Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Mergers & acquisitions

December 13, 2012: 10:01 AM ET

GrainCorp. (ASX: GNC), an Australian grains handler, has rejected a $2.9 billion takeover offer from Archer Daniels Midland (NYSE: ADM). It previously had turned down a $2.76 billion offer. www.admworld.com

BC Partners is in talks to sell its 80% stake in Turkish supermarket chain Migros Ticaret for more than £1 billion to Wal–Mart Stores (NYSE: WMT), according to The Daily Telegraph. www.migroskurumsal.com

Juniper Networks (Nasdaq: JNPR) has acquired Contrail Systems, a Sunnyvale, Calif.-based developer of a virtualized network control solutions, for $176 million. Contrail raised $10 million in Series A funding earlier this year from Khosla Ventures and an undisclosed strategic backer. www.contrailsystems.com

Legg Mason (NYSE: LM) has agreed to acquire European hedge fund-of-funds manager Fauchier Partners from BNP Paribas. No financial terms were disclosed. www.leggmason.com

Sprint Nextel Corp.
(NYSE: S) has offered to acquire the 48% stake of Clearwire Corp. (Nasdaq: CLWR) that it doesn't already own, for $2.1 billion (or $2.90 per share – which is below where the stock traded following the announcement). www.clearwire.com

Tieto, a Helsinki-listed IT services provider, has agreed to sell its Italian and Spanish operations to GEA Enterprises. No financial terms were disclosed, except that the relevant assets generated €32 million in 2011 revenue. www.tieto.com

Societe Generale
has agreed to sell a majority stake in its Egyptian business to Qatar National Bank for $1.97 billion. www.societegenerale.com

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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