Denny's Feed
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.

Feb 4, 2015

AIA, Pru among bidders for DBS’s $1.5 billion distribution deal: sources

HONG KONG (Reuters) – AIA Group Ltd, Prudential plc and Manulife Financial Corp are among firms shortlisted to become the insurance partner of Singapore’s DBS in a bank distribution deal worth around $1.5 billion, people familiar with the matter said.

DBS’s bancassurance deal, under which it will distribute products exclusively of the chosen partner over 15 years, is the last major agreement of this kind available for insurers keen to tap into Asia’s fast-growing insurance market.

Feb 4, 2015

AIA, Pru among bidders for DBS’s $1.5 bln distribution deal-sources

HONG KONG, Feb 4 (Reuters) – AIA Group Ltd,
Prudential plc and Manulife Financial Corp are
among firms shortlisted to become the insurance partner of
Singapore’s DBS in a bank distribution deal worth around $1.5
billion, people familiar with the matter said.

DBS’s bancassurance deal, under which it will
distribute products exclusively of the chosen partner over 15
years, is the last major agreement of this kind available for
insurers keen to tap into Asia’s fast-growing insurance market.

Jan 30, 2015

BOC Hong Kong considering sale of $6 bln bank unit: sources

HONG KONG/SHANGHAI (Reuters) – Lender BOC Hong Kong Holdings Ltd is considering a sale of subsidiary Nanyang Commercial Bank (NCB) that could fetch about $6 billion, in a bid to stop cannibalizing the China business of its parent, people familiar with the matter said.

BOC Hong Kong is a unit of Bank of China Ltd , the fourth-biggest lender by assets in the mainland, and selling NCB will help streamline the group’s operations in the country, the people said. A $6 billion sale would make it Asia-Pacific’s third-biggest bank deal, according to Thomson Reuters data.

Jan 29, 2015

Exclusive: BOC Hong Kong considering sale of $6 billion bank unit – sources

HONG KONG/SHANGHAI (Reuters) – Lender BOC Hong Kong Holdings Ltd (2388.HK: Quote, Profile, Research) is considering a sale of subsidiary Nanyang Commercial Bank (NCB) that could fetch about $6 billion, in a bid to stop cannibalizing the China business of its parent, people familiar with the matter said.

BOC Hong Kong is a unit of Bank of China Ltd (3988.HK: Quote, Profile, Research), the fourth-biggest lender by assets in the mainland, and a sale of NCB will help streamline the group’s operations in the country, the people said. As of June last year, half of NCB’s total loans were to customers in China, according to ratings agency Moody’s.

Jan 29, 2015

Exclusive: BOC Hong Kong considering sale of $6 billion bank unit Nanyang – sources

By Denny Thomas and Engen Tham

(Reuters) – Lender BOC Hong Kong Holdings Ltd (2388.HK: Quote, Profile, Research) is considering a sale of its $6 billion subsidiary Nanyang Commercial Bank (NCB) to stop cannibalising the China business of its parent, people familiar with the matter said.

BOC Hong Kong is a unit of Bank of China Ltd (3988.HK: Quote, Profile, Research), the fourth-biggest lender by assets in the mainland, and a sale of NCB will help streamline the group’s operations in the country, the people said.