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- China’s Venture Capital, Private Equity, IPOs and M&A Deals January Update
Private Equity and IPO Listings
Primary
Actis, Morgan, Goldman buy into China's Taizinai
January 08: UK-based Actis Capital LLP, a private equity firm, US-based Morgan Stanley and US-based Goldman Sachs Group Inc. have made a $73 million investment to acquire about 33% stake in China-based Hunan Taizinai Group, a producer of milk-based health drinks.
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New FundsShanghai-based SME fund launched by Asia Alpha Private Equity
January 02: Asia Alpha Private Equity has launched a new Shanghai-based private equity fund dedicated to privately owned SMEs, Asia Alpha Fund I, with a target size of $100 million. The first closing is expected to be announced during the second quarter of 2007.
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IPOs
Flavoring giant on IPO track
January 08: China-based Fufeng Group, a food additive producer, is planning an initial public offering (IPO) in February 2007, to raise up to HK$900 million to fund its expansion plans. Hong Kong-based Goldbond Capital and ABN Amro Rothschild have been hired as listing sponsors.
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Australia-listed Sino Gold to raise $100 million in Hong Kong IPO
January 05: Australia-based Sino Gold Limited, a gold miner, is expecting to raise up to $100 million from an IPO in Hong Kong. The company expects the trading to commence in the week of February 19, 2007.
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Mergers and AcquisitionsChange in Control
Hong Kong-listed NewOcean Energy to buy 51% stake in China's Menghua LPG
January 05: New Ocean Energy Holdings Limited has agreed to acquire 51% stake in China-based Menghua LPG Company Limited, a company engaged in wholesale and retail of LPG, by way of contributing 15. 5 million Yuan to the latter's registered capital.
LinkSingapore-listed China Motion Telecom to acquire GPIL for HK$240 million
January 04: Hong Kong-based China Motion Telecom International Limited will acquire Great Promise International Limited (GPIL) for HK$240 million, which will be settled through a combination of cash and issuance of new shares.
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Singapore-listed Asiapharm to buy drug firm Solid Success for 345 million Yuan
January 04: China-based Asiapharm Group Limited, a pharmaceutical firm, will acquire Solid Success Holdings Limited for 345 million Yuan. The company will pay 330 million Yuan in cash while the remaining 15 million Yuan will be settled through the issuance of 5 million new shares.
LinkHong Kong's Hutchison Harbour Ring to sell its stake in Try Electronics Japan
January 02: Hong Kong-based Hutchison Harbour Ring Limited has agreed to sell its 65% stake in Try Electronics Japan Limited (TEJ), a toy trading company, for HK$1.3 million to Ryoichi Tanaka, a substantial shareholder of TEJ. The company said it intends to use the proceeds from the disposal for working capital purposes.
LinkAcquisition of Strategic Stakes
HK-listed China National Building to pay HK$362 million for 11.5% Jushi stake
January 08: China National Building Material Company Limited will acquire an 11.5% stake in Zhejiang-based Jushi Group Company Limited, a fiberglass maker, for about HK$362 million in cash.
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Hong Kong-listed Macau Prime to pay HK$114 million for additional stake in Donson
January 08: Hong Kong-based Macau Prime Properties Holdings Limited will acquire 43.47%stake in Donson (International) Development Limited HK$114 million, effectively raising its stake in the company to 99.04% from 55.57% currently.
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China's CITIC Securities to buy additional 3.55% stake in ChinaAMC
January 08: China-based CITIC Securities Company Limited has agreed to acquire an additional 3.55% stake in China Asset Management Company Limited (ChinaAMC) for no more than 30 million Yuan. The company will buy the stake from China Sci-tech Securities Company, increasing its holding in ChinaAMC to 64.27%.
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Hong Kong-listed Greentown China to buy remaining 35% stake in Xingye Wanfa
January 08: Greentown China Holdings Limited has agreed to acquire the remaining 35% stake in Beijing Xingye Wanfa Real Estate Development Company Limited (Xingye Wanfa) from Xinshidai Properties Company Limited for 17.50 million Yuan.
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Google acquires stake in China software provider
January 06: US-based Google Inc., an Internet search engine company, has bought an undisclosed stake in a China-based Xunlei Network Technology Company, a peer-to-peer file sharing network operator. The financial details were not disclosed.
LinkHK-listed China Star in deal for 38.5% of Kingsway Hotel
January 05: China Star Entertainment Limited has agreed to acquire 38.5% stake in Macau-based Kingsway Hotel Limited for HK$240 million. The stake will be acquired from Great Trust-Gestao E Participacoes Limitada.
LinkCR Snow in deal to buy beer partner
January 05: China Resources Snow Breweries (CR Snow) has agreed to pay 2.5 billion Yuan to acquire the remaining 38% stake it does not own in China-based Blue Sword Group. CR Snow, 51% owned by China Resources Enterprise, currently holds a 62% stake in each of the joint ventures with Blue Sword. Under the deal, CR Snow would acquire the remaining 38% interest, along with full ownership of Blue Sword's brewery in Guizhou, as well as 100 million Yuan in cash.
LinkShenzhen Investment strikes deal over toll road firm
January 04: Shenzhen Investment, the investment arm of the city government, has agreed to sell a 49% stake in Shum Yip's Hubei Huayin Traffic Development, a toll road operator, to China Ping An Insurance for 618.17 million Yuan. The sale is part of the Shenzhen conglomerate's plan to offload its non- core investments which range from infrastructure to property.
LinkHong Kong-listed China Motion to invest HK$240 million in karaoke content venture
January 04: China Motion Telecom International Limited has agreed to invest HK$240 million to acquire a 49% stake in Beijing Chinese Cultural Development Digital Technology Company Limited, a karaoke content provider. The deal involves the purchase of Grand Promise International Limited, which holds a 49% stake in Beijing Chinese Cultural Development Digital Technology Company Limited.
LinkChina's Sinopec to sell Sinopec Wuhan
January 04: China Petroleum & Chemical Corporation (Sinopec), an oil and gas producer, has agreed to sell a 46.24% stake in Sinopec Wuhan Petroleum Group for 201.69 million Yuan to Shengshida Investment. Sinopec will sell 67.91 million shares of Sinopec Wuhan for 2.97 Yuan each.
LinkAustralia-listed OnCard International acquires 27% of Hong Kong's Coverdrive
January 04: Australia-based OnCard International Limited, a card marketing, issuance and management company, has acquired a 27% stake in Hong Kong-based Coverdrive Limited, a hotel loyalty card provider, to continue its expansion across Asia Pacific. It did not disclose the terms of the deal.
LinkHong Kong-listed Global Green to raise stake in unit for HK$241 million
January 03: Hong Kong-based Global Green Tech Group Limited, a personal care products manufacturer, has agreed to pay HK$241 million in cash to acquire another 17% stake in Global Cosmetics (HK) Company Limited, raising its holding to 87% from 70%.
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Related NewsChina's Hong Yuan Securities to buy futures brokerage
January 08: China-based Hong Yuan Securities Company Limited is planning to buy 100% of Zhejiang-based Tianma Futures, a brokerage firm.
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China Railways planning $2 billion Hong Kong IPO
January 04: China Railways Construction Corporation, which builds train lines, highways and airports, is planning to raise up to $2 billion from an IPO in Hong Kong in 2008.
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AFXThe RMB continues to appreciate at a fast clip. On the 12th (Friday) it went below RMB7.8 to the dollar for the first time, and was down to 7.770. The increased pace was related to the government’s announcing last week that the trade surplus had hit another record high, and this week that it would consider allowing greater freedom of movement in the yuan’s exchange rate. The Minister of Commerce has come out in favor of greater appreciation as a way to achieve China’s stated goal of reducing its immense trade surplus. Meanwhile, China’s bulging foreign reserves topped US$1 trillion in 2006, officially making the country the world’s leading holder of foreign currency. The Wall Street Journal reported last week as that Vice Premier Wu Yi said China will strive to reduce the trade imbalance in 2007. The trade surplus hit US$177 billion in 2006. The Times said the markets saw the official comments as a signal that the yuan may be given more room to rise this year. Meanwhile the Hong Kong dollar fell below its official peg to the US dollar in Asian trading Wednesday, with the dollar up to HK$7.8033 from HK$7.7998 late on Tuesday.
- No bid for eBay
Legendary creator of the online auction eBay announced it will close its Chinese site and enter into a partnership with Tom Online of Hong Kong. Together the two companies will create a new online auction site for the Chinese market next year. Although the company is known all over the world for its service, the move came as no surprise to those following its progress in China. eBay was consistently beat by Alibaba’s Taobao site, which controls 57% of the Chinese online auction market.
- China’s Venture Capital, Private Equity, IPOs and M&A Deals December Update
Private Equity and IPO Listings
IPO Listings
Scud Group offers 260 million shares at HK$1.37-2.02 each in Hong Kong IPO
December 11: China-based Scud Group Limited will offer 260 million shares at HK$1.37-2.02 each in an initial public offering (IPO) in Hong Kong. The company is expected to raise up to HK$525.2 million.
LinkHaitian to raise $1.58 billion through an IPO for global expansion
December 11: Zhejiang-based Haitian International Holdings, a producer of plastic injection molding machines, is planning to raise up to HK$1.58 billion in an IPO for global expansion and to repay debt. The firm is selling 399 million shares at a price range of between HK$2.77 and HK$3.95 per share.
LinkXingda International to raise up to HK$1.19 billion in Hong Kong IPO
December 08: China-based Xingda International Holdings, a producer of radial tire cords, is expecting to raise up to HK$1.19 billion by offering 386 million shares at HK$2.45-3.08 each in an IPO in Hong Kong. The trading of shares will begin on December 21, 2006.
LinkChina's West Mining to raise up to $600 million in HK IPO
December 08: China-based West Mining, a producer of zinc, nickel and copper, is planning to raise about $500-600 million in an IPO in Hong Kong in the first quarter of next year. UBS will arrange the share sale for the company.
LinkTwo companies issue IPO prospectuses
December 08: Guangdong Hongtu Technology (Holdings) Company Limited and Fujian Guanfu Modern Household Wares Company Limited have issued their IPO prospectuses. The former intends to issue 17 million shares and the latter will issue 50 million shares.
