Denny's Feed
Aug 19, 2014

Canada’s Couche-Tard makes short-list in $16 billion Sinopec unit sale: sources

HONG KONG (Reuters) – Canadian retailer Alimentation Couche-Tard Inc (ATDb.TO: Quote, Profile, Research, Stock Buzz) and China’s Tencent Holdings Ltd (0700.HK: Quote, Profile, Research, Stock Buzz) are among suitors short-listed to buy a $16 billion minority stake in China’s Sinopec Sales, the world’s largest fuel retail network, people familiar with the matter told Reuters.

China Life Insurance Co Ltd (601628.SS: Quote, Profile, Research, Stock Buzz), the nation’s biggest insurer, Hong Kong-listed ENN Energy Holdings Ltd (2688.HK: Quote, Profile, Research, Stock Buzz) privately-owned Fosun Group, Hopu Investment Management and Affinity Equity Partners have also progressed to the next round, said the people who declined to be identified as the sale process is confidential.

Aug 19, 2014

Canada’s Couche-Tard makes short-list in $16bln Sinopec unit sale -sources

HONG KONG, Aug 19 (Reuters) – Canadian retailer Alimentation
Couche-Tard Inc and China’s Tencent Holdings Ltd
are among suitors short-listed to buy a $16 billion
minority stake in China’s Sinopec Sales, the world’s largest
fuel retail network, people familiar with the matter told
Reuters.

China Life Insurance Co Ltd, the nation’s
biggest insurer, Hong Kong-listed ENN Energy Holdings Ltd
privately-owned Fosun Group, Hopu Investment
Management and Affinity Equity Partners have also progressed to
the next round, said the people who declined to be identified as
the sale process is confidential.

Aug 14, 2014

Petrovietnam eyes stake in Murphy Oil’s Malaysian assets -source

HONG KONG, Aug 14 (Reuters) – Petrovietnam has bid for a
stake in Murphy Oil Corp’s Malaysian oil and gas assets,
challenging other suitors including Mitsubishi Corp and
Indian state oil companies, a person with direct knowledge of
the plan said.

The state oil company’s bid comes as Vietnam, the third
largest holder of crude oil reserves in Asia, seeks to reverse a
steady decline in its oil output over the past decade. Murphy
Oil and other U.S. oil companies are reducing overseas holdings
as oil and gas exploration prospects improve at home.

Aug 11, 2014

Treasury Wine set for radical overhaul under KKR-led bid

HONG KONG, Aug 12 (Reuters) – A KKR & Co-led takeover of
Australia’s Treasury Wine Estates Ltd would likely lead
to a long and drastic overhaul, resulting in a much smaller but
more profitable company, bankers familiar with the matter said.

KKR, which has teamed up with Rhone Capital for its $3.1
billion proposal, will also look at a U.S. listing for the
revamped business which would be centred on upmarket labels and
would likely be renamed Penfolds for its flagship brand, one
person said.

Jul 17, 2014

Murphy Oil’s Malaysia assets draw interest from Mitsubishi, ONGC -sources

July 17 (Reuters) – Japan’s biggest trading house Mitsubishi
Corp has submitted a non-binding bid to buy Murphy Oil
Corp’s Malaysian oil and gas assets valued at about $2.5
billion, a person familiar with the matter told Reuters.

India’s state-owned Oil & Natural Gas Corp and Oil
India Ltd are among the other suitors preparing to
submit bids for the Murphy assets, separate sources said.

Jul 16, 2014

Pepper, Bank of East Asia team up for Standard Chartered’s Hong Kong unit: sources

SINGAPORE/HONG KONG (Reuters) – Finance firm Pepper Australia has roped in Bank of East Asia Ltd (0023.HK: Quote, Profile, Research, Stock Buzz) to help run a Hong Kong consumer finance business that it is seeking to acquire from Standard Chartered Plc (STAN.L: Quote, Profile, Research, Stock Buzz), sources with direct knowledge of the matter said.

Bank of East Asia would provide Pepper with relatively cheap funding to run Standard Chartered’s PrimeCredit unit, the sources said on Wednesday.

Jul 16, 2014

Pepper, Bank of East Asia team up for StanChart’s Hong Kong unit-sources

SINGAPORE/HONG KONG, July 16 (Reuters) – Finance firm Pepper
Australia has roped in Bank of East Asia Ltd to help
run a Hong Kong consumer finance business that it is seeking to
acquire from Standard Chartered Plc, sources with
direct knowledge of the matter said.

Bank of East Asia would provide Pepper with relatively cheap
funding to run Standard Chartered’s PrimeCredit unit, the
sources said on Wednesday.

Jul 3, 2014

Malaysia’s 1MDB seeks more than $3 bln from energy assets IPO

HONG KONG/KUALA LUMPUR, July 3 (Reuters) – Malaysian state
investor 1Malaysia Development Bhd (1MDB) is seeking to raise
more than $3 billion through a stock market listing of its
energy assets, in what is set to be the nation’s second-biggest
initial public offering (IPO).

Struggling under the burden of $11 billion in borrowed
money, 1MDB is regarded as a cross between a sovereign wealth
fund and a private investment vehicle. Prime Minister Najib
Razak chairs its advisory board.

Jun 18, 2014

Private equity buyouts in Asia take old risks with new money

HONG KONG (Reuters) – A little over a month ago, a Texas power utility at the center of the biggest leveraged buyout in history filed for bankruptcy, sunk by billions of dollars of debt that it took on after being acquired by a trio of top private equity names in 2007.

The failure of Energy Future Holdings, known as TXU Corp when it was acquired at the height of the mega-buyout boom, is a sobering reminder to investors in private equity funds that heavily leveraged deals can – and do – go wrong.

Jun 17, 2014

British insurer RSA to sell Asia unit in up to $500 million deal: sources

HONG KONG (Reuters) – RSA Insurance Group Ltd (RSA.L: Quote, Profile, Research, Stock Buzz), Britain’s largest non-life insurer, is looking to sell its Asian operations in an auction that could fetch up to $500 million and draw a wide range of suitors, people familiar with the sale process told Reuters.

The sale is part of a group-wide restructuring led by new Chief Executive Stephen Hester, after losses caused by extreme weather and accounting irregularities at its Irish division hit its finances and prompted the departure of several senior executives.