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BRUSSELS (Reuters) – The European Commission said on Friday it had approved Japanese firm Nidec’s planned purchase of U.S. white goods maker Whirlpool Corp’s compressor subsidiary Embraco, subject to conditions rose gold monogram cufflinks. Nidec, a Japanese electric motor manufacturer, agreed a year ago to buy Brazil-based Embraco for an enterprise value of $1.08 billion. The Commission said that the deal as notified would have reduced competition and resulted in higher prices given that Nidec and Embraco were close competitors..
FRANKFURT (Reuters) – Germany’s Merck KGaA sealed a $6.5 billion takeover deal with Versum Materials after overturning a deal it had agreed with rival bidder Entegris. A bet on a recovery in electronic materials markets for semiconductor makers, the transaction will boost the share of profit that diversified Merck derives from high-tech chemicals to 27 percent from 19 percent previously rose gold monogram cufflinks. Merck, also maker of pharmaceuticals and biotech production gear, this week won the backing of Versum’s board for its $53-per-share offer, lifted from $48 previously, having been spurned for weeks..
“The business combination is expected to significantly strengthen Merck’s Performance Materials business sector, creating a leading electronic materials player focused on the semiconductor and display industries,” it said in a statement rose gold monogram cufflinks. Merck’s swoop comes amid depressed stock prices in the volatile semiconductor industry after demand for mobile devices slowed and prices for memory chips sank. But Merck said here on Friday it would capitalize on global data processing and storage demand mushrooming by more than 30 percent per year until 2025, fueled by trends such as artificial intelligence and autonomous driving..
Versum is the former specialty chemicals division of industrial gases group Air Products. Merck, whose shares were down 2.5 percent at 1400 GMT is targeting 75 million euros ($85 million) in annual synergies by the third full year after closing of the deal, which it expects in the second half of 2019, it said in a statement on Friday. The deal will increase earnings per share in the third full year after closing, while the increase will be immediate when adjusted for one-off items, it added rose gold monogram cufflinks. The purchase will be financed with existing cash as well as a $4 billion bridge loan and a $2.3 billion term loan provided by Bank of America Merrill Lynch, BNP Paribas Fortis and Deutsche Bank..
Merck aims to preserve a strong investment grade credit rating, it said. Guggenheim and Goldman Sachs are financial advisors, and Sullivan & Cromwell LLP is acting as legal counsel to Merck rose gold monogram cufflinks. Lazard and Citi are serving as financial advisors to Versum, with and Simpson Thacher & Bartlett LLP as legal counsel. Entegris this week stepped back from the contest, saying it would not improve the terms of the all-share merger signed in January, which would have seen Versum investors receive about $44 worth of Entegris stock for each Versum share..