Deals of the day-Mergers and acquisitions
Adds: Frasers Group, Merck
Oct 23 (Reuters) -The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:
** British sportswear and apparel retailer Frasers Group FRAS.L walked away from its plans to buy Mulberry MUL.L, adding it remained concerned about the governance at the luxury brand.
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** Merck MRK.N has acquired Modifi Biosciences for as much as $1.3 billion, gaining access to its experimental cancer therapies, the privately held biotech firm said.
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** Austrian steelmaker Voestalpine VOES.VI has agreed to sell its German subsidiary Buderus Edelstahl to investment firm Mutares MUXG.DE, the companies said, without disclosing the purchase price.
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** Frontier Airlines is exploring a renewed bid for Spirit Airlines SAVE.N, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
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** Singapore's GIC and Australia's Macquarie MQG.AX are looking at selling their stake of roughly 30% in Philippine renewable energy firm Energy Development Corp (EDC), a deal that could fetch $2 billion, two sources with knowledge of the matter said.
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** Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets.
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** Hong Kong-listed First Pacific 0142.HK said that its unit Metro Pacific Investments Corp MPCFF.PK is selling its stake in Philippine Coastal Storage & Pipeline Corp, an import terminal operator, valuing it at $296 million.
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** Martin Midstream Partners MMLP.O said on Tuesday it stood behind its planned takeover by its largest shareholder, after two hedge funds which made a competing bid said they planned to try and rally shareholders to vote against the deal.
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** J.M. Smucker SJM.N said on Tuesday it would sell its cookie brand, Voortman, to U.S.-based premium snacks maker Second Name Brands in a $305 million all-cash deal.
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** Barclays BARC.L has re-entered negotiations with Brookfield Asset Management BAM.TO about a deal to sell a stake in its British merchant payments business to the Canadian asset manager, Sky News reported on Tuesday.
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(Compiled by Rajarshi Roy and Rishi Kant in Bengaluru)
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