Mohawk To Buy Marazzi Group, GE To Purchase Avio: Merger and Acquisitions Wrap
Mohawk Industries (NYSE:MHK), an American producer of ceramic tiles, is said to be in advanced discussions to acquire the Italian ceramics maker Marazzi Group, according to two inside sources. One reported that, “The talks are in an advanced stage with due diligence ongoing, though it is still not completely sure if the deal will go through,” with the other commenting that the firms were to the point of evaluating the final details such as the price which is thought to be approximately $1.2 billion.
General Electric Company (NYSE:GE) is in discussions to purchase the Italian defense firm Avio SpA from Cinven, which turned down a prior bid from two private-equity funds, say inside sources, who add that CVC Capital Partners and Clessidra SGR do not intend to revise their bid of around €3 billion, or $3.9 billion, for Avio. This leaves GE alone to pursue the takeover. However, Cinven might possibly hold an IPO of Avio in 2013, according to the same sources.
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In a Friday press release, BreitBurn Energy Partners (NASDAQ:BBEP) reported that it will purchase oil properties lying principally in the Belridge Field in Kern County, California at a price of about $40 million in cash and 3,013,561 common units representing limited partner interests in the Partnership. The transaction should close later in 2012.
Founder Rob McEwen of Goldcorp (NYSE:GG) announced Thursday that his McEwen Mining (MUX) might divest its copper project Los Azules in Argentina and use the proceeds to help finance the firm’s plan to become one of the largest gold producers in the world. On November 15th in New York, McEwen remarked that “all the big players” in the copper industry have shown interest in the Los Azules deposit and arms of the Chinese government have been in contact.
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