Two more Philly firms seek Europe partners
UGI to add France's Totalgaz; Mothercare spurns Destination Maternity
Valley Forge-based UGI Corp. says it has agreed to pay at least $547 milllion to buy the France-based oil company Total's Totalgaz liquified-petroleum gas (LPG) business and combine it with UGI International, which supplies France's Antargaz small-customer business.
Separately, Destination Maternity, the Philadelphia company that sells A Pea in The Pod and other clothing brands for pregnant women (and is deserting its Navy Yard facility to move its headquarters to Moorestown, NJ this fall), confirmed today that U.K.-based Mothercare Plc refused a sweetened $453 million takeover offer from Destination last month. Destination defended the deal, which it said would have enriched shareholders of both companies and created "the global leadee in maternity, baby and young children's apparel" with $1.7 billion in yearly sales.