Friday, 24 June 2011

Mergers & Acquisitions - Week Ending 24/06/11

On Monday, PNC Financial Services Group purchased Royal Bank of Canada’s American retail unit for $3.45 billion. The buyer, who is looking to expand its operations in the south-eastern US, was down 2%, while RBC rose 0.2%. A dwindling Harbin Electric was bought by its own CEO, Tianfu Yang, for $750 million. This news boosted the electric motor maker’s price by almost 60%. The midweek saw AstraZeneca sell Astra Tech, a dental device producer to Dentsply for $1.8 billion in cash. The buyer, which will now be the world’s third largest dental implant maker, was up around 1.9%, while the seller’s price was largely unchanged at Wednesday’s bell. On Friday, Chinese internet search giant invested $306 million in, a travel website that is planning an IPO. Baidu, which has become even stronger since Google moved its headquarters to Hong Kong, closed down 0.4%; bringing an end to a particularly lifeless week.