UPDATE 3-Deals of the day -- mergers and acquisitions
June, 04th 2009
General Motors Corp (GMGMQ.PK: Quote, Profile, Research) said it reached a tentative deal to sell its Hummer brand to a privately held Chinese heavy machinery maker, part of an effort to drop four unprofitable vehicle lines and leave bankruptcy as a leaner company.
Debt-laden Australian miner OZ Minerals Ltd (OZL.AX: Quote, Profile, Research) said it has secured all necessary approvals for its proposed $850 million deal with China's Minmetals.
Copper miner Grupo Mexico said it raised the cash component of its offer for its bankrupt U.S. subsidiary Asarco as it tries to top bids from rival Sterlite Resources and a hedge fund.
Spanish airline Iberia (IBLA.MC: Quote, Profile, Research) said it had alternative and attractive merger options to any tie-up with British Airways (BAY.L: Quote, Profile, Research).
Intuit (INTU.O: Quote, Profile, Research) has agreed to buy online payroll services provider PayCycle Inc for about $170 million, bolstering its business in that segment and furthering its goal to boost online delivery of software.
The board of LCH.Clearnet is still mulling whether to accept or reject a bid for the business from the consortium led by ICAP (IAP.L: Quote, Profile, Research), the chief executive of Europe's top independent clearing house said.(Compiled by Tina Kwan in Singapore; Ashutosh Joshi and Antonita Madonna Devotta in Bangalore)