Tuesday’s Cnooc & Nexen Synopsis, Terex Sued By German Shareholders: Mergers and Acquisitions Update
In this episode, Canada will request that China permit a number of transactions in return for the former’s approval of Cnooc’s (NYSE:CEO) $15.1 billion offer for Nexen (NYSE:NXY), according to Bloomberg. Prime Minister Stephen Harper’s government is set to soon release a list of deals by Canadian firms in China that it wants okayed as a part of desired reciprocity in foreign investment policies.
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Terex Corporation (NYSE:TEX) is being sued by more than 100 Demag Cranes shareholders for a payout of as much as €200 million after its $1.4 billion purchase of the German firm, according to Reuters. German law mandates that firms which buy 75 percent or more of another firm must offer compensation to the remaining shareholders that is based on a company valuation and not the original bid price. For its part, Terex has offered €45.52 per share, but the investors are demanding more than €100.
Shares of Cogo Group (NASDAQ:COGO) jump Tuesday on word that it will divest subsidiaries representing 30 percent of its assets and revenue to Chairman and Chief Executive Jeffrey Kang for $78 million in cash. In March, Kang had first proposed acquiring the subsidiaries.
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