Daimler and Rolls-Royce buy Tognum, Pratt & Whitney wins a $1 billion-plus defense contract, and a record-breaking Rolex at Christie's
1. Board members at German engine maker Tognum agreed to a $4.8 billion takeover bid from Daimler AG (DDAIF) and Rolls-Royce Group after the suitors raised their offer from $4.4 billion.
2. Bank of Ireland (IRE), the nation's largest bank, is preparing to sell $1.8 billion in U.S. real estate loans after regulators ordered it to shrink its balance sheet.
3. The U.S. Defense Dept. awarded Pratt & Whitney, a United Technologies (UTX) company, a $1.1 billion contract to produce engines for the F-35 Lightning II jet fighter.
4. Joy Global (JOYG) agreed to buy LeTourneau Technologies from Rowan Companies (RDC) for $1.1 billion, adding oil and gas drill rigs to its line of mining equipment.
5. In a bid to increase Internet sales, Allstate (ALL), the largest publicly traded auto insurer in the U.S., is buying Esurance and Answer Financial from White Mountains Insurance Group (WTM) for about $1 billion.
6. Publicis Groupe, the French advertising company that owns the Leo Burnett and Saatchi & Saatchi agencies, is purchasing Princeton (N.J.)-based digital marketing agency Rosetta for $575 million.
7. In its second major deal in May, Israel's Teva Pharmaceutical Industries (TEVA) agreed to pay $460 million for 57 percent of Japanese generic drugmaker Taiyo Pharmaceutical Industry.
8. Real estate investment trust Diamond-Rock Hospitality (DRH) agreed to buy the 712-room Radisson Lexington Hotel in Midtown Manhattan for $335 million.
9. Flash memory drive maker SanDisk (SNDK) will pay $327 million for Pliant Technology in a bid to expand its sales of data storage devices for business.
10. A Rolex wristwatch made in 1942 sold for $1.16 million at a Christie's auction in Geneva on May 16. The stainless steel chronograph, one of 12, set the auction record for a Rolex.