LinkChina's 3CEMs to offer 344.82 million shares at HK$1.40-2.05 each in Hong Kong IPO
December 08: China-based 3CEMs Corporation, an integrated printed circuit board (PCB) solutions provider, will offer 344.82 million shares at HK$1.40-2.05 each in an IPO in Hong Kong. The company is expected to raise up to HK$427.3 million.
LinkMing An plans $169 million IPO
December 07: Hong Kong-based Ming An (Holdings) Company Limited, a general insurance company, is planning to raise up to $169 million (HK$1.32 billion) in an IPO to fund China expansion. The company has proposed to sell 700.3 million shares in a price range of HK$1.28 to HK$1.88 per share.
LinkShanghai developer seeks $513 million
December 06: Shanghai Real Estate, a property development firm, is seeking to raise upto HK$513 million in a share placement. The company is selling 212 million new shares, while a major shareholder is placing 130 million existing shares at a price of between HK$2.32 and HK$2.42 per share.
LinkNew China Investment Fund
Carlyle takes wide view on investment
December 07: US-based Carlyle Group, a private equity firm, will invest $350 million to $400 million in China through a new capital growth fund, targeting information technology and traditional industries. Capital investments in Chinese firms will range between $20 million and $40 million in each case.
LinkMergers and Acquisitions
Control Changes
Whirlpool to sell Hoover to Techtronic for $155 million
December 08: US-based Whirlpool Corporation will sell its Hoover vacuum cleaner business unit, to Hong Kong-based Techtronic Industries Company for $107 million to focus on its core appliance business.
LinkCitic to sell asset unit shares to foreign firms
December 06: Hong Kong-based CITIC International Financial Holdings Limited will sell 60% of its asset management unit - Citic International Assets Management Limited - to three foreign strategic investors. Japan-based Asset Managers Company, Bahrain-based Ithmaar Bank BSC and Mega Rider Offshore Limited will acquire the stakes for a combined HK$1.4 billion.
LinkHK-listed Sky Hawk Computer to buy 70% of China's Sewage Water Treatment Company
December 05: Sky Hawk Computer Group Holdings Limited has agreed to purchase 70% stake in China-based Sewage Water Treatment Company from an independent third party Zhang Zheng Gang for HK$10.5 million.
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Acquisition of Strategic StakesChina's COFCO to acquire 20.74% stake in BBCA Biochemical for 1 billion Yuan
December 10: China National Cereals, Oils and Foodstuffs Import and Export Corporation (COFCO) will acquire a 20.74% stake or 200 million shares in Anhui BBCA Biochemical Company Limited for 1 billion Yuan.
LinkChina's Chongqing Transport shareholders to sell shares to Southwest Securities
December 10: Four state shareholders in China-based Chongqing Changjiang River Water Transport Company Limited will sell their stakes in the company to the shareholders of Southwest Securities Company Limited. No further details were provided.
LinkHong Kong-listed Golden Dragon signs MoU to buy 30% stake in SBT Holdings
December 08: Golden Dragon Group Holdings Limited has entered into a non-legally binding memorandum of understanding (MoU) with Dragon Concept Investments Limited to acquire not less than 30% stake in China-based SBT Holdings Company Limited, a manufacturer of nicotine inhaler. Financial details were not available.
LinkChina Life to buy stake in China Southern Power
December 07: China Life Insurance has signed a deal to buy a 31.94% equity stake in Guangdong-based China Southern Power Grid Company Limited for 35 billion Yuan. China Life gave no further details on the stock offer.
LinkHuaneng Power to buy 25% of Shenzhen Energy
December 06: Beijing-based Huaneng Power International, a publicly traded power company, will buy a 25% equity stake in Shenzhen Energy Investment, an electricity production company, for 1.52 billion Yuan. Huaneng Power will buy 200 million new shares of Shenzhen Energy for 7.6 Yuan a piece.
LinkTowngas to buy 45% of Panva for $3.2 billion
December 05: Hong Kong and China Gas (Towngas), a piped-gas supplier, will acquire a 45% stake in Hong Kong-based Panva Gas Holdings for HK$3.23 billion to enlarge its presence in China. Towngas will purchase about 773 million new shares from Panva at HK$4.18 a share.
LinkCreeping Acquisitions
HK-listed ZTE Corporation buys 17.67 million China Comm Services shares
December 08: ZTE (HK) Limited, a unit of China-based telecommunication company ZTE Corporation, has bought 17. 67 million shares of China Communications Services for a total of HK$38.88 million, representing a 0.34% stake in China Communications.
LinkHong Kong's New World Cyberbase sells 6 million Hanny shares at HK$3.8 each
December 05: Hong Kong-based New World Cyberbase Limited has sold 6 million shares of Hong Kong-based Hanny Holdings Limited, representing 2.38% of the company’s issued share capital, at HK$3.8 each to Hong Kong-based ITC Corp Limited for HK$22.8 million.
LinkRelated Press
Aluminum maker offers share swap
December 09: Aluminum Corporation of China Limited has offered as much as 8.17 billion Yuan to buy the remaining shares it does not own in Lanzhou Aluminum Company and Shandong Aluminum Industry Company.
LinkIndia's Reliance Communications eyeing Hutchison's stake in India JV
December 08: India-based Reliance Communications is considering a joint bid with US-based Blackstone Group, a private equity firm, to acquire Hutchison Telecommunications International's 67% stake in its Indian joint venture Hutchison Essar Limited.
LinkChina Oilfield Services to take majority stake in Russian company
December 08: China Oilfield Services Limited, oil drilling service provider, is in talks to buy a majority stake in a Russian onshore oil services provider. The company did not reveal the identity of the target and also declined to give details of the size of the deal.
LinkChina's Wanxiang in talks to buy Ford parts assets
December 08: China-based Wanxiang Group, an auto-parts maker, is in talks to buy assets from Ford Motor Company's components business. The assets under discussion involve Automotive Components Holdings.
LinkCitigroup may buy stake in China's Huatai Securities
December 05: US-based Citigroup Inc. has started talks to take a strategic stake in Shanghai-based Huatai Securities Company Limited. Huatai is carrying out capital expansion through the issue of additional shares, and Citigroup is among a number of strategic investors in talks with the company.
LinkEMC to soon buy small rivals
December 05: US-based EMC Corporation, a manufacturer of systems for information management and storage, is in talks with two to three information management and storage companies in China.
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- Home Depot enters China
Home Depot enters China with acquisition of HomeWay December 13, 2006 SHANGHAI: Home Depot, the world's largest home-improvement retailer, will make its first foray into China with its acquisition of a majority stake in Chinese retailer HomeWay from Home World Group.
The acquisition of 100 percent of HomeWay, comprising 12 stores in six cities, was confirmed by the president of Home Depot Canada, Annette Verschuren, at a signing ceremony in Beijing on Wednesday.
Verschuren declined to say how much the deal cost, but The Financial Times newspaper reported Monday that buying control of the retailer would cost $100 million. Continued
- India and China’s VC, Private Equity, IPO and M&A November Update II
Private Equity and IPO Listings
Primary Markets
India
UTI Venture Funds to invest $6 million in VKL
November 03: UTI Venture Funds, a private equity arm of Unit Trust of India group, will make a private equity investment of $6 million in Kochi-based Vallabhdas Kanji Limited (VKL), a part of Kanji Morarji Group, through its Ascent India Fund.
The Hindu Business Line LinkNorwest invests $10 million in Sulekha.com
November 02: US-based Norwest Venture Partners, a venture capital firm, has invested $10 million in India-based Sulekha.com, an Internet-based social community network site, to fund the Sulekha’s expansion plans.
The Economic Times LinkBarings to pick up 20% in Bhushan Power for $33 million
October 31: Barings Asia, a private equity firm, is close to buy about 20% equity stake in Delhi-based Bhushan Power and Steel (BPSL), a part of Bhushan Group, for $33 million. The company is raising funds to finance its expansion projects.
The Economic Times LinkIndian YouTube clone to get $1.5 million funding
October 31: Mumbai-based, Meravideo.com, an Indian YouTube clone owned by Braingain Entertainment Private Limited, is close to getting a $1.5 million venture capital funding. The money received will be spent on infrastructure, bandwidth scalability, manpower and public relations and marketing of the site. The company did not divulge more details.
Business Standard LinkIPO Listings
India
Haldiram plans public issue
November 06: Kolkata-based Haldiram Bhujiawala Limited, a confectionery and snacks company, is planning an initial public offer (IPO) to fund its diversification and expansion plans. The company is in talks with merchant bankers to decide on the modalities, including the exact tranche of money to be raised.
Business Standard LinkLanco Infratech comes out with IPO
November 02: Hyderabad-based Lanco Infratech Limited, an infrastructure development company, will enter the capital market with an IPO of 44 million equity shares of Rs 10 each for cash at a price band of Rs 200 to Rs 240 per equity share. The issue would open on November 06, 2006 and close on November 10, 2006.
Myiris LinkAshtavinayak Cine plans IPO to fund expansion
November 02: Mumbai-based Shree Ashtavinayak Cine Vision Limited, an entertainment company, is planning to enter the capital market with an IPO that is slated to open by the end of November 2006 or by early December 2006. The company intends to raise around Rs 600 million with the issue of 3.7 million shares.
Business Standard LinkChina
China's Zhaojin Mining expected to raise HK$1.9 billion from HK IPO
November 06: Shandong-based Zhaojin Mining (Holdings), a gold miner, is expected to raise HK$1.9 billion from an initial public offering (IPO) in Hong Kong. Cazenove and UBS have been appointed to handle the IPO.
AA Stocks LinkChina Urban Resources plans HK$150 million IPO by year-end
November 06: China Urban Resources Opportunity Investment is planning to raise at least HK$150 million to invest in the country's urban development through a Hong Kong IPO by the end of this year. China Urban has gained approval from the stock exchange, with CSC Securities the sponsor of the listing and Guotai Junan Securities acting as lead manager.
AA Stocks LinkChina's Belle Holdings planning $800 million Hong Kong IPO
November 02: China-based Belle Holdings, a ladies' footwear group, is planning to raise $800 million in an IPO in Hong Kong in the first half of next year. The company did not provide the details on the number of shares to be issued and their price range.
