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Sovereign Wealth Funds Briefing 18.Mar 2013

Posted on 18 March 2013 by VRS |  Email |Print

Qatar Investment Authority, the Gulf state’s sovereign wealth fund, is seeking backers for a potential GBP8 billion takeover of Marks & Spencer Group PLC, the Sunday Times reported, citing unidentified “senior City sources.”
The newspaper said the fund has approached several large private equity firms to gauge their interest in participation, and has spoken to lenders about financing an offer. The Qatar fund already owns 26% of J Sainsbury PLC, a major competitor of M&S in food retail and clothing………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

The big beasts of the investment banking world, including Goldman Sachs and Barclays Capital, are said to have been knocking on the door of Marks & Spencer to offer the high-street retailer support in the event of a takeover bid.
The FTSE 100 company has been caught at the centre of fresh bid speculation after reports this weekend that the Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, was in the early stages of putting together an £8bn bid. The reports come less than a year after speculation that the retailer could be in the sights of private equity groups………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

A news report by London’s The Sun newspaper has revealed that Qatar’s sovereign wealth fund may be eyeing UK retail chain Marks & Spencer in deal worth estimated to be USD 12 billion.
The retail giant boasts about 1000 global stores, also maintaining presence in the UAE and Saudi Arabia. Marks & Spencer employs about 80,000 people all over the world. Latest financial results of the company show a 9.7 percent decline in profit to the six months up to the end of September 2012. However, sales have increased by 0.9 percent to GBP £4.7 billion during this period………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

Marks & Spencer was at the centre of fresh bid speculation on Sunday, with takeover talk resurfacing after a year of weak trading and a flat share price. According to The Sunday Times, the Qatar Investment Authority, the Gulf state’s sovereign wealth fund, wants to assemble a consortium to mount an 8 billion pounds takeover of Britain’s biggest clothing retailer, which also sells homewares and food.
The newspaper cited senior City sources as saying the QIA, which is already a 26 percent shareholder in Britain’s No. 3 grocer J Sainsbury, has approached several large private equity houses, including CVC Capital Partners, to gauge their interest in participating, and has spoken to lenders about financing an offer………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

A Singaporean sovereign wealth fund has invested £100m in Greenko, in a move that will expand the Aim-quoted clean energy specialist’s power generation projects in India.
An affiliate of the Government of Singapore Investment Corp (GIC) has agreed to sink £100m into Greenko’s Mauritius division – funds that will be deployed into Indian utility-scale wind farms and hydro projects………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

Growing interest burden on Japan’s government in case of rising interest rates is “one of the contradictions or unanswered questions of Abenomics,” GIC chief economist Leslie Teo says at conference in Singapore. *“How would the Japanese government pay, given the amount of debt they have?”
Leslie Teo is chief economist and director economics and investment strategy at Singapore’s state fund, Government of Singapore Investment Corp. GIC is world’s eight-biggest sovereign wealth fund and manages about $248 billion, according to Sovereign Wealth Fund Institute……………………………………….Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

With China’s parliament voting on Saturday, important appointments were made in the fields of finance and economics. Zhou Xiaochuan was reappointed central bank governor, becoming the longest-serving chief of the central bank. Lou Jiwei, the former head of China Investment Corp, China’s sovereign wealth fund, will now take over as Minister of Finance.
Gao Hucheng, China’s chief trade representative, will run the Ministry of Commerce. Xu Shaoshi, who formerly led the Ministry of Land and Resources, is the newly appointed head of the National Development and Reform Commission………………………………………..Full Article: Source

Posted on 18 March 2013 by VRS |  Email |Print

Azerbaijan’s State Oil Fund is weighing expansion into new currencies to reflect the impact of faster growing economies after starting to buy Australian dollars and gold last year, its chief investment officer said.
With $34.1 billion in assets on Jan. 1, equivalent to almost 50 percent of the Caspian Sea nation’s economy, the fund, known as Sofaz, has broadened its mandate to keep as much as 5 percent of its assets in Australian dollars, Russian rubles and Turkish lira, Israfil Mammadov said in a March 13 interview in the capital, Baku………………………………………..Full Article: Source

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