Sun, May 29, 2016 - Page 15 News List

World Business Quick Take

Agencies

ELECTRONICS

Thermo Fisher to buy FEI

Thermo Fisher Scientific Inc is to buy FEI Co for about US$4.2 billion, the latest deal by the diagnostics and research equipment company in a campaign of acquisition to beef up its suite of testing and technology services. Thermo Fisher will pay US$107.5 per share in cash and the deal is expected to close early next year, the companies said in a statement on Friday. FEI produces electron microscopes which are used to analyze proteins, giving Waltham, Massachusetts-based Thermo Fisher a complementary product line to its mass spectrometry systems.

MACHINERY

CRRC to raise US$1.8bn

CRRC Corp (中國中車), China’s only maker of high-speed locomotives, plans to raise as much as 12 billion yuan (US$1.8 billion) in a private share sale in Shanghai to repay debt and to help finance its daily operations. The company’s board has approved the sale of as many as 1.39 billion yuan-denominated A shares at 8.66 yuan apiece, CRRC said in a filing to the Shanghai exchange on Friday. That is a 4.8 percent discount to the last close. Home to the world’s biggest high-speed rail network, China has identified the sector as one of 10 focus industries in a blueprint for economic development.

DRUGMAKERS

Bayer to choose banks

Bayer AG is close to choosing banks to arrange funds for its proposed acquisition of Monsanto Co, according to people familiar with the matter, after the US company rejected the initial US$62 billion bid as too low and sought reassurances on the potential financing. Bayer will probably raise more than US$40 billion in short-term bridge financing and most of the remainder in term loans, the people said. The German company interviewed lenders at its headquarters in Leverkusen this week and is likely to select about half a dozen banks next week, the people said.

STOCK MARKET

TCI Fund supports LSE bid

Activist investor TCI Fund Management supports Deutsche Boerse AG’s proposed takeover of London Stock Exchange Group PLC (LSE), clarifying the motives behind the fund’s purchase of a sizable stake in the British company. “We support it,” Christopher Hohn, the founder of TCI, told the German magazine Der Spiegel. TCI holds a 4.25 percent stake in LSE, making the hedge fund the sixth-largest shareholder in LSE. In a letter to investors, Hohn said he is confident that both managements will “bend over backwards” to get regulatory approval for the deal.

LAW FIRMS

Mossack Fonseca downsizes

The law firm at the heart of the Panama Papers revelations is closing its offices in the British-dependent territories of Jersey, Isle of Man and Gibraltar, it tweeted on Friday. Mossack Fonseca “will be ceasing operations” in those territories, “but we will continue serving all of our clients,” it said. “This decision has been taken with great regret, as Mossack Fonseca has had a presence in these locations for more than 20 years,” the Panama-based law firm added. The office closures were part of a strategy to “consolidate our service office network,” it said.

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