Notable Mergers and Acquisitions of the Day 05/10: (MT) (AVP) (FDX)
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- ArcelorMittal (NYSE: MT) has entered into an agreement to divest its 23.48% interest in Enovos International SA to a fund managed by AXA Private Equity for a purchase price of EUR 330 million. This agreed transaction is in line with the declared Group strategy of selective divestment of non-core assets.
The purchase price is split with EUR 165 million payable at closing, with the remaining portion deferred for up to two years. Interest will accrue on the deferred portion. Closing of the transaction is subject to customary closing conditions and is expected to occur prior to June 30, 2012.
AXA Private Equity is a diversified private equity firm with $28 billion of assets managed or advised. The firm has an international reach with nine offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich, Vienna and Luxembourg.
- Avon Products, Inc. (NYSE: AVP) received a letter from Coty Inc., dated May 9, 2012. In part, the latter stated Coty boosted its proposed acquisition price to $24.75. For more color, click here.
- FedEx Corp. (NYSE: FDX) announced today that it has signed an agreement to acquire TATEX, a leading French business-to-business express transportation company. This transaction is subject to necessary regulatory approvals and customary conditions.
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