Benzinga's M&A Chatter for Thursday May 22, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday May 22, 2014: Hess to Sell Retail Business to Marathon Petroleum for $2.6B The Deal:
Hess HES announced Thursday, that it has agreed to sell its retail business to Marathon Petroleum MPC for $2.6 billion in cash. Hess Retail operates 1,342 locations, along the U.S. east coast. The deal is expected to close before the end of 2014. Hess shares closed Thursday at $90.29, a gain of 1%. Marathon Petroleum lost less than 1% to close at $86.91. Philips Rumored to Considering Bid for Cree The Rumor:
Shares of Cree CREE rose sharply Thursday, on unconfirmed market chatter that Philips PHG is considering an acquisition of the maker of LED bulbs, according to sources. The purchase purchase price is rumored to be $59.00 per share. Spokespersons for the two companies declined comment on the rumor. Cree closed Thursday at $47.63, a gain of 1.5%. GE Agrees to Extend Alstom Proposal Deadline to June 23 The Extension:
General Electric GE released a statement on Thursday, regarding their $17 billion pursuit of France's Alstom's ALSMY energy assets. "At the request of the French government, we have agreed, in consultation with Alstom, to extend the deadline for consideration by the Alstom board of our proposal until June 23. We have done so to facilitate ongoing discussions with the government. The industrial project we have presented is good for Alstom, for France and for GE, and our discussions have continued to be constructive. We view this extension positively." The French government has sought other potential buyers, including Siemens SMAWF. GE shares closed Thursday at $26.51, again of $0.02. Microchip Technology Acquires ISSC Technologies for Approximately $328.5M in Equity Value The Deal:
Microchip Technology MCHP and ISSC Technologies announced Thursday, an agreement, under which MCHP will acquire the provider of low power Bluetooth and advanced wireless solutions, for NT$143 per share or approximately US$4.74 per share, for a total equity value of approximately $328.5 million. The tender offer is expected to close in Q3 2014 and the merger in Q4. Microchip Technology shares gained $0.10 Thursday, closing at $46.64.