Business news with words deal+purchase+statement. 20 news.

CHINA Merchants Securities increased its stake in Bosera Asset Management to 73 percent in a 6.32-billion-yuan (US$854 million) deal, Bosera said in a statement late on Wednesday. China Merchants paid 130 yuan per share to buy an additional 48 percent of Bosera from Kinghing Trust & Investment Co Ltd. With the deal, China Merchants also set a record for the biggest purchase of a stake in the fund industry. The previous record was set in October by Shanxi Haixin Group when it paid 1.18 billion yuan, or 56.20 yuan per share, to buy a 21-percent stake in Yinhua Fund Management Co Ltd. Kinghing Trust & Investment Co Ltd was shut down in 2006 for violating rules and bad management. The securities regulator announced it would auction Kinghing's shares in Bosera on November 19. "The move shows the ambition of China Merchants to expand and its confidence on the prospect of China's fund industry," said Zhang Qi, an analyst with Haitong Securities Co. "The share price for

NEUSOFT Group Ltd will acquire its parent through a share swap, which will double the market value of the Shanghai-listed software vendor to 520 million yuan (US$70.27 million), Neusoft said in a statement yesterday. Chinese software firms, which grew most rapidly, need to boost economies of scale to compete internationally, the Ministry of Information Industry said. Neusoft has received approval from regulators, including the China Securities Regulatory Commission, to buy its parent's assets via a share swap of 1 to 3.5, according to the company's statement to the Shanghai Stock Exchange. After the purchase, the firm will be valued at 520 million yuan from 280 million yuan now. "The deal is a milestone in the company's history and it will continue to grow through the resources acquired from the parent firm," said Neusoft's chairman Liu Jiren in a Chinese-language statement.

DELEK Real Estate Ltd, the Israeli company that backed out of a US$2.9-billion deal with Jelmoli AG, has agreed to buy 12 Frankfurt-area supermarkets from Metro AG, Germany's biggest retailer, for 243 million euros (US$349 million), Bloomberg News reported on Sunday. Delek, through its Delek Global Real Estate unit, will acquire the buildings from the Real supermarket chain, a subsidiary of Metro, the Netanya, Israel-based company said in an e-mailed statement to the stock exchange. Real will rent 10 of the supermarkets from Delek through 2022, and the other two through 2020, beginning at 16 million euros annually for all the properties. The rent will increase 6.7 percent every five years. "DGRE has again purchased a property with a quality tenant for a long period in a central area, and proved that even in these times it can use its connections to close deals and get good financing," Chief Executive Officer Ilik Rozanski said in the statement. Delek Real Estate, a

(Reuters) -- The U.S. Justice Department has reached an agreement with communications cable maker CommScope Inc. that would allow it to buy Andrew Corp. if it makes a divestiture, the agency said in a statement on Thursday. CommScope can go ahead with the deal if it divests Andrew's minority ...

HANAROTELECOM Inc, South Korea's second-biggest provider of broadband Internet, said its top shareholder has agreed to sell its stake to SK Telecom Co, reversing a statement that cast doubt on the US$1.18 billion takeover. The group led by American International Group Inc and Newbridge Capital LLC signed an accord with SK Telecom on December 1, Hanaro said in a statement yesterday, contradicting its December 3 filing that said no deal had been sealed, Bloomberg News reported. The Korea Exchange said it will decide by December 28 whether to suspend trading of Hanaro shares for a day for "unfaithful disclosure." Seoul-based Hanaro would give SK Telecom access to a quarter of online users in a market where nine out of 10 homes have high-speed Internet connections. The purchase, subject to regulatory approval, would also enable SK Telecom to expand into markets such as online television broadcasts and offer products that combine fixed-line and wireless services. "It's

BERTELSMANN AG, Europe's biggest media company, is considering buying the 10.2 percent it doesn't already own in broadcaster RTL Group to take full control of its most profitable division. Bertelsmann may offer as much as 82 euros a share, the Guetersloh, Germany-based company said in a statement yesterday. That would be a 19 percent premium above Monday's closing price of 69.10 euros and would value the stake at about 1.29 billion euros (US$1.89 billion), according to data collected by Bloomberg News. A purchase of the remaining shares in RTL would give closely held Bertelsmann access to the growing cash flow at Luxembourg-based RTL. The broadcaster, which operates 42 TV channels and 32 radio stations in 10 European countries, said in August that earnings before interest, taxes and amortization rose 7.7 percent in the first half. The deal "enables Bertelsmann to gain full control over RTL's cash pile and free cash flows," said Kristof Samoy, an analyst at KBC

