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Sovereign Wealth Funds Briefing 17.Feb 2011

Posted on 17 February 2011 by VRS |  Email |Print

From Bloomberg: An Abu Dhabi holding company agreed to take control of Cia. Espanola de Petroleos SA, Spain’s second-largest oil company, through a 3.97 billion-euro ($5.37 billion) offer that will buy out Cepsa shareholder Total SA.
International Petroleum Investment Co., owned by the Abu Dhabi state, agreed to buy the French oil company’s 48.8 percent stake and bid for the remaining Cepsa stock at 28 euros a share in cash, a 23 percent premium to yesterday’s closing price in Madrid, IPIC said in a regulatory filing today……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Bloomberg: China Investment Corp. and Harvard University were among investors that bought shares in VTB Group, Russia’s second-largest lender, Vedomosti reported, citing Herbert Moos, the bank’s deputy chairman.
The Chinese sovereign wealth fund bought $100 million of VTB stock, in its first big investment in Russia, the newspaper said. The largest buyer in the placement of 10 percent of the state-run bank’s shares was Assicurazioni Generali SpA, which invested $300 million, and private-equity fund TPG Capital LP bought shares worth $100 million, Vedomosti reported……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Straitstimes.com: Temasek Holdings has pulled off another trailblazing fund-raising exercise, bringing more depth to the local debt market and broadening its stakeholder base.
The state investment company announced on Wednesday that it is setting up a US$5 billion (S$6.4 billion) euro commercial paper programme to add flexibility to its funding options……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Channelnewsasia.com: Temasek Holdings said on Wednesday that it launched a US$5 billion euro-commercial paper programme to add flexibility to the Singapore investor’s funding options.
Temasek said the programme presents a cost-effective ongoing short-term funding option. It allows Temasek maximum flexibility in terms of issue size, currency and maturity to match its financing objectives……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Todayonline.com: The Government of Singapore Investment Corp, which has a stake in Hyatt Hotels, has offered to pay US$1.5 billion (S$1.9 billion) for a group of bankrupt resorts owned by investors including the hedge fund Paulson and Co.
GIC seeks to buy five resorts, one of GIC’s lawyers, Mr Michael Sage of Dechert LLP, said, after unveiling the offer at a bankruptcy court hearing yesterday in New York……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Thestar.com.my: Norway’s sovereign wealth fund, the world’s second largest, has excluded Lingui Developments Bhd from its portfolio, citing the timber company’s contribution to “severe environmental damage”.
The US$546b il fund had completed its divestment from t he company, which is involved in operations in tropical rainforests, the Norwegian Finance Ministry said yester day in a statement on its website……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Bangkokpost.com: The country’s largest hospital group has added to its growing market strength with a substantial purchase of shares in highly rated Bumrungrad Hospital in Bangkok. The Singapore government’s investment arm, Temasek Holdings, was reported to have sold 42.66 million shares, or 5.86%, for 29.25 baht apiece. An unnamed shareholder sold 49.13 million shares, or 6.74%.
Bangkok Dusit Medical Services (BGH) told the Stock Exchange of Thailand yesterday it had bought 46.1 million shares, or 6.32%, of the paid-up capital of Bumrungrad Hospital (BH) and 35 million units, or 4.79%, of the hospital’s non-voting depository receipts, which are like shares but have no voting rights……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Stuff.co.nz: The New Zealand Superannuation Fund was worth $18.47 billion on January 31 after posting a return of 1.61 per cent for that month.
The fund, set up to help pay for state pensions in future years, made a one-month return of $300m after fees mainly due to “modest” gains in its global equity investments……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Stuff.co.nz: Guardians of New Zealand’s multibillion-dollar Superannuation Fund say they are “comfortable” about the appointment of a rural investment manager with close links to a professional dairying manager facing animal welfare charges.
Ross Cottier, a director of sharemilking management company MilkPride, is among five parties the Agriculture Ministry is taking to court over treatment of cows following an investigation at a Crafar farm in 2009……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Latimes.com: Qatar Holding joined Manchester United in quashing rumours of a takeover on Wednesday with a source close to the Gulf Arab state’s sovereign wealth fund saying no talks had been held with the English soccer club.
Premier League leaders United have repeatedly said the Old Trafford club was not for sale but its high-yield bonds rose to near record highs on Tuesday on speculation of a deal……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Allafrica.com: The Federal Government may save about $14 billion in the proposed Sovereign Wealth Fund (SWF) this year, if the bill is eventually passed into law by the National Assembly.
But the forecast is dependent on the fact that lawmakers retain the benchmark oil price of $65 per barrel, as insisted by the Minister of Finance, Olusegun Aganga. The other expectation is that oil price continues to soar at the international market and oil production target of 2.3 million barrels per day is achieved……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Reuters: Social unrest has come to Libya after street revolts in its neighbours Tunisia and Egypt. How will politicians in Europe and the United States respond as Libya’s sovereign wealth fund, which controls about $65 billion, ramps up its investments in developed countries.
The wealthiest North African country had began to dig deeper into its pockets to address social grievances, but rioting broke out in the city of Benghazi in mid-February……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

From Globalarabnetwork.com: Directors welcomed the passing of the Libyan Investment Authority law, which enhances its regulatory and operational framework. While recognizing the role that investment funds are playing as part of Libya’s diversification strategy, Directors noted that investment funds outside the budget can complicate public expenditure management.
It would also be important to ensure that the CBL’s involvement with these funds does not conflict with monetary policy objectives……………………………………….Full Article: Source

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Posted on 17 February 2011 by VRS |  Email |Print

Mubadala Development Company (Mubadala) announced that the Advanced Technology Investment Company (ATIC) has become a wholly owned business of Mubadala.
“With common executive leadership and the Government of Abu Dhabi as shareholder of both organizations, ATIC’s integration into Mubadala will further drive the creation of innovative industries for the benefit of Abu Dhabi and the UAE,” said Waleed al Muhairi, COO of Mubadala……………………………………….Full Press Release: Source

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