– Summary notes of significant M&A deals and takeovers for first half of the year, detailing specific transactions.
– List is not exhaustive, but I’ve attempted to capture significant deals, that are representative of the overall M&A activity during the first half of the year.
– Listing for first half of year up to end of June 2011.
– Notes have been added incrementally as I came across the news, as a result tenses may be inconsistent (past/present – has/had/will/said/etc.). They will remain as is (based on when I read about them) and will not be changed.
– Date format: yyyy-mm/dd
– Double slash marks “//” indicate that there was further information regarding the particular deal (i.e. rejection, bidding war, etc), that was known up until the end of June 2011.
– Currencies are listed in US dollars unless otherwise stated.
– These are my personal summary notes, and I’ve made them available to help inform readers on recent M&A activity.
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FULL DISCLOSURE: I am long Wells Fargo, Berkshire Hathaway, Sanofi, Johnson & Johnson, Brookfield Office Properties, Riocan, Coca-Cola, US Gold Corp, Minera Andes.
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——— Sample / excerpt ———
• 2011-0111 = DuPont announced it had entered into a definitive agreement for the acquisition of Danisco, a global enzyme and specialty food ingredients company, for $5.8 billion in cash and assumption of $500 million of Danisco net debt.
• 2011-0112 = U.S. miner, Cliffs Natural Resources Inc. announced it is buying Montreal based Consolidated Thompson Iron Mines Ltd. for $4.9 billion as it strives to increase scale and expand its customer base beyond North America in the biggest iron-ore deal in Canadian history.
//• 2011-0112 = Lundin Mining and Inmet Mining have agreed to merge and create a $9.1 billion (C$9 billion) copper producer.
• 2011-0113 = U.S. retailer, Target Corporation announced that it has agreed to pay $1.8 billion (C$1.825 billion) to purchase the leasehold interests in up to 220 Zellers store sites from Zellers Inc., a subsidiary of the Hudson’s Bay Company (HBC). The transaction enables Target to open its first Target stores in Canada beginning in 2013. Zellers Inc. will sublease the sites (currently operated by Zellers) from Target and continue to operate them under the Zellers banner for a period of time.
• 2011-0114 = Two rival bidders, ArcelorMittal (world’s largest steelmaker) and Nunavut Iron (backed by private equity), have united in a C$590 million ($595 million) joint takeover offer for iron ore explorer Baffinland Iron Mines. This ends a 4 month fight for control over Baffinland’s large Canadian Arctic deposit.
• 2011-0120 = Iberdrola, the Spanish energy giant, agreed to buy Elektro Eletricidade e Servicos of Brazil for $2.4 billion.
• 2011-0131 = Alpha Natural Resources agreed to a $7.1 billion deal to buy Massey Energy Co.
• 2011-0203 = U.S. giant Newmont Mining Corp. offered to buy Fronteer Gold for $2.3 billion.
• 2011-0207 = Ensco Plc will buy rival, Pride International Inc., for about $7.3 billion in a deal that would create the world’s second largest offshore oil & gas driller.
//• 2011-0209 = The TMX Group, operator of the Toronto Stock Exchange and the Toronto Venture Exchange, agreed to merge with the London Stock Exchange Group. The TMX Group is valued at $2.99 billion, while the London group’s value is around $3.25 billion.
• 2011-0210 = Deutsche Boerse and NYSE announced they were in advanced merger talks.
• 2011-0210 = Hong Kong Exchanges and Clearing Ltd said it would look for deals with other players.
• 2011-0210 = Australia’s ASX is trying to overcome domestic opposition to a $7.9 billion takeover bid from the Singapore Exchange (SGX).
//• 2011-0210 = Encana Corp. will sell half of a prolific north-eastern British Columbia shale gas project to PetroChina for C$5.4 billion. The deal would be the largest Chinese investment in a Canadian energy asset to date and require Canadian approval. //2011-0621 = Encana Corp called off a proposed C$5.4 billion deal with PetroChina Co and said it will seek new partners.