HONG KONG (MarketWatch) -- Japan Tobacco Inc. and Nissin Food Products Co. said Thursday they will jointly purchase frozen food maker Katokichi Co. in a deal worth 109 billion yen ($1 billion), according to reports. Japan Tobacco, the nation's largest cigarette maker by revenue, will offer 710 yen a share to Katokichi shareholders, representing a 20% premium to Wednesday's closing price. Shareholders of Katokichi have between Nov. 28 and Dec. 26 to accept the offer. Once the transaction is complete, Japan Tobacco will transfer a 49% stake in Katokichi to Nissin Food, which is known for its instant noodles. The two companies will then inject their frozen foods business into Katokichi to create a food giant with annual sales of 260 billion yen, according to wire reports which cited a joint statement by the companies. Shares of Japan Tobacco fell 2.3% to 625,000 yen while Nissin Foods climbed 2.5% to 4,100 yen at midday in Tokyo Thursday.

OLYMPUS Corp, the world's largest maker of surgical cameras, has agreed to buy Gyrus Group Plc for about 935 million pounds (US$1.9 billion). The aim is to expand its most profitable business, Bloomberg News reported. Olympus offered 630 pence in cash for each share of Wokingham, England-based Gyrus, or 58 percent more than the stock's close on Friday, the two companies said in a statement yesterday. Shares of Gyrus soared 57 percent in London trading. The purchase would add scalpels and tools for sealing blood vessels to the Tokyo-based company's lineup of medical equipment, its largest division by revenue. Olympus earlier this month raised its annual profit forecast for a second time, citing sales of digital cameras and endoscopes that examine internal organs. The acquisition would place the companies to "benefit from the continuing shift toward minimally invasive surgical procedures," the statement said. Olympus's medical division posted sales of 168.2 billion

The low-cost carrier of West Asia and North Africa has signed a contract with Airbus for 34 A320 with an option for 15 more, Air Arabia said in a statement. The deal would more than triple the size of Air Arabia's fleet and underlines its stated ambition to increase its total operating fleet to over 50 aircraft by 2015.

QANTAS Airways Ltd, Australia's biggest airline, has ordered 99 Airbus SAS and Boeing Co planes worth at least US$6.3 billion. The bulk purchase is aimed to help fend off competition from low-cost carriers, Bloomberg News reported. The airline will buy 68 Airbus A320 family aircraft and 31 Boeing 737-800s, Sydney-based Qantas said in a statement yesterday. Qantas and its Jetstar low-fare airline unit also have options for 40 more A320s and 49 additional 737s, it added, without disclosing the value of the deal. Jetstar will set up bases in Darwin and Perth to expand into Southeast Asia as Tiger Airways Pte and Virgin Blue Holdings Ltd add flights in Australia to challenge Qantas's 65 percent share of the market. Asia's surging travel growth and the emergence of low-cost carriers in the region have helped fuel demand for 737s and A320s, the world's two most popular planes. "With Tiger Airways' entry coming any day now and Virgin Blue doing well, the domestic space is

CHINA'S Zijin Mining Group Co has agreed to buy a 20-percent stake in a gold-copper project from a Philippine mining company for US$70 million. Zijin will take the 20-percent interest in Far Southeast Gold Resources Inc from Lepanto Consolidated Mining Co, it said in a statement after the market closed on Thursday to the Hong Kong Stock Exchange. Shares in southeastern Fujian Province-based Zijin, China's leading gold miner, fell 3.05 percent to HK$12.72 (US$1.64) yesterday. But they had risen 0.6 percent on Thursday, bucking a general downturn in Hong Kong, as some may have learnt of the deal earlier. Zijin said the disclosure on the proposed purchase is made on voluntary basis. The Far Southeast project, in Benguet, the Philippines, has mineable ore reserves of 123 million tons, containing 0.8 percent copper and 1.51 grams of gold per ton, according to Lepanto, citing a 1995 feasibility study. Lepanto owns 60 percent of the project. The proposed acquisition is subject to

