MergerLinks Daily Review

MergerLinks Daily Review

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Cargill and Continental Grain Company completed the acquisition of Sanderson Farms for $4.5bn.

CMA considers the $3.4bn Maersk Drilling-Noble merger.

Securitas completed the acquisition of the security business of Stanley Black & Decker for $3.2bn.

Altice considers selling Suddenlink for up to $20bn.

Volkswagen ropes in Porsche CEO Oliver Blume to lead as Diess steps down. (People)

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Cargill and Continental Grain Company completed the acquisition of Sanderson Farms for $4.5bn.

Cargill, an American privately held global food corporation, and Continental Grain Company, a privately owned global investor, owner and operator of companies, completed the acquisition of Sanderson Farms, the third largest poultry producer in the United States, for $4.5bn.

"I am honored to lead the new Wayne-Sanderson Farms, which brings together a talented team with complementary operations and cultures and a strong commitment to employees, farmers and the communities where we operate. The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products," Clint Rivers, Wayne Farms CEO.

Sanderson Farms was advised by Centerview Partners, Brunini Grantham Grower & Hewes, Fishman Haygood, Wachtell Lipton Rosen & Katz, MacKenzie Partners and Reevemark. Continental Grain was advised by Lazard and Paul Weiss Rifkind Wharton & Garrison. Cargill was advised by Bank of America, Arnold & Porter Kaye Scholer, Freshfields Bruckhaus Deringer, Gibson Dunn & Crutcher and Jones Walker.


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CMA considers the $3.4bn Maersk Drilling-Noble merger.

The UK’s Competition and Markets Authority says the sale of several Noble rigs to a new unit of Shelf Drilling should clear the way for its proposed merger with Maersk Drilling. The CMA opened an investigation into the $3.4bn merger deal in February, later warning that it could increase costs and reduce service quality for oil and gas producers in the UK North Sea, particularly in the supply of jack-up rigs.

In response, Noble and Maersk Drilling signed a $375m deal to sell-off several units to a new subsidiary of Dubai-based Shelf Drilling to address the watchdog’s concerns. The CMA’s latest guidance suggest the sale of these so-called “remedy rigs” may indeed enable the merger to proceed.

Maersk Drilling is advised JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. DNB Bank and Ducera Partners is advised by Morrison & Foerster.


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Securitas completed the acquisition of the security business of Stanley Black & Decker for $3.2bn.

Securitas, a security services, monitoring, consulting and investigation group, completed the acquisition of the security business of Stanley Black & Decker, a manufacturer of hand and power tools, for $3.2bn.

"This transformational acquisition makes us a strong provider of tech-enabled security solutions and a leading partner to our clients on a global scale. With our combined client proposition and our strong sales structure, we expect to deliver higher, more profitable growth than before. Going forward, approximately 50% of our profit contribution will be generated through high-margin technology and solutions sales. We are extremely pleased that the acquisition now is formally completed, and I want to welcome all of Stanley Security's clients and employees into the Securitas Group," Magnus Ahlqvist, Securitas President and CEO.

Securitas was advised by Morgan Stanley, SEB Corporate Finance, K&L Gates and Mannheimer Swartling. Debt financing was advised by SEB Corporate Finance. Stanley Black & Decker was advised by Bank of America, Citigroup, Evercore and Sard Verbinnen & Co.

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Altice considers selling Suddenlink for up to $20bn.

Altice USA is exploring the sale of Suddenlink, which provides cable and internet service in the south-central US, as the telecommunications company seeks to pay down its massive debt load.

Altice USA is working with Goldman Sachs on the potential sale, which could fetch as much as $20bn. The unit has about $1.3bn in earnings before interest, taxes, depreciation and amortization. Altice USA has begun soliciting interest from potential suitors. The company could still decide to keep the division,?Bloomberg?reported.


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Volkswagen ropes in Porsche CEO Oliver Blume to lead as Diess steps down. (People)

Volkswagen Group chairman and CEO Herbert Diess is stepping down from his position at the company and will be replaced by Porsche CEO Oliver Blume.

Blume will take over as Chairman of the Group Board of Management and remains at the same time Chairman of the Board of Management of Porsche. He will take over this position with effect as of September 1,?Business Standard?reported.

"Oliver Blume has proven his operational and strategic skills in various positions within the Group and in several brands and has managed Porsche from a financial, technological and cultural standpoint with great success for seven years running. From the Supervisory Board's point of view, he is now the right person to lead the Group and to further enhance its customer focus and the positioning of its brands and products," Hans Dieter Potsch, Volkswagen Chairman.

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