AA Stocks LinkMalaysia's UMW China unit to list in Hong Kong in Q1
November 02: Wuxi Seamless Oil Pipe Company Limited, a Chinese unit of Malaysia-based UMW Holdings Bhd, intends to list on the Hong Kong Stock Exchange for an IPO in the first quarter of 2007 after the completion of the company's restructuring plan. Further details were not provided.
AA Stocks LinkChina Communications Construction plans $2 billion HK/Shanghai dual listing
October 31: China Communications Construction Company Limited, an engineering and construction conglomerate, is planning to raise $2 billion by simultaneously listing on Hong Kong and Shanghai by mid December 2006. Further details related to the share sale were not available.
AA Stocks Link
Mergers and AcquisitionsControl Changes
India
RCL buys 100% stake in Travelmate
November 05: Mumbai-based Reliance Capital Limited, an Anil Ambani controlled non-banking finance company, has acquired 100% stake in Mumbai-based Travelmate Services (India) Private Limited, a foreign exchange money changing unit of Kuoni Group. The financial details related to the transaction were not disclosed.
The Financial Express LinkFedEx buys out Indian franchisee for $30 million
November 03: US-based FedEx Corporation, an express transportation company, has decided to acquire Mumbai-based Prakash Air Freight Private Limited, its sole franchisee in India, for $30 million in cash.
Rediff News LinkSakthi Sugars acquires Chennai-based sugar company
November 03: Tamil Nadu-based Sakthi Sugars Limited, a sugar producer, has acquired Chennai-based Tilan Sugar Limited, an unlisted public limited company, by acquiring the entire paid up capital comprising 7.3 million equity shares of Rs 10 each of Tilan Sugar.
The Hindu LinkEicher Motors buys BMC's Dewas gear unit
November 01: Eicher Engineering Components (EEC), an automotive component division of Eicher Motors Limited has acquired Madhya Pradesh-based transmission gear unit of British Motors Car Company Limited (BMC) for an undisclosed sum.
Business Standard LinkTCS buys 75% stake in Swiss company
October 31: Tata Consultancy Services Limited, an IT consulting and business process outsourcing firm, has acquired a 75% equity stake in Switzerland- based TKS-Teknosoft for approximately Rs 3.6 billion to scale up its business in Europe.
The Hindu Business Line LinkChina
Daqing to buy power and steam supplier
November 06: Hong Kong-based Daqing Petroleum and Chemical Group, a lubricants and petroleum refined products maker, has agreed to pay HK$200 million to acquire China-based Mudanjiang Better Day Power (MBD), a power and steam generator and supplier. Daqing will make the acquisition by purchasing the entire issued share capital of MBD's parent company- Betterday Power.
The Standard LinkHong Kong-listed Heng Tai to buy remaining 50% in Senox Company for HK$211 million
November 06: Hong Kong-based Heng Tai Consumables Group Limited has agreed to buy the remaining 50% stake in Senox Company Limited for HK$211 million from independent third- arties Super Smart Resources Company Limited and Pacific Link International Group Limited.
AA Stocks LinkHK-listed Shanghai Real Estate to buy 55% stake in Shanghai Shuo Cheng
November 06: Shanghai Real Estate Limited will buy a 55% stake in Shanghai Shuo Cheng Real Estate Limited from three of Shuo Cheng's shareholders for 33.48 million Yuan. Its effective interest in Shuo Cheng will be 99.08% upon the completion of the acquisition.
AA StocksHong Kong-listed China Yurun Food units acquire 6 companies for 191.62 million Yuan
November 03: China Yurun Food Group Ltd said two of its wholly-owned units, Anhui Furun Meat Processing Co and Nanjing Yurun Food Co Ltd, have entered into separate agreements to buy the entire interests of China Yurun chairman Zhu Yicai and his wife in six separate companies. China Yurun executive director Zhang Yuanfei said the company has agreed to pay 191.62 million Yuan in total for the entire interests in each of the six companies.
AA Stocks LinkGuangdong Kelon to buy out Chengdu joint venture partner for 81 million Yuan
November 03: China-based Guangdong Kelon Electrical Holdings Limited, a refrigerator maker, will pay 81million Yuan to buy out its partner's 30% stake in joint venture company Chengdu Kelon Refrigerator Limited. Kelon will now hold a 70% equity interest in the joint venture.
Quamnet LinkK-Tron to buy Chinese firm
November 01: US-based K-Tron International Inc., a maker of material-handling equipment and systems, will acquire Jiangsu-based Wuxi Chenghao Machinery Company Limited, a feeder and ancillary-equipment maker, for up to $3.5 million.
Bizjournals LinkAcquisition of Strategic Stakes
India
Century Plyboards to buy stake in two companies
November 04: Kolkata-based Century Plyboards India Limited will acquire a controlling stake in Century Star Shipping Limited, a company engaged in the shipping business, and has also decided to acquire controlling interest in Uttaranchal-based Aura Sundaram Ply & Doors Private Limited. The company did not disclose the financial details.
The Hindu LinkR Systems to get Aisel's 15%
November 02: Noida-based R Systems International Limited, a software development and services company, has entered into an agreement to acquire 15% equity stake in Japan-based Aisel Corporation, a software company. Aisel, in return, will acquire a 5% equity stake in R Systems through issuance of new shares at Rs 250 per share.
The Times of India LinkChina
China lures developer
November 04: Singapore-based CapitaLand Limited, a property development firm, has agreed to buy a 30% equity stake in Henan-based Central China Holdings Group, a residential development firm, for 601 million Yuan. CapitaLand has an option to acquire a further 14% interest in the company for 500 million Yuan.
The Sydney Morning Herald LinkChina Power buys 25% of Shanghai Electric for 1.66 billion Yuan
November 03: China Power International Development Limited, an electricity producer, will pay 1.66 billion Yuan to buy a 25% equity stake in Shanghai Electric Power Company Limited from its parent company China Power Investment Corporation, a power generation group.
China Knowledge LinkAztec says Shanghai Merchants gives support with 6.57% stake
November 01: Shanghai Merchants Holdings Limited has acquired a 6.75% equity interest in Australia-based Aztec Resources Limited, an iron ore producing company. The financial details related to the transaction were not disclosed.
AA Stocks LinkOrigin Agritech Limited increases ownership interest in Biocentury Transgene (China)
October 31: US-based Origin Agritech Limited through its subsidiary Beijing Origin Seed Limited has acquired an additional 19% equity interest in Biocentury Transgene (China) Company Limited for a total consideration of 16.7 million Yuan. Together with the 15% equity interest previously acquired the company’s total stake goes up to 34% in Biocentury.
Business Wire LinkMergers
India
Orkla group to merge Indian arms
November 05: Norway-based Orkla Group has decided to merge its Indian subsidiaries Elkem India, a metal supplier, and Borregaard India, a wood-based chemicals provider, to form a new company called Elkem Borregaard India. The merger will provide the company a strong position to use existing synergies and grow faster.
The Hindu Business Line LinkRelated Press
India
Su-Kam may buy US company for $20 million
November 02: Delhi-based Su-Kam, a power electronics company, is in negotiations to acquire a US-based inverter company along with its brand. The deal valuation is expected to be in the region of $20 million. The name of the target company was not disclosed.
The Economic Times LinkContent production company seeks funding
November 02: India-based Miditech, a content production company, is in advance talks with private equity players to raise money for its expansion plans. Miditech will use the money to fund its international animation and documentary projects and to scale up its production facilities.
India Times LinkMegasoft to buy US telecom software company
November 02: Megasoft Limited, a software services company, is close to acquiring a telecom software company in US with revenues of $20 million. Megasoft has short-listed two acquisitions and one of these will be closed out in two to three months.
The Economic Times LinkUK bank likely to buy 2% stake in Deccan Aviation
November 02: Bangalore-based Deccan Aviation is planning to offload 1.96% stake in the company to UK-based Investec Bank for around Rs 300 million. The company plans to use the funds to finance its expansion plans.
The Economic Times LinkDanone, Avesthagen close to Rs 1.53 billion investment deal
November 01: France-based Groupe Danone, a food company, is in advanced talks with Bangalore-based Avestha Gengraine Technologies Private Limited (Avesthagen), a bio-nutritional company, for a strategic investment. Danone could invest up to Rs 1.4 billion to Rs 1.53 billion into Avesthagen for a minority stake.
The Economic Times Link
ChinaHong Kong-listed China Water Affairs Group in talks to buy a water supply company
November 06: China Water Affairs Group is currently in discussions to acquire a stake in a company engaged in the construction and operation of a water supply network in China.
China Water did not name the company being considered for acquisition.
AA Stocks LinkHong Kong-listed Galaxy Semi-Conductor in talks to acquire a property company in China
November 02: Galaxy Semi-Conductor Holdings Limited is in talks with the concerned sources for a possible acquisition of an undisclosed property development company in China. The terms of the acquisition are still under negotiation and no agreement has been signed.
AA Stocks LinkSingapore's Biosensors plans to buy 10% in China stent firm JW Medical
November 01: Singapore-based Biosensors International Group Limited intends to acquire a 10% stake in China-based JW Medical Systems Limited, a drug-eluting stent company. Biosensors said the deal will allow the company to leverage on Weigao's existing distribution network in China.
AA Stocks LinkBank of Shanghai plans $500 million IPO in Hong Kong
November 01: Shanghai-based Bank of Shanghai, a commercial bank, is planning to raise $500 million from an IPO in Hong Kong next year. The newspaper said Bank of Shanghai could not be reached for comment.
Market Watch LinkChina's Chery Auto considering IPO
October 31: Wuhu City-based Chery Automobile Company Limited, an automotive manufacturer, is considering an IPO. The company is working on an IPO plan, but has not decided on the details as yet.
AA Stocks LinkFor Further Information Please Contact Robert Di Marco
- China warns US over intellectual property rights action
Chinese Commerce Minister Bo Xilai warned the US on Tuesday that any move to take WTO action against China over intellectual property violations would have an "extremely negative" impact on trade relations, Reuters reported. Responding to growing speculation in Washington that trade action on IPR is likely, Bo said: "We think it's senseless. It won't help solve any problems." American movie, music and other copyright-related industries claim they lost more than US$2.6 billion in China last year due to piracy. As much as 90% of the China market for these goods is believed to be controlled by pirates. The US - alongside Canada and the EU - is already embroiled in WTO litigation with China over Beijing-imposed tariffs on imports of foreign auto parts.