STANDARD Life Plc agreed to buy Resolution Plc, the UK's biggest administrator of closed life-insurance funds, for 4.9 billion pounds (US$10 billion) in the biggest takeover of a British insurer since 2000. Standard Life "will be one of the UK's leading life and pensions companies," the Edinburgh-based company said yesterday in a statement. Standard Life's proposal, backed by the Resolution board, amounts to 714.5 pence a share in cash and stock at Thursday's closing price, Bloomberg News said. "It will significantly expand our UK operations," Chief Executive Officer Sandy Crombie said in the statement. "We are on course to deliver on our financial targets. This recommended offer for Resolution is the next step." Standard Life's deal breaks Resolution's July agreement to buy Friends Provident Plc for 3.8 billion pounds. It also topped an offer of 691 pence a share last week from Pearl Group Ltd, Resolution's closest rival in the business of buying

EASYJET Plc, Europe's second-biggest discount airline, agreed to buy GB Airways Ltd for 103.5 million pounds (US$212 million) to add 15 planes and overtake British Airways Plc at London Gatwick airport. Following the cash purchase from Bland Group Ltd, GB will cease operating as a franchisee of British Airways, which had first option to buy the carrier. The deal means EasyJet will control 24 percent of takeoff slots at Gatwick instead of the 17 percent it had previously, the Luton, England-based airline said in a statement yesterday. EasyJet has made three acquisitions in the past eight years, including Go Fly Ltd, a low-cost British Airways franchise, in 2002. The airline wants 25 percent of passengers to be business fliers, who tend to make more expensive, late bookings. Business travelers now make up about 20 percent of EasyJet's customers. "This is a good deal," said Geoff van Klaveren, an analyst at BNP Paribas in London. "EasyJet's strategy is to attract

ENI SpA, Italy's biggest oil company, offered to buy Burren Energy Plc for about 1.5 billion pounds (US$3 billion) in cash to add production in Congo and Turkmenistan. Eni proposed paying 1,050 pence for each Burren share, the Rome-based company said in a statement distributed yesterday by the Regulatory News Service. Burren shares climbed as much as 24 percent to 1,140 pence, suggesting investors anticipate a higher bid will be made for the London-based oil explorer, Bloomberg News said. A purchase of Burren would expand Eni's stake in the M'Boundi field in the Republic of Congo and give it access to deposits in Turkmenistan. "It makes sense to acquire assets they think are undervalued and certainly Congo falls into this category," said Charlie Sharp, an analyst with Jefferies International Ltd.

Kohlberg Kravis Roberts agreed to buy Turkish freight company U.N. Ro-Ro Isletmeleri in a transaction worth 910 million euros ($1.3 billion), Turkey’s biggest private-equity acquisition. K.K.R. bought 97.6 percent of U.N. Ro-Ro on expectations Turkish trade with Europe will grow, according to an e-mailed statement today from the New York-based buyout firm. The purchase is K.K.R.’s [...]

CHINA'S Minsheng Banking Corp will buy 20 percent of UCBH Holdings Inc by 2009, the first stake purchase by a Chinese mainland bank in a US bank. Minsheng, China's first non-state-owned bank and the seventh-largest bank by market value, will buy 5.4 million shares of UCBH shares for US$96 million, taking up a 4.9 percent stake, according to a statement released by UCBH, the biggest bank serving Chinese communities in the United States. Next year, Minsheng will raise its ownership to 9.9 percent and by June 2009, the bank may increase its holding to 20 percent, the statement said. UCBH Holdings Inc, with US$10.65 billion in assets as of June 30 this year, is the holding company for United Commercial Bank, which is a leading bank in the United States serving the Chinese communities and American companies doing business in Greater China. The company has 70 branches in the United States and one in Hong Kong. It has also opened representative offices in Shanghai and Shenzhen. Beijing-based Minsheng has US$112 billion in assets and 298 branches. UCBH will use proceeds from the initial sale for a pending acquisition in China, according to the statement. That part of the deal will close in the fourth quarter, the statement said. In March, UCBH said it will buy China's Business Development Bank Ltd for US$205 million to gain a toe-hold in the world's fastest-growing major economy. Shares of the Shanghai-listed Minsheng Bank surged 0.69 yuan (9 US cents), or 4.36 percent, by 11:30am today, which is the first trading day after the week long National Day holiday. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 2.99 percent, or 166.19 points, to close at 5,718.49.

