Wednesday January 2nd
Zijin set to sell $1.2billion A shares to fund its purchase of Canada’s Nevsun Resources
Chinese gold miner, Zijin Mining Group, plans to sell up to $8billion yuan’s worth of new shares in Shanghui to help fund its purchase of Canada’s Nevsun Resources. Zijin plans to sell up to 3.4 billion A shares subject to shareholder and regulator approvals.
Earlier last year, Nevsun agreed to a $1.37 billion buyout bid by Zijin in a deal that trumped an earlier hostile takeover by Lundin Mining Corp
Thursday January 3rd
Celgene and Bristol Myers set $2.2 billion termination fee for their mega deal
Celgene and BMS will have to pay $2.2 billion if either of the drug makers walk away from the $74bn deal according to regulatory filing. The deal including Celgene’s debt amounts to $95bn and is the largest pharmaceutical deal ever bringing together two of the world’s largest cancer drug businesses.
Celgene’s top executives, including its chief executive officer and chief financial officer, are entitled to severance benefits if they resigned with good reason or are terminated without cause within two years of the deal closing. The benefits include a cash severance payment equal to 2.5 times the officer's annual base salary and annual cash incentive opportunity. If the termination or resignation is not connected to the deal closing, the severance payment would be 1.5 times the officer’s salary
The European Union approves the acquisition of Costa Coffee chain by Coca-Cola
The EU today cleared the sale of the Costa Coffee chain to Coca Cola from British restaurant and hotel owner Whitbread plc. The commission believed the acquisition would not raise competition concerns since the companies do not sell the same products with the links between their activities being limited.
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