Deal Desk

M&A deals, 13 November 2026

13 November 2026 · 4 deals

Our view: Whether through a mandatory offer, a stock and cash merger, a strategic exit or a control sale with a retained stake, price and structure reward sellers who build a credible valuation and competitive tension, and who show buyers what the business is worth to them.

1. Southeast Asia · Plantations · RM6.10 per share

   Independent adviser urges United Malacca shareholders to reject RM6.10 mandatory takeover offer

   Independent adviser MainStreet Advisers Sdn Bhd said on 12 November 2026 that Prosper Trading Sdn Bhd's RM6.10 per share mandatory takeover offer for plantation group United Malacca Bhd is not fair and not reasonable, a 39.18% discount to its estimated revalued net asset value of RM10.03 per share, and the non-interested directors also recommended rejection. The offerors and persons acting in concert held 47.23% as at 5 November, and the offer remains open until 5pm on 23 November unless extended or revised.

   The Growth Alliance Capital view

   an offer triggered by crossing a shareholding threshold, rather than won in a negotiation, tends to anchor to the market price instead of asset value, and the gap here is wide. For founders of asset-heavy private companies, the lesson is that price is set by process: an independently supported valuation and genuine competitive tension establish the floor before any buyer names a number.

   Source: The Star

2. Global · Consumer health · approximately US$48.7 billion (enterprise value)

   Kimberly-Clark completes acquisition of Kenvue

   Kimberly-Clark completed its acquisition of Kenvue on 2 November 2026, with each Kenvue share converting into US$3.50 in cash and 0.14625 shares of Kimberly-Clark common stock. The deal was originally valued at an enterprise value of approximately US$48.7 billion, and the company forecasts approximately US$2.1 billion in run-rate synergies.

   The Growth Alliance Capital view

   the largest consumer deals are being paid in a mix of cash and stock and justified by synergies, which tells founders that acquirers price what the combination can earn, not only what the target earns alone. Private consumer and personal care businesses that can show where they lower a buyer's costs or lift its revenue give that buyer a reason to pay above a standalone multiple.

   Source: Personal Care Insights

3. Global · Ports and logistics · €2.56 billion ($2.86 billion) enterprise value

   Adani Ports agrees to acquire European liquid storage operator Evos

   Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire Netherlands-headquartered liquid storage operator Evos from Igneo Infrastructure Partners at an enterprise value of €2.56 billion ($2.86 billion) and an equity value of €1.18 billion, in an all-cash deal funded with debt for which MUFG has committed up to €2.8 billion. Evos stores fuels, biofuels and sustainable aviation fuel across eight terminals in the Netherlands, Belgium, Germany, Spain and Malta, and completion depends on approvals and a works council consultation.

   The Growth Alliance Capital view

   Asian acquirers are buying abroad with committed bank debt, and here the seller, Igneo Infrastructure Partners, is exiting to a strategic buyer. For Southeast Asian founders in logistics and storage, it shows that well-run asset platforms attract buyers willing to pay for capacity they cannot build quickly.

   Source: Baird Maritime

4. Global · Consumer electronics retail · 1.335 billion euros

   JD.com completes acquisition of MediaMarkt owner Ceconomy

   JD.com has completed its acquisition of the German group Ceconomy, owner of the MediaMarkt electronics chain, acquiring 59.8% of Ceconomy's share capital and voting rights for 1.335 billion euros. Including the 25.3% stake retained by partner Convergenta, their combined stake is 85.2%, and the European subsidiary will continue to operate as an independent company.

   The Growth Alliance Capital view

   Chinese strategics are taking control of established operators abroad and leaving them to run independently, with a shareholder keeping a meaningful stake alongside. That structure, a control sale with a retained stake, is one Southeast Asian founders can use to take liquidity while keeping a share of the upside.

   Source: RetailDetail EU

Deal Desk summarises publicly announced transactions from the sources linked. "The Growth Alliance Capital view" is our opinion, not investment advice, and implies no involvement in any transaction mentioned.