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Sovereign Wealth Funds Briefing 02.Nov 2010

Posted on 02 November 2010 by VRS |  Email |Print

From Telegraph: A Chinese sovereign wealth fund with assets of more than $300bn (£187bn) has emerged as a potential backer of a bid for ISS, the Danish cleaning-to-security group working on a £5bn-plus float or sale. China Investment Corporation is bidding with Apax Partners, a private equity firm in which it invests. Apax is one of at least seven buyout firms to have signed non-disclosure agreements with ISS’s owners – Goldman Sachs and Sweden’s EQT.

The other bidders are a consortium of BC Partners, Bain, Nordic Capital and Clayton, Dubilier & Rice and a pairing of CVC and Blackstone. Apollo and Warburg Pincus could bring private equity bidders to nine. The first-round bid deadline is November 17…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From BBC: China’s sovereign wealth fund has urged the Obama administration to spend $1tn (£624bn) on infrastructure over the next five years, to create jobs and improve American competitiveness.

Zhou Yuan, head of asset allocation at China Investment Corporation (CIC), said Beijing would be willing to invest in such projects. CIC manages part of China’s massive foreign exchange reserves…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Bloomberg: China’s $300 billion sovereign wealth fund said there may be a “big drop” in the pace of the nation’s economic growth in the coming three to four years as more of the population retires.

“We cannot use the past 15 years or 30 years as a simple extrapolation of growth trends to forecast China’s future,” Lou Jiwei, chairman of China Investment Corp., said……………………………………Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Straitstimes.com: Temasek Holdings said on Monday that it does not interfere in the running of the Singapore Exchange (SGX). In the state investment company’s first comments on the proposed merger of the SGX and its Australian counterpart ASX, executive director and president Simon Israel said: ‘Temasek plays no part in the governance, operations or investment decisions of the Singapore Exchange.

‘Our board and management make our investment, divestment and other company decisions on a commercial basis, independently of our shareholder, the Singapore Government.’……………………………………Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Todayonline.com: Former BP chief executive Tony Hayward is reportedly eyeing an advisory position at Singapore investment company Temasek Holdings.

Mr Hayward, who stood down as head of the oil giant last month, is understood to have had “brief and informal” discussions with Temasek, London’s Financial Times reported last Friday. Temasek declined comment…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Channelnewsasia.com: Investment firm Temasek Holdings has come out to clear the air following Australian media reports linking it to the takeover deal between the Singapore Exchange (SGX) and the Australian Securities Exchange (ASX).
In a letter addressed to key Australian media, Temasek said it “plays no part in the governance, operations or investment decisions of the Singapore Exchange”…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Gulf-times.com: Qatar’s sovereign wealth fund has major investments in Germany, holding 17% of carmaker Volkswagen and 10% of Porsche, and in recent weeks there have been unconfirmed reports that Berlin has urged Qatar to buy into a construction group, Hochtief.
Sources said that Chancellor Angela Merkel had quietly signalled backing for Hochtief’s efforts to find new investors to fend off an unwanted takeover from Spanish group ACS. But Merkel does not want to take a public stance against ACS, a company in the European Union, or get involved directly…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Reuters: Libyan state-owned firm LAP Green Network signed a deal on Monday to buy a majority stake in Chad’s Sotel telecoms firm for $90 million. The Libyan firm, which is owned by sovereign wealth fund the Libyan African Investment Portfolio, owns or controls telecoms operations in eight African countries.

The deal to buy a 60 percent stake in state-owned Sotel Tchad, was signed during a visit to Chad by Libyan leader Muammar Gaddafi, who is there to attend a conference on Africa’s dwindling water resources…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Gulfnews.com: In the new emerging Middle East, the Arabs — who lead when it comes to population, natural resources, strategic locations, access to the sea and sovereign wealth funds — continue to be dominated and influenced by their non-Arab neighbours, mainly Israel, Iran and, lately, Turkey. Not to mention the United States which has, over the past three decades, become a “neighbouring country” with a strong influence throughout the Arab world.

The non-Arab countries, with their own agendas and grandiose plans, continue their campaign to undermine Arab national interests and decide on war and peace. And the Arab side, with its continued bickering and chronic problems, disputes and disunity, continues to lose ground and displays unacceptable fragmentation…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Bloomberg: General Motors Co. plans to raise as much as $10.6 billion in an initial public offering. As many as five sovereign wealth funds are likely to purchase as much as $2 billion of stock in the offering, one of the people said. Investment bankers for GM met with the funds and private investors in the Middle East and Asia to gauge interest in the offering, two people familiar with the meetings said last month.
GM, 61 percent owned by the U.S. Treasury Department, will offer 365 million shares at $26 to $29 each, according to the people, who asked not to be identified because the plans are private. The automaker will also offer $2 billion to $3 billion of preferred shares that later will become common stock, said the people…………………………………….Full Article: Source

Posted on 02 November 2010 by VRS |  Email |Print

From Businessspectator.com.au: General Motors will look to sell just over $US10 billion ($A10.12 billion) worth of common stock and $US3 billion of preferred stock in an initial public offering that would shift the US government to a minority shareholder in the top US automaker, people familiar with the matter said.

GM, which emerged from bankruptcy in July 2009 with the US Treasury as its majority shareholder, is likely to sell a combined $US1.5 billion to $US2 billion stake to four or five sovereign wealth funds, one source said…………………………………….Full Article: Source

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