Denny's Feed
Apr 16, 2015

Valuations of Hong Kong’s stock market operator go interstellar

HONG KONG, April 16 (Reuters) – For the first time analysts
are more bullish about the operator of Hong Kong’s stock market
than fast-growing Chinese firms like Lenovo Group and
Tencent Holdings.

Shares in Hong Kong Exchanges and Clearing Ltd (HKEx)
have risen about 40 percent in the past six days on an
unprecedented flood of mainland investment in Hong Kong stocks.
Average daily turnover hit a record HK$291 billion ($37.54
billion) last Thursday, nearly three times the historical
average.

Apr 10, 2015

Shell-BG takeover to test China’s pledge on antitrust transparency

HONG KONG (Reuters) – Royal Dutch Shell’s $70 billion bid for BG Group Plc will put to the test a pledge by China’s antitrust regime to be more transparent, after it faced strong criticism last year from the United States and Europe.

China’s nascent competition law has become one of the biggest wildcards for large cross-border deals in recent years, particularly where natural resources are concerned.

Apr 8, 2015

Manulife, DBS in $1.2 billion insurance deal for Asia

HONG KONG/SINGAPORE (Reuters) – Canadian insurer Manulife Financial Corp (MFC.TO: Quote, Profile, Research, Stock Buzz) is paying $1.2 billion to Singapore’s DBS Group Holdings Ltd (DBSM.SI: Quote, Profile, Research, Stock Buzz) for a 15-year partnership that will allow the insurer to sell products through the lender’s Asian branch network.

Manulife will pay the amount upfront to the Singaporean bank, while there will be variable payments based on the success of the partnership, the two companies said in a statement.

Mar 31, 2015

Asia-Pacific M&As surge in first quarter on Li Ka-shing deal-making spree

HONG KONG/SINGAPORE (Reuters) – The deal-making spree of Hong Kong tycoon Li Ka-shing propelled the value of Asia-Pacific firms’ mergers and acquisitions (M&As) to a record 32 percent of the global total in the first quarter, kicking off what bankers see as a bumper year for Asian deals.

Li’s restructuring of his empire in January and multi-billion dollar purchases of British transport and telecoms firms is likely to be complemented by Chinese and Japanese companies vying for mining and energy targets, cheapened by falling commodity prices, bankers say.

Mar 31, 2015

Asia-Pacific M&As surge in Q1 on Li Ka-shing deal-making spree

HONG KONG/SINGAPORE March 31 (Reuters) – The deal-making
spree of Hong Kong tycoon Li Ka-shing propelled the value of
Asia-Pacific firms’ mergers and acquisitions (M&As) to a record
32 percent of the global total in the first quarter, kicking off
what bankers see as a bumper year for Asian deals.

Li’s restructuring of his empire in January and
multi-billion dollar purchases of British transport and telecoms
firms is likely to be complemented by Chinese and Japanese
companies vying for mining and energy targets, cheapened by
falling commodity prices, bankers say.

Mar 27, 2015

Chevron seeks to exit Caltex Australia with $3.6 billion stake sale

HONG KONG/SYDNEY (Reuters) – U.S. energy firm Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) is seeking to sell its entire stake in Caltex Australia Ltd (CTX.AX: Quote, Profile, Research, Stock Buzz) for about A$4.6 billion ($3.6 billion), exiting Australia’s biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins.

A successful sale of Chevron’s 50 percent stake, which the company is offering at a discount to market prices, would make the deal Asia’s largest block transaction after the government of India raised $3.6 billion by selling a stake in Coal India Ltd (COAL.NS: Quote, Profile, Research, Stock Buzz) in January.

Mar 26, 2015

Outbound Chinese buyers confounding the doubters

HONG KONG, March 27 (Reuters) – ChemChina, which could soon
face the task of integrating Italian tyre-maker Pirelli
after its $7.7 billion bid, can take heart in the
knowledge that Chinese buyers have made a decent fist of growing
global brands in recent years.

Backed by cheap funding and a huge home market, an army of
mostly state-owned Chinese companies has marched beyond its
borders, snapping up assets in a decade-long $391 billion
shopping spree.

Mar 24, 2015

China’s Renaissance man nabs taxi ride ahead of foreign rivals

HONG KONG (Reuters) – When little-known Chinese taxi-hailing app Didi Dache needed $15 million to grow its business two years ago, a local upstart investment bank stepped in to help it raise the funds from social networking giant Tencent Holdings Ltd.

That paid off last month for Fan Bao, 44-year-old founder of boutique firm China Renaissance, as Didi agreed to merge with bigger rival Kuaidi Dache to create a $6 billion company. Didi tapped Bao to put together the deal, sidestepping Wall Street heavyweights like Goldman Sachs and Morgan Stanley that dominate China’s $347 billion M&A market.

Mar 19, 2015

Suitors circle Noble after commodity trader’s $1.8 billion market plunge

SINGAPORE/HONG KONG (Reuters) – Singapore-listed Noble Group’s (NOBG.SI: Quote, Profile, Research, Stock Buzz) 30 percent share-slump over the past month has thrust it onto the radar screens of Asian companies that want a bigger clout in global commodities trading, people familiar with the matter said.

Chinese and Japanese companies have held informal talks with investment banks about potentially making approaches to Hong Kong-headquartered Noble, a Singapore-based banker aware of the matter told Reuters, even though founder and top shareholder Richard Elman has been keen on the group staying independent.

Feb 9, 2015

Tycoon Dhanin unfazed after Tesco rebuffs approach for Thai unit-sources

HONG KONG/SINGAPORE (Reuters) – Tesco Plc rebuffed an approach from billionaire Dhanin Chearavanont in December to buy the British retailer’s Thai unit, but undeterred, the tycoon is building financial firepower for another attempt, people familiar with the matter said.

Thailand’s second-richest man has added UBS and Siam Commercial Bank (SCB) to the list of banks to help finance and advise on a bid for Tesco Lotus after his preliminary talks to buy the business valued at about $10 billion ended without a deal, the people said. Bank of America Corp had assisted the tycoon in the earlier talks, they said.