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- India and China’s Superrich List
India, whose high economic growth is driven mostly by the private sector, will witness a rise in the number of billionaires as compared to China in 2006, an official with the Forbes Asian Rich List said in Beijing on Thursday.
"This year, there were 15 billionaires in China but last year in India, we had 20 billionaires," Contributing Editor of Forbes, Justin Doebele told PTI on the sidelines of the release of the Forbes' 2006 China Rich List. "So there are more billionaires in India than in China," he said without divulging the details of the India Rich List which will be published later this month. "We expect the numbers to go up as the markets in India have done pretty well this year," Doebele said, noting the Forbes Rich List in India will be mostly based on public listing. He noted that India had better accounting systems than China, more transparent markets and liquidity.
On the China side the total wealth of China's 40 richest people rose 46% this year to US$38 billion, according to the Forbes China Rich List released Thursday. Forbes put the rise down to the growing number of Chinese listings in global stock markets and also noted that more than a quarter of rich list entrants are less than 40 years old. Huang Guangyu, chairman of China's leading electronics retailer Gome, led the list with US$2.3 billion to his name. According to Caijing magazine, Huang is under investigation for securing loans illegally. Zhang Yin, co-founder and chairman of Nine Dragons Paper Holdings, who was placed first in the Hurun rich list released last month, came in fifth on US$1.5 billion. Zhang, whose company listed in Hong Kong in March, is still China's richest woman.
Source 1 2 - China’s Venture Capital, Private Equity, IPOs and M&A Deal Flow November Update
Private Equity and IPO Listings
Primary
Carlyle raises offer for Chinese machinery firms in new deal
October 24: US-based Carlyle Group, a private equity firm, has agreed to pay 1.21 billion Yuan for the acquisition of a 40.32% stake in China-based Xugong Construction Machinery, a construction machinery manufacturer.
People's Daily Online LinkIPO Listings
China's KWG Property plans $400 million Hong Kong IPO
October 27: China KWG Property, a commercial property developer, is planning to raise up to $400 million in a Hong Kong initial public offering (IPO) in the first half of 2007. Further details related to the share sale were not available.
AA Stocks LinkChina's Lianyungang port planning mainland IPO next year
October 27: Jiangsu-based Lianyungang Port Group, a port operator, is planning for its IPO in Shanghai in the first half of year 2007. The company did not provide the details related to the capital to be raised and total number of shares to be offered.
AA Stocks LinkChina Merchants Securities to raise 4.5 billion Yuan in mainland listing
October 27: China Merchants Securities, a securities company, is planning to raise up to 4.5 billion Yuan from its planned mainland listing in 2007. Further details related to the number of shares to be issued and their price range was not available.
AA Stocks LinkJin Mao plans for IPO in next few months
October 26: Shanghai-based China Jin Mao Group Company, a property development firm, is planning for an IPO in either Hong Kong or Shanghai in the next few months. The company has not given any detailed plans or a timetable drawn up for the share sale as yet.
China Knowledge LinkNew China Investment Fund
IBM and Lehman Brothers to invest in Chinese businesses
October 30: US-based International Business Machines Corporation (IBM) and US-based Lehman Brothers have teamed up to create the China Investment Fund, a private equity fund, with an initial capitalization of $180 million. IBM and Lehman will focus on mid-stage to mature, public or private Chinese companies across many industry sectors.
Business Wire LinkMergers and Acquisitions
Control Changes
BlueStar becomes largest Chinese investor in Europe after acquisition
October 28: China National BlueStar (Group) Corporation, a subsidiary of state-owned ChemChina Group Corporation, has acquired silicon business unit of France-based Rhodia Group, a specialty chemicals producer. Financial details related to the transaction were not disclosed.
China Economic Net Link
Bayer agrees Topsun purchase
October 26: Bayer HealthCare, a healthcare group of Germany-based Bayer, an industrial giant, has agreed to acquire the over-the-counter cough and cold medicine business of China-based Topsun Science and Technology for 1.07 billion Yuan. Bayer will pay another 192 million Yuan subject to the fulfillment of certain performance criteria.
People's Daily Online LinkPolyone buys Chinese vinyl business
October 26: Polyone Corporation, a plastics producer, has agreed to buy China-based Ngai Hing PlastChem Company, a vinyl compounding company, for an undisclosed sum. Ngai Hing PlastChem is a subsidiary of Hong Kong-based Ngai Hing Hong Company.
AA Stocks LinkStarbucks acquires 90% stake in local coffee company
October 26: US-based Starbucks, a coffee chain operator, has bought a 90% equity stake in Beijing Mei Da Coffee Company Limited, its authorized developer in north China, in an effort to speed up expansion in the country. Starbucks acquired High Grown Investment Group (Hong Kong), Beijing Mei Da's major shareholder, from H&Q Asia Pacific for an undisclosed amount.
People's Daily Online LinkPublicis Groupe acquires Emotion
October 25: France-based Publicis Groupe, an advertising group, has acquired China-based Emotion, an events management group, for undisclosed financial details. Emotion will become part of Publicis Events Worldwide and will retain its brand name for its core luxury market.
Yahoo News LinkManagement Consulting acquires 51% stake in Salzer Group Asia Pacific
October 25: UK-based Management Consulting Group PLC has acquired a 51% stake in China-based Salzer Group Asia Pacific Pte Limited for an undisclosed sum from Salzer Group Limited and EQ Nominees (Jersey) Limited.
Hemscott LinkAcquisition of Strategic Stakes
Ilog to buy stake in Chinese company
October 25: France-based Ilog SA, a software development firm, will acquire a 35% stake in Shanghai FirstTech Company, a consulting and information technology service provider, for $1.8 million to boost its presence in the Chinese market. Ilog will buy the stake from Shanghai Baosight Software Joint Stock Limited., a subsidiary of Baosteel Group.
Chron LinkPacificNet acquires interest in leading mobile internet portal in China
October 25: PacificNet Inc., a provider of CRM, ecommerce and gaming technology, has entered into an agreement with China-based MOABC, a mobile internet portal in China, to purchase a 20% ownership equity interest in MOABC. Financial details related to the transaction were not available.
Yahoo NewsLink
China's CITIC acquires 7.5% stake in Australian uranium explorer
October 24: Beijing-based China International Trust & Investment Corporation (CITIC), an investment firm, has acquired a 7.5% equity interest in Australia-based Southern Gold Limited, a gold and uranium explorer.
Forbes LinkHK-listed Shenzhen Investment buys Coastal Greenland stake for HK$656.7 million
October 24: Shenzhen Investment Limited has entered into an agreement to purchase a 22.8% interest in the enlarged issued share capital of Coastal Greenland Limited, a company engaged in property development, investment and management services in China, for a total consideration of HK$656.7 million.
AA Stocks LinkRelated Press
McVicar signs letter of intent to purchase 51% interest in McVicar Advanced Materials
October 27: Canada-based McVicar Resources Inc. has signed a letter of intent to acquire a 51% interest in Hong Kong-based McVicar Advanced Materials Company Limited from Shining Palace Holdings Limited for C$4.35 million.
Trading Markets Link
Intra-Asia Entertainment announces intent to acquire 85% of Beijing GIS company
October 27: Intra-Asia Entertainment Corporation has signed a letter of intent to acquire 85% interest of a geography information system technology company in Beijing. The name of the target company was not disclosed.
Business Wire Link
China's Huawei to sell entire stake in unit Huawei-3Com
October 26: Huawei Technologies Company, a telecommunications equipment maker, is expected to sell its entire stake in Huawei-3Com Company Limited, a China joint venture with 3Com Corporation. According to earlier media reports, Huawei invited Silver Lake Partners, Bain Capital Inc and Texas Pacific Group to bid for the networking joint venture and the offers from the firms ranged from $1-1.5 billion.
AA Stocks Link
Hudson says close to buying Chinese search firm
October 25: US-based Hudson Highland Group Inc., a recruitment company, aims to complete a deal to acquire a Chinese company within a month. The company has signed a letter of intent with a Chinese firm but did not give the financial details.
Reuters Link
Firm to invest in Shanghai
October 24: General Atlantic, a global private equity firm, will invest in Shanghai-based technology-driven company by the end of year 2006. Senior management from the group declined to give further details, but said the Shanghai project is relatively small compared to the company's other investments.
People's Daily Online LinkFor Further Information Please Contact
- China may spin off postal system
Plans to turn China's postal system into a US$10 billion stand-alone company may be moving forward. In a document published this week, the State Council detailed the plan finalized in August, the Wall Street Journal reported. The plan would see China Post injected into a new state-owned company with the State Postal Bureau becoming a purely regulatory organization. China Post is one of the last businesses still run directly by the government. The plan, if it goes ahead, could address some of the criticisms from the world's largest express delivery companies over the country's rules on the delivery of documents and parcels. Companies like FedEx, UPS, DHL and Deutsche Post AG say the government acts as regulator and competitor.
China Economic ReviewFor more information contact
- UK’s Venture Capital, Private Equity, IPO and M&A Deal Flow Late October Update
Private Equity and IPO Listings
Primary
Private Equity and IPO Listings
Primary
CVC backs PBL Media in AUS$5.5 billion deal
October 18: UK-based CVC Capital Partners and CVC Asia Pacific have agreed with Publishing and Broadcasting Limited (PBL) to form PBL Media. In a major restructure, PBL has sold off half of its media assets to CVC Capital Partners and CVC Asia Pacific.
Altassets Link
Capital boost for Total Brand Security
October 18: UK-based Total Brand Security, a brand protection and counterfeiting prevention specialist, has raised £250,000 from The Capital Fund. The investment from The Capital Fund is the first injection of institutional funds into Total Brand Security.
Growth Business Link
London Asia Chinese fund to invest £2.1 million in China Solar Energy
October 17: London Asia Chinese Private Equity investment fund will invest £2.1 million in China Solar Energy Company Limited as working capital for building new multi-functional solar energy buildings.
Interactive Investor Link
ChrysCap, TA Associates, Citigroup buy 10% in Idea
October 30: Mauritius-based ChrysCapital, UK-based TA Associates Limited, and US-based Citigroup, all private equity players, have picked up a 10% equity stake in India-based Idea Cellular Limited, a GSM based mobile services provider. While ChrysCapital has invested about $120 million for about 4% in Idea Cellular, TA Associates has made an equal investment to pick up a stake of almost the same size.
