World Business Quick Take

■ TAKEOVERS
Nestle acquires Novartis
Food and drinks giant Nestle SA said yesterday it had completed its US$2.5 billion takeover of Novartis Medical Nutrition. Nestle was required to divest healthcare nutrition units in France and Spain to comply with antitrust demands by the European Commission, which was worried about the company's new dominance of the market for liquid food, used to feed patients intravenously. The deal, which gives Nestle control of brands such as the Boost and Resource nutritional supplements and Optifast dieting products, also sees 2,000 Novartis employees join the company.

■ TAKEOVERS
Hoya to make Pentax bid
Japanese optical glass maker Hoya Corp said yesterday it will finally launch its friendly takeover bid for Pentax Corp today after a delay to consult with regulators over the deal. Hoya said it was willing to spend up to ¥104.5 billion yen (US$852 million) to buy up to 135.47 million shares in Pentax for ?770 each, or about 99.9 percent of the camera manufacturer. The tender offer will lapse on Aug. 6 unless extended. Hoya had previously said it aimed to begin the tender offer early last month after finally sealing a deal following months of shareholder resistance and a boardroom rift at the camera maker.

■ plastics
Amcor to sell unit
Amcor Ltd, the world's largest maker of plastic soft drink bottles, said yesterday it has agreed to sell its European PET business to Spain's La Seda de Barcelona SA for about 425 million euros (US$575 million). The sale is expected to be finalized in the third quarter of this year, the Melbourne-based company said in a statement. Amcor has sold A$420 million (US$356 million) of assets and closed 10 plants as part of a three-year program to "fix, close or sell" non-performing units. It flagged the sale of all or part of its European PET unit in February, saying it would raise up to A$580 million.

■ TELECOMS
Macquarie acquires GTP
Australia's Macquarie Communications Infrastructure Group said yesterday its Macquarie Bank Ltd consortium has agreed to acquire US-based wireless tower operator Global Tower Partners (GTP) from Blackstone Group for US$1.43 billion. "Through this acquisition Macquarie Communications has gained a timely position in a familiar industry in the attractive US market," said Scott Davies, chief executive of Macquarie Communications, in a statement to the Australian Securities Exchange. Macquarie Communications will take a 28.7 percent stake in GTP, and partner Macquarie Infrastructure Partners will take 56.2 percent.

■ ENGINEERING
GS to build Thai plant
South Korea's GS Engineering & Construction Corp said yesterday it has won a US$185 million order to build a petrochemical plant in Thailand. GS Engineering received the order for the polypropylene plant in a letter of intent from HMC Polymers Co, a Thai petrochemical company, the Korean builder said in a filling to the Korea Exchange. It will take 28 months to build the plant, GS said. It didn't say when construction would begin. Polypropylene is used in a wide variety of applications, including food packaging, ropes, textiles, plastic parts and reusable containers. GS Engineering's shares rose 8.14 percent yesterday to close at 119,500 won (US$129.65) on the news.