It was an unusually strong period for international M&A last week as all of the top 10 international deals registered in the billion-dollar range. Lately, billion-dollar deals have been few and far between as midmarket dealflow has dominated since the end of August when the U.S. subprime mortgage meltdown reared its ugly head, affecting the world economy. Call it coincidence or maybe just another signal that the world is getting smaller and companies are looking to expand in areas outside the U.S.'s slowing economy.
The No. 1 international deal of the week was Australian miner BHP Billiton plc's $149 billion offer for rival Rio Tinto plc of the U.K. on Nov. 8. If the deal goes through, it would be the biggest-ever mining takeover, creating a new entity with a $322 billion market capitalization and trumping the value of all 1,569 mining industry takeovers announced in the year to date, according to Dealogic.
Banco Santander Central Hispano SA's agreement to sell Banca Antonveneta SpA to Italian peer Banca Monte dei Paschi di Siena SpA for €9 billion ($13.2 billion) in cash registered as the No. 2 international deal of the week. The cross-border financial sector acquisition was one of three billion-dollar international banking deals last week.
For a closer look at last week's international deals of the week, please see below. — Gerald Magpily
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Top 10 Announced Deals with International Targets*
Nov. 5 - 9, 2007
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Date deal announced
The Deal's coverage
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Acquirer
Nationality
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Target
Nationality
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Deal value
($mill.)
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Type of deal
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Nov. 8
BHP pursues Rio
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BHP Billiton plc
Australia
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Rio Tinto plc
United Kingdom
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$148,999
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Public offer, Stock swap
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Nov. 8
Banca Monte grabs Antonveneta
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Banca Monte dei Paschi di Siena SpA
Italy
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Banca Antonveneta SpA
Italy
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13,169
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Divestment
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Nov. 5
Blackstone preps Australian debut
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China National Chemical Corp. - CNCC,
Fox Paine Management III LLC,
Blackstone Group LP
China
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Nufarm Ltd.
Australia
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3,073
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Public offer, Scheme of arrangement, Leveraged buyout, Going private
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Nov. 8
Close Brothers denies bidders
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Landsbanki Islands hf
Iceland
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Close Brothers Group plc
United Kingdom
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2,934
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Public offer
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Nov. 8
Primary bids for Symbion
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Primary Health Care Ltd.
Australia
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Symbion Health Ltd.
(80%, 2nd bid)
Australia
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2,728
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Public offer
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Nov. 8
Kirin swallows Australian business
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Kirin Holdings Co. Ltd.
Japan
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National Foods Ltd.
Australia
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2,617
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Divestment
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Nov. 6
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Katanga Mining Ltd.
United Kingdom
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Nikanor plc
United Kingdom
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1,987
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Public offer, Reverse takeover, Stock swap
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Nov. 7
VastNed rejects IEF approach
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IEF Capital
Netherlands
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VastNed Retail NV
Netherlands
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1,717
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Public offer
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Nov. 7
Swiss Life sells bank
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Assicurazioni Generali SpA
Italy
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Banca del Gottardo
Switzerland
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1,545
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Divestment
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Nov. 7
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Canada Pension Plan Investment Board
Canada
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Auckland International Airport Ltd.
(40%)
New Zealand
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1,382
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Public offer
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* Excludes buybacks and withdrawn deals
Source: Dealogic
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See Deals of the week subchannel
See TheDeal.com: BHP pursues Rio
See TheDeal.com: Banca Monte grabs Antonveneta