Business Standard Link
Phoenix buys ASCO for £124 million
October 27: UK-based Phoenix Equity Partners, a middle-market private equity firm, has acquired Aberdeen-based ASCO PLC, a provider of integrated supply chain and waste management services, for £124 million.
Altassets Link
PAI, Blackstone buys United Biscuits for $3 billion
October 25: US-based The Blackstone Group LP, a private equity firm, and France-based PAI Partners have agreed to buy London-based United Biscuits, a manufacturer of biscuits and snacks, for a purchase price in excess of $3 billion. The transaction is expected to close by December 2006.
Private Equity Online Link
Barclays enters US with debut deal
October 25: London-based Barclays Capital, a principal investment division of Barclays Bank, has made an undisclosed investment in US-based NGP Energy Capital Management for a 40% equity interest in the company.
Private Equity Online Link
ValueAct Capital acquires Misys stake
October 26: US-based ValueAct Capital Partners LP, a private equity group, has acquired a 4.4% equity stake in Worcestershire-based Misys PLC, a software company. The terms of the deal were not disclosed.
Finextra LinkSecondary
Phoenix swoops on Asco for £125 million
October 20: Scotland-based Asco, a provider of offshore oil drilling stations, is set to be sold to private equity firm Phoenix Equity Partners for £125 million. Asco was previously owned by venture capital group 3i and Wood Group. A restructuring two years ago saw majority ownership transferred to Intermediate Capital Group, the Royal Bank of Scotland, the Bank of Scotland and the company's pension fund. A deal with Phoenix could be finalized in a few weeks.
The Telegraph LinkCandover buys Italian shipping group Ferretti
October 27: London-based Candover, a private equity firm, has acquired a 60% stake in Italy-based Ferretti, a luxury motor yachts group, from UK-based Permira, a private equity firm. Permira and the company's management will keep the remaining 40% stake. The deal is worth £1.14 billion. The acquisition is expected to be completed by the end of 2006.
Reuters LinkCandover agrees to buy Sweden's Hilding Anders for €1 billion
October 26: London-based Candover Investments PLC, a private equity firm, has agreed to buy Sweden-based Hilding Anders, a mattress manufacturing company, from Bahrain- based Investcorp, an investment company, in a deal worth €1 billion.
Bloomberg LinkNew VC Funds
Women-focussed venture cpital to close fund
October 27: London-based Stargate Capital Management, a venture capital firm, will close its Trapezia EIS Fund, UK’s first venture capital fund dedicated to women-focused businesses, in early November 2006. The firm expects this fund to be fully invested within six months.
Private Equity Online Link
IPO ListingsMatchtech reveals further AIM float details
October 22: Matchtech Group PLC, which specializes in the provision of contract and permanent staff in the technical staffing arena in the UK, plans to float on AIM. The company said it will have 22,420,406 Ordinary Shares of 1 pence each. The company's nominated adviser and broker is Arbuthnot Securities Limited.
Morningstar LinkSeverstal could launch London IPO as early as this week
October 22: Russian steel giant Severstal could launch its upcoming London flotation as early as this week. Severstal's flotation could be valued at £8 billion, freeing up the company to make acquisitions.
Interactive Investor LinkFund manager BlueBay plans London IPO
October 18: Credit fund manager BlueBay Asset Management Ltd plans to float on the London Stock Exchange. It will be offering ordinary shares representing at least 25% of the issued ordinary shares to institutional investors in the UK and certain other markets. The IPO will allow the institutional shareholders, Barclays Bank PLC and Shinsei Bank Ltd, to sell most if not all of their shareholdings and resign their representation on the board.
Interactive Investor LinkRussian zinc giant Chelyabinsk plans London IPO
October 17: Russia-based Chelyabinsk, a zinc producer, plans to float on the London Stock Exchange. It will be listing new and existing shares equivalent to 35-40% of the group's overall equity, a move that will give the group a possible market capitalization of between $700 million and $750 million.
Interactive Investor LinkTMK to raise about $1.1 billion from IPO
October 30: Russia-based TMK, a producer of steel pipes for the oil and gas sector, is planning to raise about $1.1 billion from its initial public offering (IPO) on the London Stock Exchange and Russia's RTS bourse. The company will sell its global depositary receipts at $21.60 and ordinary shares at $5.40 in an IPO.
Reuters Link
Russia's Pharmstandard plans London stock market listing
October 30: Russia-based Pharmstandard, a pharmaceutical company, is planning to sell its shares on the London Stock Exchange as part of an IPO planned for the end of 2006. The group, which has appointed Citigroup and UBS to handle the IPO, did not say how much it hopes to raise through the flotation.
Life Style Extra LinkJust Retirement plans London IPO
October 29: Just Retirement, a firm specializing in financial products for the retirement market, is planning to list on the London Stock Exchange through an IPO. The company has appointed Deutsche Bank to handle the floatation. Further details related to IPO terms were not available.
Scotsman LinkKazkommertsbank IPO bookbuilding range $13.0-$17.0/GDR
October 26: Kazakhstan-based Kazkommertsbank has set a price range of $13 to $17 per global depository receipt, with one GDR representing one ordinary share, for its IPO to be listed on the London market. Kazkommertsbank is planning to offer 41.14 million GDRs.
Morningstar Link
XG Technology seeks Alternative Investment Market admission
October 25: US-based XG Technology LLC intends to seek an Alternative Investment Market admission of its ordinary shares in early November 2006. Smith & Williamson Corporate Finance have been appointed as a nominated adviser and Hichens Harrison & Company a nominated broker.
Morningstar LinkMergers and Acquisitions
Change in Controls
Aviva buys Rehabilitation UK for undisclosed sum
October 23: Aviva PLC, a life insurer, said its subsidiary Norwich Union has bought treatment center company Rehabilitation UK through its healthcare arm, Norwich Union Healthcare. The price and terms were undisclosed.
Forbes Link
Zetar buys Salamanda for £2.25 million
October 23: Zetar, a snack food group, said its unit Kinnerton Group Ltd has bought snack food manufacturer Salamanda for up to £2.25 million, comprising initially £900,000 in cash and 67,000 shares, plus a further £1.05 million in cash or shares dependant on future performance.
Interactive Investor Link
Thames Water sale approved
October 22: German utility RWE's supervisory board has approved the STG8 billion ($A19.85 billion) sale of RWE's Thames Water unit to a group led by Australian investment bank Macquarie. The Macquarie consortium won the battle to buy UK utility Thames Water early this week for STG4.8 billion ($A11.91 billion) plus STG3.2 billion ($A7.94 billion) of net debt.
Nine MSN Link
3i Infotech to buy UK company for Rs 2.3 billion
October 21: India-based 3i Infotech Limited, a global information technology company, will acquire UK-based Rhyme Systems Limited, an asset management software company, for Rs 2.3 billion.
The Hindu Business Line Link
Datamonitor agrees to cash offer for Ovum
October 20: Business information group Datamonitor has agreed a £41.8 million cash offer to acquire research provider Ovum Plc. Ovum shareholders will be entitled to 300 pence per share.
Reuters Link
Bridgepoint to sell UK wealth manager Tilney to Deutsche Bank
October 20: Deutsche Bank has agreed to acquire UK-based Tilney Group, a wealth manager, from European private equity firm Bridgepoint and Tilney management. Financial details of the transaction were not disclosed but the deal could be valued at up to £350 million.
Altassets Link
CBPE sells UK speciality chemicals manufacturer Minova to Orica for £357 million
October 20: UK-based Close Brothers Private Equity, a mid-market private equity specialist, has exchanged contracts for the sale of UK-based Minova, a specialist in the manufacture of speciality chemicals, with Australia-based Orica for £357million.
Altassets Link
Daily Mail buys 60% stake in Catchpole for £3.9 million
October 20: Associated Newspapers, the national newspaper division of Daily Mail and General Trust, has bought a 60% stake in Catchpole Communications FZ LLC, for £3.9 million.
Interactive Investor Link
Corus accepts takeover bid by Tata Steel
October 20: UK-based Corus Group, a steel manufacturing firm, has accepted a $7.6 billion takeover bid from India-based Tata Iron & Steel Company Limited, a steel company. Tata Group agreed to acquire the European steel company at 455 pence per share, putting the enterprise value of Corus at about $10 billion.
Rediff News Link
XP Power buys outstanding 50% stake in XP Singapore for £1 million
October 20: XP Power PLC is buying the remaining 50% stake in Singapore-based XP Power (S) Pte Limited it does not already own for around £1 million cash.
Interactive Investor Link
Eriks Group buys engineering parts supplier Wyko for £139 million
October 19: Netherlands-based Eriks Group NV, a technical products distributor, has bought UK-based Wyko Holdings Limited, an engineering parts supplier, for £139 million from Royal Bank Investments, a private equity arm of Royal Bank of Scotland.
Interactive Investor Link
Cape buys DBI Group for up to £19.25 million
October19: UK-based Cape PLC, an energy support services provider, has acquired DBI Group, a specialist cleaning services provider, for up to £19.25 million in cash and shares. It will initially pay the DBI owners £12 million in cash, with the remaining £7.25 million payable over the next two years in cash, shares and loan notes.
Interactive Investor Link
ABN AMRO Capital sells plane lighting company
October 19: ABN AMRO Capital, a private equity business of ABN AMRO, is selling UK-based Page Group, a design and manufacturing company of aerospace lighting and cockpit controls, to US-based Hamilton Sundstrand. The terms of the deal have not been disclosed, but a source familiar with the deal said Hamilton paid about £50 million.
Private Equity Online LinkChloride buys Spain's Cener for £6 million
October 19: UK-based Chloride Group PLC has bought Spain-based Cener, a power protection company, for £6 million, of which £0.7 million is linked to performance over the next year.
Interactive Investor Link
Telephone Maintenance buys Datatel for £350,000
October 19: Telephone Maintenance Group PLC, a business telephony provider, has acquired Datatel (UK) Limited, a company specializing in telephone systems, computer and voice cabling and fibre optics, for £350,000.
Life Style Extra Link
GTL acquires UK-based Genesis Consultancy
October 18: India-based GTL Limited, a telecom network services firm, has acquired UK-based Genesis Consultancy Limited, a network services provider, for $9 million in an all-cash buyout transaction.
