M&A

June 11, 2012, 4:34 PM UTC

Telefónica has agreed to sell a 4.56% stake in China Unicom back to the company for approximately $1.4 billion. www.telefonica.com

Technicolor (Paris: TCH) said that it has accepted a deal whereby it will sell around a 30% stake to J.P. Morgan for €169 million. This is lower than an upwardly-revised €179 million offer from JPMorgan, but Technicolor said that the latter deal’s breakup fees and legal structure were less attractive. Technicolor also has rejected a €186 million bid from Vector Capitalwww.technicolor.com

Gulf Capital has canceled the proposed sale of its 79% stake in Gulf Marine Services, after being unable to secure adequate offers, according to Reuters. The private equity firm reportedly had been seeking around $500 million. www.gulfcapital.com

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