GE Looks to Divest Swiss Lending Division, Icahn Loses in Oshkosh Bid: M&A Recap
The South Korean steelmaker Posco (NYSE:PKX) leads a consortium that has been named the preferred bidder for an interest in an ArcelorMittal (NYSE:MT)-controlled iron-ore mine firm in Canada, said a knowledgeable source on Tuesday, adding to Dow Jones Newswires that the ”Posco-led consortium has been in exclusive talks” with ArcelorMittal for the stake. In mid-november, Posco revealed that it was thinking about creating a consortium to purchase the stake in a bid to boost access to the key raw material.
General Electric Company (NYSE:GE) looks to divest its Swiss consumer lending division and UBS (NYSE:UBS) might make an offer in a deal that could be worth as much as 1.5 billion Swiss francs, or $1.6 billion, say sources, who add to that the Swiss banking giant is one of two parties that intend to submit bids for GE Money Bank in an auction process. One source said that, “GE wants to finalize the sale… by the end of the first quarter.”
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It was a non-win for the activist investor Carl Icahn on Tuesday as only 22 percent of shares were tendered in his $32.50 per share offer for control of the American truck and military vehicle manufacturer Oshkosh Corporation (NYSE:OSK), less than the 25 percent for which he had hoped. However, Icahn is still the company’s lead shareholder with 9.5 percent and has said that buying many shares would have improved his chances of overhauling the board, but he is letting his goal go as for now.
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