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BHP raises the proposed acquisition price of OZ Minerals to $6.4bn.
Ontario Teachers leads bidding for the $12bn SSE Networks stake. (FS)
Enel weighs a $5bn sale of its Peruvian operations.
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American hedge fund Standard General L.P. and TEGNA , a television stations operator, announced the National Telecommunications and Information Administration, on behalf of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector, submitted a filing with the Federal Communications Commission confirming it has no objections to the transaction.
"Standard General has a proven track record of increasing investment in local journalism and bringing new ideas and perspectives to local broadcasting. The pending transaction with TEGNA is about investing in and further strengthening local stations, which brings value to our viewers and our communities. We look forward to creating the largest minority-owned and female-led television station group in US history and dramatically increasing minority broadcast ownership and viewpoint diversity," Soo Kim, Standard General Founding Partner.
TEGNA (led by Dave Lougee) is advised by Evercore , Greenhill & Co. , J.P. 摩根 , Covington & Burling LLP , Wachtell, Lipton, Rosen & Katz (led by Viktor Sapezhnikov , Igor Kirman , Victor Goldfeld and Andrew Brownstein ) and FGS Global (led by George Manolis ). Financial advisors are advised by 富而德律师事务所 (led by Ethan Klingsberg ). Standard General L.P. (led by Deb McDermott) is advised by 高盛 , Moelis & Company , RBC Capital Markets , Cooley LLP (led by Robert M. McDowell ), Fried Frank (led by Warren de Wied and Roy Tannenbaum ), Pillsbury Winthrop Shaw Pittman LLP and Joele Frank (led by Andrew Siegel and Jamie Moser ). Debt is provided by RBC Capital Markets .
Apollo Global Management, Inc. , an American global alternative investment management firm, completed the acquisition of 天纳克 , an American automotive components original equipment manufacturer, for $7.1bn.
“We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tenneco’s growth trajectory and enhance operations. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world," Jim Voss, Tenneco CEO.
天纳克 (led by Brian Kesseler) was advised by J.P. 摩根 , Lazard (led by Mark McMaster ), Eversheds Sutherland , Latham & Watkins (led by Mark Gerstein ) and Joele Frank (led by Sharon Stern and Jim Golden ). Apollo Global Management, Inc. (led by Leon Black) was advised by 美国银行 , 花旗 , Rothschild & Co (led by Vikas Sehgal ), Mori Hamada & Matsumoto (led by Tomoya Fujita), Paul, Weiss, Rifkind, Wharton & Garrison LLP and Wachtell, Lipton, Rosen & Katz (led by Karessa Cain).
BHP made an improved $6.4bn offer to acquire copper producer OZ Minerals as the world's top miner seeks more exposure to rising demand from clean energy and electric cars,?Bloomberg?reported.
OZ Minerals will recommend shareholders vote in favor of the $19 a share offer, the Adelaide, Australia-based company said Friday, after rejecting an earlier $16.7 per share bid in August. The proposed acquisition would be BHP's largest since the $12.1bn purchase of Petrohawk Energy in 2011.?
OZ Minerals (led by Andrew Cole ) is advised by Greenhill & Co. , 麦格理集团 and Gilbert + Tobin . Petrohawk Energy (led by Andrew Mackenzie) is advised by 花旗 .
Ontario Teachers leads bidding for the $12bn SSE Networks stake. (FS)
Ontario Teachers' Pension Plan is emerging as the frontrunner to acquire a stake in energy company SSE plc 's multibillion-pound electricity networks.
The Canadian pension fund is negotiating terms of a deal to invest in SSE’s transmission and distribution grid assets. SSE said in November last year it plans to sell about 25% of its transmission and distribution grid units to help fund an increase in spending on net-zero infrastructure. The assets could be valued at more than $12bn in any deal.
The stake sale is part of a strategic plan unveiled by SSE after it rejected a proposal from activist investor Elliott Investment Management to split the company in two by separating the renewables business,?Bloomberg?reported.
Enel weighs a $5bn sale of its Peruvian operations.?
Enel Group is weighing a sale of its operations in Peru as it seeks ways to cut debt and fund new investments.
Italy’s largest utility is working with advisers on the potential disposal, which could be valued at about $5bn. The asset has drawn preliminary interest from strategic suitors and investment funds,?Bloomberg?reported.
Enel, which recently cut its profit target for 2022 in the wake of the global energy crisis, is exploring asset sales outside Italy in a bid to reduce its debt pile and finance new investments. The intention to sell the Peru business is expected to be announced by Enel Chief Executive Officer Francesco Starace when he presents the company’s 2023-2025 business plan on November 22.
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