The Hindu Business Line Link
Wiley acquires Whatsonwhen, online travel content and services provider
October 18: John Wiley & Sons Limited., the European arm of global publisher John Wiley & Sons, Inc., has acquired UK-based Whatsonwhen Limited, a provider of travel-related online content, technology, and services.
Yahoo News LinkAshtead Group buys Lux Traffic Controls for £15.5 million
October 17: Surrey-based Ashtead Group PLC, an equipment rental group, through its UK unit A-Plant, has acquired Lux Traffic Controls Limited, a provider of traffic systems on rental basis, for £15.5 million.
Interactive Investor Link
Wellington Underwriting says it agreed to be bought for £591 million
October 30: London-based Wellington Underwriting PLC, an insurance company, has agreed to be bought by Bermuda-based Catlin Group Limited, an insurer, for about £591 million to create the largest underwriter on the London insurance market. Catlin will pay 35 pence a share and will issue about 0.17 new shares per Wellington share.
International Herald Tribune Link
Speedy Hire buys Lifting Gear for £13.5 million
October 30: London-based Speedy Hire PLC, a hire tools provider, has acquired Lifting Gear Hire Limited, a provider of on-hire lifting equipment, for £13.5 million, including £7.6 million cash, £3.4 million assumed debt and £2.5 million worth of Speedy Hire shares.
Life Style Extra Link
Silverstar bids for all of Empire Interactive for £4.75 million
October 30: London-based Empire Interactive PLC, a company engaged in the development and publishing of entertainment software, has reached an agreement with Silverstar Holdings Limited, for the whole of Empire to be acquired by Silverstar at a price of 7 pence per share in cash, or a total amount of around £4.75 million.
Life Style Extra Link
British brokerage BGC buys French broker Aurel Leven
October 30: London-based BGC Partners LP, a brokerage firm, has acquired 100 % of France-based Aurel Leven Securities, a brokerage and securities firm, for an undisclosed amount. The transaction would be completed by the end of November 2006.
The Tocqueville Connection Link
Kuoni acquires Kirker Holidays
October 30: Switzerland-based Kuoni Reisen Holding AG, a travel agency, has acquired UK-based Kirker Holidays, a specialist in tailor-made holidays, to expand itself within the premium and specialist leisure travel segments. Kuoni UK, a subsidiary of Kuoni Group, acquired Kirker Holidays from ECI Partners LLP for an undisclosed sum.
Travel Daily News Link
Allianz to buy Britain's John Laing for £957.7 million
October 27: London-based John Laing PLC, a public sector infrastructure group, has accepted a £957.5 million cash offer from Allianz SE's infrastructure unit Allianz Infrastructure Holdings Limited after withdrawing support for a previous offer by Henderson Global Investors.
International Herald Tribune Link
Collins Stewart to acquire Hawkpoint
October 27: UK-based Collins Stewart Tullett PLC, a brokerage firm, will buy Hawkpoint Holdings Limited, a corporate advisory service provider, and US-based Chapdelaine Corporate Securities & Company, a brokerage firm. Collins will pay $95 million in cash for Chapdelaine and $75.3 million cash and about 35 million new shares for Hawkpoint.
Kiplinger Forecasts Link
Concateno to buy Medscreen for £30 million
October 27: London-based Concateno PLC has conditionally agreed to the reverse takeover of Medscreen, a drugs and alcohol testing services provider, for £30 million. The acquisition will be funded by shares, placing proceeds, new debt facilities and existing cash resources.
Life Style Extra Link
Digital Marketing buys HSM, Scope Creative
October 26: UK-based Digital Marketing Group PLC has acquired HSM Limited and Scope Creative Marketing Limited, which trades as Dig for Fire. Financial details related to the transaction were not available.
Life Style Extra Link
BT buys US anti-hacking specialist Counterpane
October 25: London-based BT Group PLC, a telecommunication company, has acquired US-based Counterpane Internet Security Inc., a security services provider for managed networks. Counterpane did not disclose the exact value of the deal but an industry source put the value at around $40 million.
iwon Money Link
Management Consulting acquires 51% stake in Salzer Group Asia Pacific
October 25: London-based Management Consulting Group PLC has acquired a 51% stake in China-based Salzer Group Asia Pacific Pte Limited for an undisclosed sum from Salzer Group Limited and EQ Nominees (Jersey) Limited.
Hemscott Link
FourSoft buys UK's FWL Technologies
October 24: India-based FourSoft Limited, a transportation and logistics software products company, has acquired freight and shipping business of Liverpool-based FWL Technologies Limited for Rs 140 million to Rs 160 million. FourSoft has paid Rs 40 million and would pay the remaining amount of Rs 100 million-120 million over the next 15 months.
The Economic Times LinkAcquisition of Strategic Stakes
Arla Foods to buy rest of UK arm
October 21: Arla Foods, a dairy company, has entered discussions to buy the 49% of Arla Foods UK that it does not already own. The company already owns 51% in the company.
Financial Times Link
Planet Hollywood founder buys Everton shares
October 21: UK-based Robert Earl, an entrepreneur and founder of Planet Hollywood chain of restaurants, has acquired a 23% stake in Everton. Earl bought the shares from board members Paul and Anita Gregg in a deal which values the Premier League club at between £80 million and £100 million.
Reuters Link
Aviva acquires 25% stake in Infocus
October 19: Aviva has acquired a 25% stake in Australia-based Infocus Wealth Management, a financial advisory business firm. Aviva expects that the enhanced relationship with Infocus will enable it to capitalize on the group's rapid expansion through its growing national network of financial advisers.
Insurance Business Review Online Link
Rio Tinto Plc agreed to acquire a minority stake in Ivanhoe Mines Ltd
October 18: UK-based Rio Tinto Plc has reached an agreement to acquire a 19.9% minority stake in Canada-based Ivanhoe Mines Limited for approximately $631 million. The first 9.95% shareholding worth $303 million will be taken up immediately, with the second 9.95%, valued at $388 million.
Mergerstat Link
SABMiller buys further 516,304 shares in Bavaria for $10.1 million
October 18: London-based SABMiller PLC, a brewing company, has bought 516,304 further shares, equivalent to 0.21% equity stake, in Colombia-based Bavaria SA, a brewing company for $10.1 million. The deal brings SABMiller's total interest in the company to 97.99%.
Interactive Investor Link
Sportsworld buys stake in Blacks Leisure
October 27: Sportsworld International has acquired a 29% stake in Northampton-based Blacks Leisure Group PLC, an outdoor clothing and camping gear retailer, for an undisclosed sum. Sportsworld International now owns approximately 12 million ordinary shares in the company.
Reuters Link
Trinity Capital picks up 16% in Kapstone
October 24: UK-based Trinity Capital PLC has picked up a 16% stake in India-based Kapstone Construction Private Limited, a construction company, for around Rs 850 million. It has the option to increase its stake to 21% for an additional £3.5million.
The Economic Times Link
Creeping AcquisitionsNone to report
Mergers
DAC builds construction with Manchester merger
October 20: London-based Davies Arnold Cooper Limited (DAC), a legal firm, has sealed a merger with Manchester-based Moore & Company, a law firm, which will be effective from November 01, 2006.
Legal Week Student Link
Related PressShell to buy out minorities in Canadian unit
October 23: Royal Dutch Shell has offered to buy the 22% of Shell Canada Limited it does not already own for C$7.7 billion (£3.65 billion) to halt a slide in its reserves and expand its oil sands holdings.
Reuters LinkHarrah’s raises offer for London Clubs
October 21: Las Vegas-based Harrah’s Entertainment Inc., gambling company, has raised its offer to acquire British casino operator London Clubs International to about $570 million from its previous offer of $530 million (£281.5 million).
Tiscali.Business LinkSpringer Science & Business Media launches bid for Informa
October 19: London-based media group Informa is set to be taken over by rival Springer Science & Business Media in a massive private equity buyout. The publishing and conferences group confirmed had received an approach from the German company, which is owned by private equity companies Cinven and Candover. A merger would create a company worth more than £4 billion.
The Guardian LinkAccountants agree to regional merger
October 26: Townends Chartered Accountants, an accountancy and consultancy firm, has merged with Yorkshire-based Robinson & Company, an accountancy firm, to create a larger practice firm and expand its geographical presence.
Yorkshire Post Today Link - China Private Equity, M&A and IPO Mid-October Update Part 2
Private Equity and IPO Listings
Primary
London Asia Chinese fund to invest £2.1 million in China Solar Energy
October 17: London Asia Chinese Private Equity, a China focused investment fund, will invest £2.1 million in Jiangsu-based China Solar Energy Company Limited a constructor of solar energy buildings.
Hemscott Link
IPO ListingsChina's CCCG seeks $2 billion dual listing in Hong Kong, Shanghai in December
October 19: China Communications Construction Group Limited (CCCG) is planning to proceed with a simultaneous listing in Shanghai and Hong Kong to raise about $2 billion in December 2006. Further details were not available.
AA Stocks LinkChongqing Machinery to raise 2-3 billion Yuan in Hong Kong IPO next year
October 17: Chongqing Machinery & Electronics Holding (Group), a state-owned car parts and machine tools manufacturer, is planning IPO in Hong Kong next year, aiming to raise up to 2-3 billion Yuan. The company has hired Credit Suisse to arrange the planned share sale.
AA Stocks Link
China's Shandong Fufeng to raise HK$900 million in Hong Kong IPO
October 23: Shandong Fufeng Fermentation Holdings Limited, a producer of glutamic acid, is planning to raise HK$900 million in an initial public offering (IPO) in Hong Kong by the end of the year. Goldbond Capital and ABN Amro Rothschild have been hired to market the shares.
AA Stocks LinkChina's Hunan Taizinai plans HK listing
October 18: China-based Hunan Taizinai Group, a milk-based drinks manufacturer, is planning to raise about $200 million from an IPO in Hong Kong in late 2007. Morgan Stanley has been hired to arrange the listing plan.
Reuters Link
China's Tiande Chemical to offer 100 million shares at HK$0.75-1.05 each
October 17: Tiande Chemical Holdings Limited, a fine chemical producer, will offer 100 million shares at HK$0.75-1.05 per share in an IPO to be launched in Hong Kong. The company expects to raise up to HK$76 million. The trading of shares will start on October 27, 2006.
