Deals of the day-Mergers and acquisitions

Feb 12 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday:

** Indian conglomerate Lohia Group said it acquired Israel’s Light & Strong Ltd, a maker of carbon fibre and glass fibre composite components for the aerospace and defence sector.

** ERGO Group, part of German reinsurer Munich Re , is selling its non-life insurance business in Russia, the company said, becoming the latest Western company to reduce its presence in the Russian market.

** Japan’s KDDI Corp said it would spend $800 million to buy a minority stake in Securities Co Ltd in the telco’s latest move to expand in finance.

** Samsung Heavy Industries turned down an offer to take over rival shipbuilder Daewoo Shipbuilding & Marine Engineering, the top shareholder of Daewoo said.

** Activist hedge fund Sachem Head Capital Management has written a letter to U.S. communications infrastructure provider Zayo Group Holdings Inc urging it to explore a sale, according to people familiar with the matter.

** Inc said it has signed an agreement to buy eero, a startup company that makes home routers, to help customers better connect smart home devices. (Compiled by Bharath Manjesh in Bengaluru)

Source: Read Full Article