 18 months.
    • A deal could fall in the $500M to $1.5B range, tips COO Dave Staples.
    | Comment!
  • 11:04 AM
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  • 10:51 AM
    • Following the sale of its Separations Media business, Polypore (NYSE:PPO) has been fully acquired and will operate as a core company under the Asahi Kasei Group (OTCPK:AHKSY).
    • The two will work together to integrate their technology to enable further development and growth of the battery separator business.
    | Comment!
  • 9:06 AM
    • Ireland's CRH agrees to acquire U.S. glazing products manufacturer CR Laurence for $1.3B.
    • Already the leading producer of asphalt and No. 3 supplier of construction aggregates in the U.S., CEO Albert Manifold says the deal "makes us by a country mile the number one in this sector."
    • CRH expects the acquisition to generate $115M in EBITDA from sales of ~$570M in 2015, boosting its own U.S. glass business.
    • Manifold says the company now will take a breather from large-scale acquisitions after also recently completing a €6.5B ($7.35B) acquisition of assets that Holcim and Lafarge had to sell to win regulatory approval for the newly merged LafargeHolcim, the world's biggest cement maker.
    • CRH also reports its H1 net profit rose to €46M ($52.2M) from €45M a year ago, slightly above analyst estimates, while revenues rose 13% to €9.37B from €8.32B, matching expectations.
    | Comment!
  • 9:05 AM
    • Abbott Laboratories (NYSE:ABT) has denied a report that it's preparing an offer for St. Jude Medical (NYSE:STJ) that would value the medical device maker at about $25B.
    • St. Jude shares have now pared back their gains in early trading after surging 17% on the rumor.
    • STJ +4.9% premarket
    • Previously: FT: Abbott prepping $25B takeover offer for St. Jude (Aug. 27 2015)
    | Comment!
  • 7:38 AM
    • Hospira (NYSE:HSP) has received clearance from the FTC regarding its pending merger with Perkins Holding Company, a wholly-owned subsidiary of Pfizer (NYSE:PFE).
    • All required regulatory approvals have now been secured, though the merger remains conditioned upon the expiration of a post-clearance waiting period in one foreign jurisdiction.
    • Hospira expects the merger to close on or about September 3, 2015.
    • SEC Form 8-K
  • 7:18 AM
    • Abbott Laboratories (NYSE:ABT) is preparing a takeover bid for St. Jude Medical (NYSE:STJ) that is likely to value the medical device maker at $25B, FT reports.
    • Sources say the firm has been working with advisers for several weeks, lining up the financing for a cash and stock offer.
    • Abbott and St. Jude already have a strong alliance in the field of cardiovascular devices, and a full merger would give the enlarged company greater leverage in negotiating with healthcare providers.
    • STJ +13.2% premarket
    • Update: Quoting a spokesperson, Bloomberg says Abbott isn't making an offer for St. Jude.
    | 1 Comment
  • 7:11 AM
    • Greatbatch (NYSE:GB) agrees to acquire privately owned Lake Region Medical for ~$1.73B in cash and stock.
    • GB says the deal will create one of the largest medical device OEM suppliers in the world serving the cardiac, neuromodulation, vascular, orthopedic and advanced surgical markets.
    • GB expects the transaction to be double-digit accretive to cash EPS in 2016 and meaningfully more accretive thereafter.
    | Comment!
  • 3:04 AM
    | 1 Comment
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