Betfair has given a thumbs down for CVC’s takeover offer of £912m citing the bid offer as undervaluing the company and its prospects. The online gambling firm confirmed to have received a preliminary bidding offer last week 880 pence per share in cash or investments in a new entity from CVC Capital Partners.

ABB is all set to acquire Power-One for $1bn (£656m) to expand its presence in solar inverters market. ABB announced that it will pay $6.35 (£4.17) per share in cash, financed out of the Swiss firm’s own funds. The deal includes Power-One’s net cash of $266m (£173m). The Switzerland-based company which is the world’s biggest supplier of industrial motors and power grids is looking to tap a market forecast to…

The Glencore-Xstrata merger has overcome its final regulatory hurdle as China has given a conditional approval for the $35bn (£22.8bn) merger, which is touted as the biggest merger in the sector to date. It was crucial for Glencore to obtain approval from China which is the biggest buyer of materials it trades and mines. The approval means that Glencore can now begin to sell off its assets its Las Bambas…

Centrica and Qatar have tied up for a £650m joint venture to acquire Canadian natural gas assets of Suncor Energy in a move that reiterates Centrica’s plan to secure more gas supplies by developing its resources internationally, which would reduce its exposure to price movements in the wholesale gas market. The deal is the first joint investment for Britain’s biggest energy supplier and the world’s largest liquefied natural gas (LNG) exporter since they…

Joh A Benckiser, German consumer products business is planning to acquire coffee firm Douwe Egberts (DE), in a £6.4bn takeover. DE Master Blenders 1753, the Dutch proprietor of the DE coffee and Pickwick tea, has announced that the company had arrived at a conditional agreement on a £10.63 per share cash takeover by Joh A Benckiser. The Joh A Benckiser takeover of Douwe Egberts is to create a global hot…

General Electric (GE) has announced that it will acquire oilfield services provider Lufkin Industries for $3.3 billion (£2.17bn) to boost its presence in the energy industry. Lufkin will broaden GE’s artificial lift capabilities beyond electric submersible pumps. Lufkin shareholders will receive $88.50 (£58.11) per share in cash, and the deal is expected to be completed in the second half of 2013. The proposed takeover is among the three largest of…

HMV will be salvaged by Hilco in a £50m deal which would see the restructuring firm acquire about 140 stores and effectively saving 2,500 jobs at the UK’s last major high street DVD and CD chain. Hilco is all set to sign a deal this morning which will see it taking over around 130 HMV-branded stores and nine outlets that trade under the cut-price music brand Fopp.

Cisco has taken over Ubiquisys, a small-cell technologies provider, for $310m (£205m) to strengthen its mobile services portfolio. Ubiquisys is the latest company to be acquired by a larger US participant. Through the cash and retention-based incentives deal, Cisco plans to expand its wireless portfolio and couple Ubiquisys’ technology with its own mobility and Wi-Fi offerings.

AstraZeneca has acquired AlphaCore Pharma, a US-based biotechnology company, which is currently developing a new type of cholesterol medicine. The acquisition was made through AstraZeneca’s MedImmune unit. The financial details of the deal were not disclosed.The British drugmaker’s new chief executive Pascal Soriot had earlier stated that AstraZeneca would be taking on more scientific risks by betting on a new and still unproven approach to cardiovascular medicine under AstraZeneca’s restructuring plan which will also see…

Virgin Atlantic is likely to hold talks regarding a joint venture with Air France-KLM and Alitalia which would give the Richard Branson-owned carrier to increase its number of flights to Asia, the Middle East and Africa. The move signals Virgin Atlantic’s efforts to return to profitability with major changes to its business model which is likely to take away much of its independence which the carrier thrives on. Recently, Virgin Atlantic…