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Nestlé agrees to acquire Pfizer Nutrition for US$11.85bn

In a strategic move to enhance its position in global infant nutrition, Nestlé has agreed to acquire Pfizer Nutrition for US$11.85bn. The acquisition, which is subject to regulatory approval, will be accretive to the Nestlé model both for growth and margins as well as the group’s earnings per share in the full first year. Nestlé agrees to acquire Pfizer Nutrition for US$11.85bn.

Infant nutrition is a high-value, science-led category. Pfizer Nutrition is a dynamic, high-quality infant nutrition business that complements Nestlé’s existing portfolio with strong brands in key segments and geographies. It will enhance our infant nutrition business, building on our growth-focused strategy, global presence and pioneering research and development. We will be able to combine well-known brands like S-26 Gold, SMA and Promil with our existing portfolio of trusted and successful brands such as Nan, Gerber, Lactogen, Nestogen andCerelac infant cereal.

Vodafone offers to buy C&W Worldwide for £1.04bn

Vodafone Europe BV and Cable & Wireless Worldwide plc (“CWW”) on Monday announced that they have reached agreement on the terms of a recommended cash offer pursuant to which Vodafone will acquire the entire issued and to be issued ordinary share capital of CWW. It is intended that the Offer will be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Offer, CWW Shareholders will be entitled to receive 38 pence in cash for each CWW Share held, representing a premium of approximately:

• 92% to the Closing Price of 19.8 pence per CWW Share on 10th February 2012 (being the last Business Day prior to the commencement of the Offer Period); and
• 107% to the average Closing Price of 18.4 pence per CWW Share for the three months ended 10 February 2012.
• The Offer values the entire issued ordinary share capital of CWW at ~£1,044mn.
• The Offer price of 38 pence per CWW Share is final and will not be increased, Vodafone said.
• Vodafone said that it reserves its right to increase the Offer if a third party announces a possible offer or offer for CWW

In Focus Stories

Main drivers in demand for cleantech products are increasingly commercial: Grant Thornton

Research from the Grant Thornton International Business Report (IBR) shows that, according to businesses,the main drivers in the demand for cleantech products are increasingly commercial. The third annual IBR report on the global  cleantech industry reveals that the adoption of cleantech is now motivated by the need to reduce costs and increase profits, supported by government intervention, and is no longer about just being ‘green’.

Despite some short-term fluctuations,key commodity prices are on the rise. With Brent Crude oil recently back above US$120 a barrel and the outlook for nuclear energy unclear following the Fukushima disaster, cleantech is starting to look like a real alternativesource of energy and a means of reducing consumption of expensive resources. Accordingly, over half of those who choose cleantech options do so to reduce their costs (52%); with 45% making the choice as a way to increase profitability. CSR requirements and environmental concerns remain important, but are not the main reason for adoption.

In India, most Grant Thornton Cleantech clients are in energy – wind, hydro and solar – “and right now, it’s too early to say where these people will branch out to – some clients want to go away from power generation and to power equipment because that is where everybody sees the big money, as in the suppliers to all the small power generators,” says Vivek Vikram Singh, Associate Director, Grant ThorntonIndia

Domestic News

Max India to sell polypropylene biz: reports

Max India is planning to divest its polypropylene business for an enterprise value of about Rs. 8 bn, according to reports. Reports stated that the company is in advanced negotiations with at least two overseas firms in Europe and the United States to sell its polypropylene films business. The transaction is expected to close sometime this quarter,says report.

UB Group rejects reports of stake sale to Diageo

UB group is not considering selling a stake in liquor company United Spirits Ltd. to raise money for investments or to repay debt in any business, according to reports. Earlier reports stated that Diageo  is looking to pick up a minority stake in United Spirits. The negotiations were under way and that the deal is likely to raise enough cash for Vijay Mallya, chairman of the UB Group to redeem shares which were given as collateral to take loans, says report.

Parent company of Eros International may acquire B4U

Adhunik Metaliks plans to sell stake in unit

Sobha says to hold entire economic interest in ''Sobha City''

Ronnie Screwvala picks up 5 % Stake in Omkar Speciality Chemicals

Mangalore Chemicals clarifies reports on news item

Publicis Groupe acquires India's Indigo Consulting

Endemol India sells 49% to CA Media

Global News

AstraZeneca to acquire Ardea Biosciences for US$1bn

AstraZeneca and Ardea Biosciences, Inc. (Ardea) on Monday announced that they have entered into a definitive merger agreement, pursuant to which AstraZeneca will acquire Ardea, a San Diego, California-based biotechnology company focused on the development of small-molecule therapeutics. Ardea’s clinically most advanced product candidate, lesinurad (formerly known as RDEA594), is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout.

Under the terms of the agreement, AstraZeneca will acquire Ardea for US$32 per share which represents a total cash value of approximately US$1.26 billion, including existing cash. This represents a premium on the value of Ardea’s stock of 50% based on the one month volume-weighted average price (VWAP) and 54% based on the closing price on Friday, 20 April 2012.

Lesinurad is a selective inhibitor of URAT1, a transporter in the proximal tubule cells of the kidney that regulates uric acid excretion from the body, which is being developed as an oral, once-daily treatment for the chronic management of hyperuricaemia in patients with gout. Lesinurad is being studied in an ongoing Phase III clinical development programme as an add-on treatment to allopurinol in patients not reaching target serum uric acid levels on allopurinol alone, as monotherapy for those patients who are intolerant to allopurinol or febuxostat and as an add-on treatment to febuxostat in patients with tophaceous gout.

Shell to buy Cove Energy for US$1.8bn

Royal Dutch Shell Plc said on Tuesday that it has agreed to buy Cove Energy in a £1.12bn (US$1.8bn) recommended cash deal, after the Anglo-Dutch energy giant raised its previous offer to match a rival bid from Thailand's PTT Exploration & Production Pcl. The board of London-based Cove has agreed to the Shell bid.Shell said that it would pay 220 pence for each Cove share compared to the previous price of 195 pence a share, and that the deal was conditional upon approval from the government of Mozambique amongst other things.

The bid represents a 42% premium to Cove’s share price before Shell made its first bid.Cove's main asset is an 8.5% stake in the Rovuma Offshore Area 1, in Mozambique, which could potentially hold gas reserves of 30 trillion cubic feet. Thailand's PTT made a £1.12bn bid for the Mozambique-focused Cove in February versus Shell's previous offer of £992.4mn, and sparking speculation of a protracted takeover battle.

IBM to acquire Vivisimo

IBM announced a definitive agreement to acquire Vivisimo, a leading provider of federated discovery and navigation software that helps organizations access and analyze big data across the enterprise. Vivisimo is a privately held company based in Pittsburgh, Pennsylvania. Financial terms were not disclosed. Vivisimo software excels in capturing and delivering quality information across the broadest range of data sources, no matter what format it is, or where it resides. The software automates the discovery of data and helps employees navigate it with a single view across the enterprise, providing valuable insights that drive better decision-making for solving all operational challenges.

Scomi sets up JV with Brazilain partners

Beam plans to acquire Pinnacle Vodka for $605 mn cash: reports

Apollo to buy Great Wolf Resorts: reports