Notable Mergers and Acquisitions of the Day 08/31: (CAM)/(JOYG) (PC) (BAC)

• Cameron (NYSE: CAM) has agreed to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc. (Nasdaq: JOYG) for approximately $375 million in cash. The boards of Cameron and Joy Global Inc. have unanimously approved the transaction, which is subject to customary closing conditions.
  
  Closing is scheduled during Q411.
  
  Credit Suisse Securities (USA) LLC advised Cameron in connection with the transaction. Porter Hedges LLP are serving as legal advisor.
  
  
• Panasonic Corporation (NYSE: PC) today announced that its Board of Directors has decided and signed an agreement to absorb Panasonic Electric Works Co., Ltd. (PEW), a wholly-owned consolidated subsidiary of Panasonic.
  
  The merger is expected to take effect on January 1, 2012.
  
  Purpose of the merger, from the release: "Panasonic strengthen its business infrastructure and sales ability by unifying the sales platform to Panasonic in order to reinforce the comprehensive solutions business, which is the key business of the Company. Meanwhile, Panasonic maximizes the group synergy by promoting the unified and efficient business management through integrating the lighting, home appliances and devices businesses."
  
  
• According to the WSJ, Bank of America (NYSE: BAC) may seek to sell it's correspondent mortgage business. The move to sell it's correspondent channel may come as it no longer fits in with BofA's long-term strategy.
  
  Employing about 1,000 people, BofA made the decision to divest the business from four to six weeks ago, sources said.
  
  Notably, loans originated from correspondents totaled $27.6 billion in the first-quarter of 2011, amounting to 47 percent of BofA's total originations. BofA's share in the correspondent market was 24.3 percent, second only to peer Wells Fargo (NYSE: WFC).
  
  BofA has been aiming to shed unnecessary assets in order to strengthen its balance sheet in preparation for more stringent Basel III capital requirements. Earlier this week, the bank affirmed rumors it will sell it's $8.3 billion stake in China Construction Bank Corporation. Last week, Warrent Buffett's Berkshire Hathaway (NYSE: BRK-A) made a $5 billion investment in BofA, acquiring 50,000 shares of preferred stock at $100,000 apiece.
  
  
  
  

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