Vedanta Resources does not foresee problems in Cairn India buy
Vedanta Resources Plc (VED.L) to acquire up to 51-61% stake in Cairn India for up to $9.6 bln, as Cairn Energy’s (CNE.L) chairman headed to New Delhi to push for the deal. Cairn Energy confirmed that it had agreed to sell 40% to 51% of the shares in Cairn India to Vedanta Resources. Vedanta has made the open offer through its group company Sesa Goa.
The deal will need New Delhi’s approval as Cairn India (CAIL.BO) has signed production-sharing [...]
India’s Suzlon Energy may sell German REpower Systems for $500 million
India’s Suzlon Energy (SUZL.BO) may sell up to 25 percent stake in its German wind energy subsidiary REpower Systems for $500 million. Suzlon is in separate talks with private equity fund TPG Capital and a U.S.-based global energy fund. Suzlon, the world’s third largest wind turbine supplier, owns 90.7% in REpower.
In another news, The Suzlon Group orderbook stood at approximately USD 4.9 billion (~Rs. 22,700 cr.). The Suzlon Wind [...]
Tsingtao Brewery plans to purchase a 45 percent stake in Hangzhou Xihu Beer Asahi Co
Tsingtao Brewery, China’s second-largest brewer by volume, plans to purchase a 45 percent stake in Hangzhou Xihu Beer Asahi Co for up to $294.4 million. Hangzhou Xihu Asahi was established by Asahi Beer, which holds a 55 percent stake, and Hangzhou Industrial Assets Management, which holds a 45 percent stake.
Hangzhou Xihu Asahi currently has beer production capacity of 300 million liters per year.
In another news, Tsingtao Brewery [...]
Michael Page International beat Hays PLC as overseas business boosts
Michael Page International PLC (MPI), U.K.’s second largest recruiter, gross profit rose 14 percent to $169.1 million in the second quarter compared with the previous quarter. The company beat analysts’ forecasts and posted stronger figures than rival Hays PLC (HAS). It also benefited from its strategy of diversifying overseas, with 70% of its profit now coming from outside the UK.
Jobs in Britain’s public sector are set [...]
Loyds Banking Group Sells private equity business to Coller Capital- Cavendish Square Partners LP
Lloyds Banking Group (LBG) has agreed to sell its private equity business, earning LBG £332 million in cash for transferring the 40 investments held by its Integrated Finance unit to a new joint venture with Coller Capital in which the bank will hold a 30 percent stake.
Lloyds will retain a stake of about 30 percent in a new joint venture called Cavendish Square Partners LP. “This deal will ensure that we share in any future upside in [...]
Bank of China fund-raising, valuation-wise very attractive
Bank of China Asia’s third-largest lender by market value plans to raise as much as 60 billion yuan ($8.9 billion) in a rights offer to replenish capital. The lender said July 2 it will sell shares in Shanghai and Hong Kong. The stock rose 0.3 percent to 3.4 yuan. The stock was unchanged at HK$3.97 on June 30 before trading was suspended the next trading day.
Bank of China’s, the country’s fourth-largest bank, major fund-raising [...]
Is Agricultural Bank of China (AgBank) Shanghai IPO big for market?
Agricultural Bank of China (AgBank),, the country’s third-largest lender by assets, has narrowed the price range for its Hong Kong initial public offering to HK$3.18-3.38 per share. Agricultural Bank of China (AgBank) aims to raise as much as US$23.2 billion in an IPO before listing in Shanghai and Hong Kong in mid-July, which would make it the world’s largest IPO.
Agricultural Bank of China said on Monday that it had attracted [...]
Andrew Miller Named New chief executive of Guardian Media Group (GMG), replacement for Carolyn McCall
The chief financial officer of Guardian Media Group (U.K. publishing firm) Andrew Miller has been named as the new permanent replacement for Carolyn McCall. McCall left the group at the end of June to join Easyjet as chief executive, and Miller had previously been named as her interim replacement. Before joining Trader Media Mr. Miller held senior roles at PepsiCo Inc., Bass and Procter & Gamble Co. In the year to the end of March, GMG [...]