AA Stocks LinkMergers and Acquisitions
Change in Controls
Wal-Mart to buy retail chain in China for $1 billion
October 16: US-based Wal-Mart Stores Inc., a retail company, will spend about $1 billion to acquire Trust-Mart, a hypermarket chain, in China. Trust-Mart is owned by Taiwanese entrepreneurs. Further details on the payment were not disclosed.
Sina Link
HK-listed China Resources Enterprise to sell petrochem unit for HK$2.78 billion
October 19: China Resources Enterprise Limited has entered into a conditional agreement to sell China Resources Petrochems Holdings Limited, its wholly owned unit, to China Resources Petrochems Gas Group Limited (CRPGC) for HK$2.78 billion.
Forbes Link
Ogilvy reinforces China offer with Black Arc
October 19: The Ogilvy Group China has acquired a 60% stake in Shenzhen-based Black Arc Advertising, a real estate advertising and promotion agency. Financial details related to the transaction were not disclosed.
Blackenterprise.com LinkCNOOC acquires China National Chemical Construction
October 23: China National Offshore Oil Corporation (CNOOC), an offshore oil producer, has acquired China National Chemical Construction Corporation. Financial details related to the transaction were not provided.
AA Stocks LinkChina Resources agrees to buy 51% of Shenzhen International for 1.74 billion Yuan
October 18: China Resources Holdings Company Limited has agreed to buy a 51% controlling stake in Shenzhen International Trust and Investment Company Limited for 1.74 billion Yuan.
AA Stocks Link
Kerry Logistics expanding their network to India
October 18: Hong Kong-based Kerry Logistics has acquired 51% equity stake in India-based Reliable Freight Forwarders Private Limited, a freight forwarding company, for an undisclosed sum. The acquired company will be renamed as Kerry Reliable Logistics Private Limited.
India PR Wire Link
Portuguese cement company Cimpor buys majority stake in Chinese company
October 17: Portugal-based Cimpor, a cement company, has acquired a 60% equity stake of Shandong Liuyuan New Type Cement Development Company for €2.1 million in cash. The acquisition was carried out through subsidiary Cimpor Chengtong Cement Corporation.
Macau Hub Link
Acquisition of Strategic StakesSingapore's Eng Kong to buy 30% of Hong Kong's Gold Prime Holdings
October 23: Singapore-based Eng Kong Holdings Limited, a container services provider, has agreed to acquire 30% of Hong Kong-based Gold Prime Holdings Limited for 63 million Yuan.
AA Stocks Link
Hong Kong-listed Road King to buy 49% stake in Sunco Binhai Land
October 23: Road King Infrastructure Limited will buy a 49% stake in Sunco Binhai Land Limited, a property development firm, for 445.50 million Yuan. The purchase price excludes a loan advance of 270 million Yuan to Sunco China and another HK$272.7 million as a security cash deposit for 300 million Yuan worth of loans Sunco Binhai is arranging.
AA Stocks LinkMitsubishi Trust to take 5% stake in unit of China's CITIC Pacific
October 22: Mitsubishi Trust and Banking Corporation will take a 5% equity stake in China-based CITIC Trust & Investment Company Limited. CITIC Capital Investment Holdings Limited, an affiliate of CITIC Pacific Limited, will also acquire a 20% interest in CITIC Trust & Investment. Financial details of the deal were not provided.
AA Stocks LinkIreland's CRH to buy 26% stake each in 8 cement units of China's Jilin
October 17: China-based Jilin Yatai (Group) Company Limited, a cement manufacturer, has signed an agreement with Ireland-based CRH PLC, a building materials group, to sell a 26% stake in each of its eight cement companies to CRH.
AA Stocks Link
Origin Agritech purchases additional 42.42% interest in Denong Zhengcheng Seed
October 19: Beijing-based Origin Agritech Limited, a seeds producer, has acquired an additional 42.42% equity interest in Denong Zhengcheng Seed Company Limited. Origin Agritech now owns about 95% of Denong for which it has paid about $6.2 million in cash.
Trading Markets Link
HK-listed TPV Technology to buy remaining 20% stake in electronics unit
October 17: Hong Kong-based TPV Technology Limited has agreed to acquire the remaining 20% stake in Philips Consumer Electronics of Suzhou Limited, a flat TV and computer monitor maker, from shareholder Koninklijke Philips Electronics for HK$132.60 million.
Forbes Link
Related Press
China's Chongqing City Commercial Bank to list in Hong Kong in late 2007
October 18: Chongqing City Commercial Bank is planning to seek a listing on the Hong Kong bourse in the second half of 2007. Chongqing City Commercial Bank will sell upto 500 million shares to foreign investors.
AA Stocks Link
Citigroup close to winning bid for China's Guangdong Development Bank
October 18: Citigroup is close to win a control of Guangdong Development Bank, after it was given permission to enter into negotiations to buy the struggling Chinese bank. Citigroup consortium aims to take a majority stake in the bank for 24.1 billion Yuan, taking 20%.
Forbes LinkShenzhen Gas plans Hong Kong IPO in 2008
October 23: Shenzhen Gas Corporation, a piped-gas supplier, is planning an IPO on the Hong Kong Stock Exchange in 2008. The details like intended capital to be raised and the IPO size have yet to be disclosed. The company has hired Guotai Junan (Hong Kong) as the underwriter of its IPO.
China Knowledge Link
- China Private Equity/M&A Mid-October Update
Private Equity and IPO Listings
IPO Listings
China’s giant molybdenum producer plans Hong Kong IPO
September 25: Henan-based Luoyang Luanchuan Molybdenum Group is planning to file an initial public offering (IPO) application with the Hong Kong Stock Exchange to raise $200 million. The company expects to launch its IPO by the end of 2006 or by early 2007.
China Knowledge Link
China's Jiangsu Hongbao Hardware sets IPO price at 3.88 Yuan per share
September 21: Jiangsu Hongbao Hardware Company Limited is planning to issue 50 million through the small and medium-sized enterprises board of the Shenzhen Stock Exchange. The company has set the price at 3.88 Yuan per share and the shares trading will start on October 12, 2006.
AA Stocks Link
Lee Kee plans to raise up to $69 million in IPO
September 20: Hong Kong-based Lee Kee Holdings Limited, a company engaged in sourcing and distribution of non-ferrous metals, is planning to raise as much as HK$540 million in a Hong Kong share sale to fund development of its distribution network and expand production capacity. The company will sell 200 million shares at between HK$1.94 and HK$2.70 a share.
Reuters Link
Rizhao Port to sell shares
September 19: China-based Rizhao Port Company Limited, a port for handling coal, is planning to sell about 230 million in an IPO on Shanghai Stock Exchange. China Merchants Securities is the underwriter for the share sale. The company has yet to finalize the price band for the shares trading.
International Herald Tribune Link
China's Shandong Demian sets IPO price range at 2.95-3.24 Yuan per share
September 19: Shandong Demian Incorporated Company, a textile company, is planning to issue 70 million A-shares through the small and medium-sized enterprises board of the Shenzhen Stock Exchange. The company has set a price range of 2.95-3.24 Yuan per share and the trading is scheduled to start on October 17, 2006.
AA Stocks LinkMergers and Acquisitions
Change in Control
Shell buys 75% stake in Chinese lubricant company Tongyi
September 22: Shell China Holdings BV has acquired a 75% equity stake in Beijing Tongyi Petroleum Chemical Company Limited and Xianyang Tongyi Petrochemical Company Limited. Financial details related to the transaction were not provided.
Life Style Extra Link
China Direct Inc buys 51% stake in Shanghai Long Chemicals
September 21: China Direct Inc, a management and consulting company, has acquired a 51% of Shanghai Long Chemicals Company Limited. Financial details related to the stake sale were not available.
Forbes Link
Guotai Junan buys futures broker
September 20: Guotai Junan Securities Company, a stock broker, has agreed to buy 70% equity stake in Shanghai-based Perfect Futures Brokerage Company, a futures broker, for an undisclosed sum. The Shanghai Municipal Government will own the remaining 30% of Perfect Futures.
Xinhua Link
Toba Industries to acquire Peking Marvel Cleansing
September 20: Canada-based Toba Industries Limited has entered into an agreement to acquire all of the outstanding shares of Beijing-based Peking Marvel Cleansing Supplies Company Limited. Financial details related to the transaction were not available.
Stockwatch Link
Hong Kong-listed Chia Hsin Cement buys stake in China cement company
September 19: Chia Hsin Cement Greater China Holding Corporation has agreed to buy an 80% stake in Jiangsu Union Cement Company from Chia Hsin Pacific Limited for $43 million. The payment will involve the issue of 263.5 million company shares.
AA Stocks Link
CCMP Capital unit to buy unit of China's Wuhan Kaidi for 283.36 million Yuan
September 19: Wuhan Kaidi Electric Power Company Limited has signed an agreement to sell Wuhan Kaidi Electric Power Environmental Protection Company Limited to KD Blue Sky Technologies Limited, a unit of CCMP Capital LLC's Asia Opportunity Fund II, for 283.36 million Yuan.
Forbes Link
Hong Kong-listed SEA Holdings to sell Giant Well Enterprises for HK$4.43 billion
September 19: Hong Kong-based SEA Holdings Limited, an investment holding company, has agreed to sell its wholly-owned unit Giant Well Enterprises Limited to Asian Growth Properties Limited for HK$4.43 billion.
AA Stocks Link
Acquisition of Strategic StakesPhilippines PhilWeb to buy HK firm's 2.29 billion shares in ISM Communications
September 25: Philippines-based PhilWeb Corporation, an information technology firm, has agreed to buy 2.29 billion shares equivalent to 10.9% stake in Philippines-based ISM Communications Corporation for $1.43 million. PhilWeb's ownership in ISM would increase to 40% with this acquisition.
AA Stocks Link
KIA buys stake in China's largest bank
September 24: UAE-based Kuwait Investment Authority (KIA), a state-owned investment arm, has acquired an undisclosed stake in the Industrial and Commercial Bank of China. Financial details related to the transaction were not provided.
AA Stocks Link
Bekaert buys minority stake in China Steel Cord Company
September 22: Belgium-based Bekaert, a steel cord manufacturer, has reached an agreement to acquire an 18.85% equity stake in Hong Kong-based Shougang Concord Century Holdings Limited, a company engaged in the manufacturing of steel cord. Bekaert will subscribe to 250 million new shares representing an investment of €16.5 million.
