Markets & Finance
Bid & Ask: The Deals of the Week
1. The Department of the Treasury plans to sell $5.8 billion of shares in American International Group (AIG) at $30.50 each, with the bailed-out insurer buying $2 billion of the total.
3. Billionaire Carl Icahn won the right to buy oil refiner CVR Energy (CVI) after a majority of shareholders accepted his $30-a-share tender offer, which values the company at $2.6 billion.
4. London-based GlaxoSmithKline (GSK) is making a hostile $2.6 billion offer for Human Genome Sciences, its partner in developing the Benlysta drug for lupus. The company had rebuffed Glaxo’s offer in April.
5. Billionaire Li Ka-shing’s Hutchison Whampoa (13:HK) bid $2.6 billion for Irish phone company Eircom Group.
6. Amid a seven-year decline in Japanese beer consumption, Asahi Group (2502:JP), the country’s largest brewer by volume, will pay $1.5 billion for milk drink producer Calpis.
7. Houston-based Marathon Oil (MRO) will acquire Paloma Partners II, a closely held oil exploration and production company, for $750 million.
8. Penn National Gaming, the operator of 26 casinos and racetracks, will purchase Harrah’s St. Louis casino hotel from Caesars Entertainment (CZR) for $610 million.
9. New Jersey-based Bed Bath & Beyond (BBBY) is buying Cost Plus World Market for about $495 million to add about 259 stores operating under the World Market and other names.
10. Mark Rothko’s fiery 1961 canvas, Orange, Red, Yellow, fetched a record $86.9 million at Christie’s in New York, surging well beyond a $45 million pre-sale estimate.