VODAFONE Group Plc, the world's biggest mobile-phone company, agreed to buy Tele2 AB's Italian and Spanish units for 775 million euros (US$1.1 billion) to add broadband to its wireless services in those countries. The acquisition will be made in cash and will be "broadly neutral" to earnings in the next year, Newbury, England-based Vodafone said in an e-mailed statement, Bloomberg News reported. "The deal appears very aggressive as they get a very big chunk of customers," said David Thomson, an analyst at Bryan Garnier & Co in London. "The acquisition is in line with Vodafone's strategy to expand into fixed line and particularly broadband." The purchase gives Vodafone more than 3.15 million new customers in Spain and Italy, after acquisitions in India in May and Turkey last year boosted growth in emerging markets. Chief Executive Arun Sarin has struggled to protect market share in Europe, where some countries have more subscriptions than people. "We have now established a clear route to delivering fixed broadband services in each of our major European markets," Vodafone said. Tele2 Italy had more than 2.6 million customers at the end of June, including over 400,000 broadband clients. Tele2 Spain had 550,000 customers, over 240,000 of which were for broadband. The UK company doesn't expect the acquisition to have "a material impact" on the group's 2007-2008 outlook and added that it will have no effect on expectations for "modest dividend growth in the near term." Vodafone in June lost out to France Telecom SA in acquiring Ya.com, a Spanish Internet access business. Tele2 Chief Executive Officer Johan Jarnheimer said last month that the company would be willing to dispose of assets if the price was right. Sweden's second-largest telephone company is retreating from Denmark, France, Portugal, Hungary, the UK and Belgium. Wind Telecomunicazioni SpA, the Italian wireless company controlled by Egyptian billionaire Naguib Sawiris and Tiscali SpA, also expressed interest in Tele2 Italy. Vodafone shares have gained 20 percent this year.

DEUTSCHE Telekom AG agreed to buy the Dutch wireless and Internet unit of France Telecom SA yesterday for 1.33 billion euros (US$1.9 billion) including debt to gain 2.1 million clients. The cash purchase by Deutsche Telekom, Europe's biggest phone company, may be closed as soon as October 1. Approvals have been obtained, including authorization from the European Commission, France Telecom said in a statement yesterday. Savings after restructuring costs will reach 1 billion euros, Bonn-based Deutsche Telekom said in a separate statement. The purchase is the second for the Deutsche Telekom's T-Mobile division since Rene Obermann became chief executive officer in November. Deutsche Telekom this month agreed to buy SunCom Wireless Holdings Inc in the United States for US$1.6 billion. The Dutch purchase will allow Deutsche Telekom to leapfrog Vodafone Group Plc to become the second biggest mobile-phone company in the Netherlands. France Telecom, the largest French phone company, said in December its Dutch mobile unit, Orange Netherlands, was too small. Orange had 11.9 percent of the Dutch wireless market at the end of 2006, compared with 15 percent for T-Mobile and 22.4 percent for Newbury, England-based Vodafone, according to Credit Suisse Group estimates. Royal KPN NV, the largest Dutch phone company, led with 50.7 percent. Deutsche Telekom made its offer for Orange Netherlands in June, and has since been awaiting the outcome of discussions with the Dutch company's workers' council. European regulators approved the deal August 20. Also in June, France Telecom agreed to buy Deutsche Telekom's Ya.com Spanish Web operations to focus on faster-growing wireless markets such as Egypt and Romania. Obermann is relying on an expansion of T-Mobile, which accounts for half of the former monopoly's sales, to make up for a four-year slump in fixed-line phone revenue in Germany. Deutsche Telekom expects the purchase will lead to savings of about 1 billion euros, "with around half of this being generated in the first six years, in particular from network integration and reduced marketing expenses," Deutsche Telekom said in its statement.

SAN FRANCISCO (MarketWatch) -- Basic Energy Services Inc. said late Thursday it has closed the purchase of substantially all of the operating assets of Steve Carter Inc. and Hughes Services Inc. for $20 million in cash. The assets include 22 fluid services trucks, four disposal wells, and other equipment and inventory, said the Midland, Texas-based well site services provider in a statement. The deal is expected to immediately add to Basic Energy's financial performance.

BOSTON (MarketWatch) -- CIT Group Inc. Wednesday said it has agreed to sell between $3.5 billion and $4.2 billion of AAA-rated securities backed by roughly $6 billion of residential mortgages to Freddie Mac . The exact amount of mortgage-backed securities to be sold will be determined following a rating agency review, and the deal is expected to close later this month subject to customary closing conditions, according to a statement. CIT Group said it expects to secure $2 billion through an interim facility provided by Morgan Stanley Bank , which will be repaid after the Freddie Mac deal closes. Separately, Freddie Mac said CIT Group Chief Executive Jeffrey Peek has resigned from its board of directors. Freddie Mac said Peek wanted to avoid the appearance of a conflict because of the proposed purchase by Freddie Mac of CIT Group's mortgage-backed securities.