Easy Bourse Link
HK-listed Singamas Container to sell 20% of Hui Zhou Pacific for $8.07 million
September 21: Singamas Container Holdings Limited, a container manufacturer and logistics firm, has agreed to sell a 20% stake in Guangdong-based Hui Zhou Pacific Container Company Limited to China Shipping Investment Company Limited for $8.07 million.
AA Stocks Link
Australia's Seek on-line job ad firm takes 25% stake in China's Zhaopin
September 20: Australia-based Seek Limited, an online job employment advertising firm, will pay $20 million for a 25% stake in Beijing-based Zhaopin, an online recruitment company, to increase its market share in China.
AA Stocks LinkRelated Press
China Telecom close to selling stake to foreign investors
September 24: China Telecom Corporation Limited, a fixed-line operator, is close to selling an undisclosed stake to foreign strategic investors. NTT DoCoMo, Verizon and France Telecom have emerged as potential suitors and talks with them are in the preliminary stages.
Forbes Link
Hyundai Heavy in talks to buy China steel firm
September 22: South Korea-based Hyundai Heavy Industries Company Limited, a shipbuilding firm, is in advanced talks to buy China-based Qinhuangdao Shouqin Metal Materials Company Limited, a steel maker. Hyundai officials said that no financial terms had been decided as yet.
Reuters Link
- India Private Equity/M&A Mid-October Update
Private Equity and IPO Listings
Primary
Citibank to pick up 5.75% stake in Ansals
October 23: US-based Citibank group through its affiliates, CBC Bahrain and Citigroup Venture Capital International Growth Partnership Mauritius Limited, will pick up 5.75% equity stake in Delhi-based Ansal Properties & Infrastructure Limited, a real estate development firm. Ansal Properties will issue 2.8 million equity shares of Rs 5 face value at a price of Rs 610 per share to Citi group affiliates.
The Hindu Business Line Link
Actis takes 65% stake in Nilgiris
October 14: UK-based Actis, a private equity firm, has acquired about 65% stake in Bangalore-based Nilgiris Dairy Farm, a food retail chain, for an estimated value of Rs 3 billion. Singapore-based GIC Special Investments Limited also joined Actis in making this investment.
The Hindu Business Line LinkSequoia puts $7 million in Guruji.com
October 13: Sequoia Capital India, a private equity firm, has invested close to $7 million in Bangalore-based Guruji.com Software Private Limited, an India-centric search engine, for an undisclosed equity stake.
Business Standard LinkUS fund buys 16% in Indian GSM firm Idea
October 12: US-based Providence Equity Partners, a private equity firm, has acquired a 16% stake in Idea Cellular Limited, a GSM based mobile services provider, for $400 million.
Reuters LinkUTI Ventures invests $5 million in Gitanjali Lifestyle stores
October 11: UTI Ventures, a private equity firm, has invested $5 million as convertible preference shares, expecting to pick up 20-30 % stake in Bangalore-based Gitanjali Lifestyle Products, a retail group.
The Economic Times Link
SecondaryFirst Carlyle ups stake in Allsec
October 13: First Carlyle Ventures Mauritius, a global private equity unit of The Carlyle Group, has increased its stake in Tamil Nadu-based Allsec Technologies Limited to around 25% from 20% through a purchase of 7,50,000 equity shares of Rs 10 each of Allsec at a price of Rs 258.50 per share from UK-based Euronet Ventures, a venture capitalist firm.
The Hindu Business Line Link
IPO Listings
Raj TV files red herring prospectus
October 21: Chennai-based Raj Television Network Limited, a regional satellite television broadcaster, has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to enter the capital market with its initial public offer (IPO). The company has proposed to issue 3.5 million equity shares of face value of Rs 10 each.
Business Standard LinkC&C Constructions files DRHP with SEBI
October 18: Gurgaon-based C&C Constructions Limited, an infrastructure project development company, has filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its forthcoming IPO. The company proposes to issue 5.4 million equity shares of Rs 10 each. Edelweiss Capital is the book running lead manager for IPO.
Trading Markets LinkCairn files DRHP for India’s biggest IPO
October 13: Cairn Energy India Limited, a business unit of UK-based Cairn Energy PLC, has filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI). The company is planning to sell 538 million shares in a book-built initial public offering (IPO) to raise as much as $2 billion.
The Financial Express LinkHoP Fashions files for IPO
October 11: House of Pearl Fashions Limited (HoP), a clothing company, has filed a DRHP with SEBI for an IPO. The company plans to offer 6.12 million shares at a price to be determined during the book-building process.
The Hindu Business Line LinkMergers and Acquisitions
Change in Control
Videocon-led group ink deal to buy Daewoo Electronics
October 23: Korea Asset Management Corporation and Woori Bank have signed a memorandum of understanding to sell South Korea-based Daewoo Electronics (AS), an electronics manufacturer, to a consortium led by Mumbai-based Videocon Industries Limited, a consumer electronics company, for $730 million.
Business Standard Link3i Infotech to buy UK company for Rs 2.3 billion
October 21: Mumbai-based 3i Infotech Limited, a global information technology company, will acquire UK-based Rhyme Systems Limited, an asset management software company, for Rs 2.3 billion.
The Hindu Business Line LinkCorus accepts takeover bid by Tata Steel
October 20: UK-based Corus Group, a steel manufacturing firm, has accepted a $7.6 billion takeover bid from Mumbai-based Tata Iron & Steel Company Limited, a steel company. Tata Group agreed to acquire the European steel company at 455 pence per share, putting the enterprise value of Corus at about $10 billion.
Rediff News LinkS Kumars bags American Pacific for $90 million
October 18: Mumbai-based S Kumars Nationwide Limited, a textiles company, will acquire US-based American Pacific, a home furnishing maker and distributor, for around $90 million.
The Economic TimesAshok Leyland acquires Avia Truck Business Unit
October 18: Chennai-based Ashok Leyland Limited, a commercial vehicle manufacturer, has acquired the truck business unit of Czech Republic-based Avia, a light and medium-sized vehicles manufacturer, for $ 35 million.
The Hindu LinkGTL acquires UK-based Genesis Consultancy
October 18: Mumbai-based GTL Limited, a telecom network services firm, has acquired UK-based Genesis Consultancy Limited, a network services provider, for $9 million in an all-cash buyout.
The Hindu Business Line LinkKerry Logistics expanding their network to India
October 18: Hong Kong-based Kerry Logistics has acquired 51% equity stake in India-based Reliable Freight Forwarders Private Limited, a freight forwarding company, for an undisclosed sum. The acquired company will be renamed as Kerry Reliable Logistics Private Limited.
India PR Wire LinkWanbury buys Spain's Cantabria for Rs 2.5 billion
October 17: Mumbai-based Wanbury Limited, a pharmaceutical company, has acquired Spain-based Cantabria Pharma SL, a branded generic company, for a total consideration of approximately Rs 2.5 billion.
The Times of India LinkAptech to buy 70% stake in Synergetics
October 13: Aptech Limited, a global learning solutions company, will acquire a 70% equity stake in Mumbai-based Synergetics Information Technology Service India Private Limited, an IT training provider, for Rs 35 million.
The Hindu Business Line LinkGeometric Software buys Modern Engineering services unit
October 11: Mumbai-based Geometric Software Solutions Company Limited, a software firm, has acquired the engineering services division of US-based Modern Engineering for about $32 million.
Reuters LinkHimadri Chemicals eyes unit in Hong Kong
October 10: Kolkata-based Himadri Chemicals & Industries Limited, an inorganic chemical firm, has acquired 100% equity of Hong Kong-based Team Paramount Limited, an investment company, for an undisclosed price.
Business Standard LinkAcquisition of Strategic Stakes
BNP Paribas buys 33% in Geojit for Rs 2.07 billion
October 23: France-based BNP Paribas, a financial services group, has acquired a 33.35% equity stake in Kochi-based Geojit Financial Services Limited, a stock-broking firm, for Rs 2.07 billion. Geojit Financial will issue up to 79.6 million shares of Re 1 each to BNP Paribas at Rs 26 per share.
Business Standard LinkPunj Lloyd acquires remaining stake in Singapore's Sembawang
October 19: Delhi-based Punj Lloyd Limited, an engineering construction company, has acquired the balance 12% stake in Singapore-based Sembawang Engineers & Constructors through its wholly owned subsidiary, Punj Lloyd Pte Limited, for about Rs 140 million.
Domain-b.com LinkBCCL buys stake in NowPos
October 18: Bennett Coleman & Company Limited (BCCL), a media and publishing house, has acquired an undisclosed stake in Hyderabad-based NowPos Online Services, a niche voice technologies products company. Financial details related to the transaction were not disclosed.
The Times of India LinkCreeping Acquisitions
Swiss Re to buy 3.57% in Yes Bank for Rs 1.20 billion
October 19: Switzerland-based Swiss Reinsurance Company, a reinsurance firm, will buy a 3.57% equity stake in Mumbai-based Yes Bank Limited, a private sector bank, for Rs 1.2 billion. Yes Bank will allot up to 10 million equity shares on a preferential basis at Rs 120 per share to Swiss Re.
Business Standard LinkMorgan Stanley picks up 1% stake in Mahindra Gesco
October 13: Morgan Stanley and Company International Limited has picked up nearly 1% equity stake in Mahindra Gesco Developers, a real estate company, from BNP Paribas Arbitrage. Morgan Stanley bought 3 million equity shares of Mahindra Gesco at Rs 814.25 in a bulk deal.
Zee News LinkFranklin Templeton buys stake
October 13: Franklin Templeton Mutual Fund has acquired an additional 2.64% stake in Mumbai-based India Infoline Limited for Rs 223 million in an open market purchase. Franklin purchased the shares for around Rs 186 per share.
The Hindu Business Line LinkBarclays picks up equity in IDFC
October 12: UK-based Barclays Capital, an investment banking arm of Barclays PLC, has acquired 4.7% stake in Chennai-based Infrastructure Development Finance Corporation (IDFC) for Rs 3.8 billion in the open market. It has bought shares from State Bank of India and HSBC Global Investment Mauritius.
The Times of India