France’s L’Oreal acquires Urban Decay Cosmetics from sponsor Castanea

French cosmetics group L’Oreal SA (EPA:OR) announced today it had agreed to buy US-based make-up specialist Urban Decay Cosmetics LLC from private equity firm Castanea Partners Inc for an undisclosed sum.

The transaction is awaiting regulatory clearance and is scheduled for completion by the end of the year. Through it, L’Oreal will complement its own portfolio of brands.

Commenting on the deal, L’Oreal USA’s CEO Frederic Roze stated it will enhance the company’s position in the assisted self-service and e-commerce distribution channels in the US.

Based in Newport Beach, California, Urban Decay offers products in the eye category like Naked Palette and Naked Skin. The business achieved sales of USD130m (EUR100.3m) in the fiscal year to June 2012.

German Software AG has €1bn to spend on acquisitions — report

Germany-based Software AG (ETR:SOW) can “theoretically” afford an acquisition of as much as EUR1bn (USD1.3bn), German daily Die Welt said Sunday, citing chief financial officer Arnd Zinnhardt.

The business software developer is currently interested in firms involved in cloud computing or big data analysis, according to Zinnhardt.

So far, Software AG’s biggest acquisition is the EUR487m takeover in 2009 of German sector firm IDS Scheer, which develops, markets and supports Business Process Management (BPM) software.

At present Software AG is the fourth largest enterprise software provider in Europe, according to its website, with 2011 revenues of about EUR1.1bn.

National Bank of Greece to acquire rival EFG Eurobank Ergasias

National Bank of Greece (NYSE:NBG) said its shareholders had given the go-ahead to the planned acquisition of local peer EFG Eurobank Ergasias SA.

The shareholder meeting, which was held on Friday, followed two unsuccessful attempts of the bank to gather the necessary quorum. It convened with a quorum of 32.77%, which was still below the required 50% level. An NBG representative had told Reuters previously that the meeting would be final independently of the number of shareholders present.

NBG proposed to buy its rival in early October, offering to exchange 58 new shares for every 100 shares of the target. If the deal is successful, NBG shareholders will hold 75% of the enlarged entity, while Eurobank shareholders will hold the remainder.

The transaction, which is seen to create the country’s top lender, is subject to approval from the Bank of Greece and the Hellenic Financial Stability Fund (HFSF), Greece’s financial stability fund.

Kranem names Squar Milner as auditor

Kranem Corp. (OTC: KRAN) said it has engaged Squar, Milner, Peterson, Miranda & Williamson, LLP (Squar Milner) as its independent public accounting firm, effective November 16, 2012, replacing De Joya Griffith & Company LLC (De Joya Griffith).

Kranem Corp. (OTC: KRAN) said it has engaged Squar, Milner, Peterson, Miranda & Williamson, LLP (Squar Milner) as its independent public accounting firm, effective November 16, 2012, replacing De Joya Griffith & Company LLC (De Joya Griffith).

The company said it believes that the transition from De Joya Griffith to Squar Milner will be smooth and that Squar Milner will have adequate time to prepare for the company’s annual audit.

“We are very pleased to engage Squar Milner as our independent auditors,” said Kranem’s chairman and chief executive officer, Ajay Batheja. “In conjunction with the growth of company, we felt the timing was right to retain a “multi-services” accounting firm.”

The Kranem/Xalted Group is a leading global provider of Big Data Software and Security services to enterprises, law enforcement agencies and government agencies. The company is headquartered in San Jose, California, USA, with additional offices located in Mumbai, Delhi, Bengaluru, and Baddi, India and Rome, Italy. For more information, visit: www.xaltedcorp.com and/or www.kranem.com