Notable Mergers and Acquisitions of the Day 04/24: (RDS-A) (PH) (WPI)


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April 24, 2012 10:17 AM EDT Send to a Friend
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  • Royal Dutch Shell (NYSE: RDS-A) and Cove Energy have reached a deal on the sale of Cove Energy. The offer values Cove energy at £1,120 million. The acquisition of Cove's portfolio would allow Shell access to resources in Mozambique and Kenya, and other parts of East Africa.

    Cove Shareholders who accept the Offer will be entitled to receive 220 pence in cash for each Cove Share.

  • Parker Hannifin Corporation (NYSE: PH), has signed an agreement to acquire the Olaer Group headquartered in Deeside, United Kingdom. Olaer is a leading manufacturer of a broad range of advanced hydraulic accumulator and cooling technologies to provide solutions for energy, mobile and industrial markets.

    Terms were not disclosed.

    Olaer has annual sales of approximately 150 million Euros ($200 million) and employs 550 people. The company has manufacturing and sales facilities in the United Kingdom, France, Sweden and China and sales companies in 14 countries. Upon completion of the transaction, the acquired company will be integrated into Parker's Hydraulics Group as part of the Industrial Segment. Approximately 88 percent of the sales will be reported as Industrial International and 12 percent reported as Industrial North America.

  • According to the WSJ, Watson Pharma (NYSE: WPI) will announce the acquisition of Actavis for about €4.5 billion ($5.92 billion) on Wednesday. The price values Watson's Swiss rival at 14 times to 15 times EBITDA, a little more rich than the 10 times to 12 times EBITDA valuation in recent industry takeovers.

    Actavis generated about €300 million in EBITDA for 2011.

    Looking at Actavis' website, its hard to see what's in development. In terms of current offerings, Actavis offers this bit of info: "Actavis’ broad product portfolio of over 830 products encompasses all of the major therapeutic areas and formulations. In addition to tablets and capsules, Actavis sells injectables, suspensions, infusions, suppositories, gels, syrups, creams and ointments."

    Watson competes in the generic market against such names as Teva Pharma (Nasdaq: TEVA), Novartis' (NYSE: NVS) Sandoz, and Mylan (Nasdaq: MYL).

    Last year, Watson spent €400 million for Greek drug maker Specifar Pharmaceuticals SA and $387 million for a unit of Strides Arcolab Ltd.
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