Denny's Feed
May 29, 2015

High spirits battle: Asia tycoons vie for cognac maker Louis Royer

HONG KONG/BANGKOK (Reuters) – Thai billionaire Charoen Sirivadhanabhakdi is considering buying cognac maker Louis Royer, people familiar with the matter said, potentially locking horns with a Philippine tycoon for the French firm amid a forecast rebound in Asian demand for luxury spirits.

Liquor firm Emperador Inc, controlled by the Philippines’ fourth-richest person, Andrew Tan, said last week it has submitted a bid to buy Louis Royer, which has been put on the block by Japan’s Suntory Holdings Ltd [SUNTH.UL] and is valued at about $150 million by sources. Charoen controls Thai Beverage PCL.

May 28, 2015

Debt-laden Fosun’s new thirst for equity funding set to intensify

HONG KONG, May 29 (Reuters) – A $1.2 billion share sale by
Fosun International Ltd this month was likely only the
start of a love affair with equity deals, bankers say, as the
Chinese conglomerate seeks to cut reliance on debt to fund its
huge acquisition ambitions.

Led by tycoon Guo Guangchang who models himself on Warren
Buffet, Fosun has launched about $31 billion in M&A since its
founding in 1992, according to Thomson Reuters data. It has many
more deals in its sights as it shifts its focus to insurance and
investment and away from manufacturing, but its gearing has
grown to uncomfortable levels.

May 22, 2015

China Hanergy’s stock plunge puts passive investors in unwelcome spotlight

HONG KONG/SINGAPORE, May 22 (Reuters) – The blistering
sell-off in Chinese solar firm Hanergy Thin Film Power Group
this week burnt several index-tracking stock funds,
exposing the flaws in some of these investment structures
especially in volatile markets like China.

One prominent fund late on Thursday announced changes to the
index it tracked following Hanergy’s almost 50 percent tumble,
suggesting other funds could follow suit and raising more
worries for investors who were trapped when trading in the
shares was halted on Wednesday.

May 20, 2015

AirAsia loyalty programme in stake sale talks – sources

HONG KONG/SINGAPORE, May 20 (Reuters) – Malaysian airline
AirAsia Bhd’s loyalty programme is in talks with
private equity investors about selling a minority stake, which
could value the business at about $330 million, people familiar
with the matter told Reuters.

AirAsia BIG, the loyalty programme owned by Asia’s biggest
budget airline and Malaysia’s Tune Money International, could
raise about $100 million by selling about a 30 percent stake,
the people said on Tuesday, declining to be identified as the
discussions are confidential.

May 19, 2015

AirAsia looks to sell stake in loyalty programme-sources

HONG KONG/SINGAPORE, May 19 (Reuters) – Malaysia’s AirAsia
Bhd is in talks to sell a minority stake in its
loyalty programme joint venture to private equity firms, in a
deal that could value the business at about $330 million, people
familiar with the matter told Reuters.

AirAsia BIG, the loyalty programme owned by Asia’s biggest
budget airline and Malaysia’s Tune Group, could raise about $100
million by selling about a 30 percent stake, the people said.

May 14, 2015

StanChart seeking buyers for $350 million HK pension business: sources

HONG KONG/SINGAPORE (Reuters) – Standard Chartered plc (STAN.L: Quote, Profile, Research, Stock Buzz) is seeking buyers for its Hong Kong pension business valued at about $350 million in a deal that would also involve a 15-year distribution agreement with the new owner, people with knowledge of the matter told Reuters.

Suitors including Prudential plc (PRU.L: Quote, Profile, Research, Stock Buzz), Principal Financial Group (PFG.N: Quote, Profile, Research, Stock Buzz), Sunlife Financial Inc (SLF.TO: Quote, Profile, Research, Stock Buzz), Metlife Inc (MET.N: Quote, Profile, Research, Stock Buzz) and Manulife Financial Corp (MFC.TO: Quote, Profile, Research, Stock Buzz) are expected to take part in the auction, the people added.

May 14, 2015

StanChart seeking buyers for $350 mln HK pension business-sources

HONG KONG/SINGAPORE, May 14 (Reuters) – Standard Chartered
plc is seeking buyers for its Hong Kong pension
business valued at about $350 million in a deal that would also
involve a 15-year distribution agreement with the new owner,
people with knowledge of the matter told Reuters.

Suitors including Prudential plc, Principal
Financial Group, Sunlife Financial Inc, Metlife
Inc and Manulife Financial Corp are expected to
take part in the auction, the people added.

May 12, 2015

Ex-Barclays Asia executives to launch new investment bank -sources

HONG KONG, May 12 (Reuters) – Four top former Asia-based
Barclays Plc investment bankers, who left last year in
the British bank’s global cull, are setting up a new
cross-border advisory firm, people with knowledge of the matter
told Reuters.

The four – Ed King, Johan Leven, Helge Weiner-Trapness and
Peter Ding – are well known in Asia and have previously worked
together in other Wall Street banks. The founders of the new
firm, who declined to comment, each have about 25 years of
experience in investment banking.

May 8, 2015

Metro, China’s Bright Food eye private equity owned Classic Fine Foods

HONG KONG/FRANKFURT, May 8 (Reuters) – German retail group
Metro and China’ state-owned Bright Food Group Co are
among the suitors in talks to buy private equity-owned Classic
Fine Foods in a deal potentially worth $300-$400 million,
including debt.

Metro has placed a preliminary bid for the business, people
familiar with the matter said. Bright Food’s Australian unit
Manassen Foods is in talks to buy the Singapore-based company,
though no decision has been made on whether to bid, Bright’s
spokesman told Reuters.

May 7, 2015

Metro bids for private equity firm EQT’s Classic Fine Foods – sources

HONGKONG/FRANKFURT, May 7 (Reuters) – German retail group
Metro has made a tentative bid for private
equity-owned Classic Fine Foods in a deal potentially worth
$300-$400 million including debt, three sources familiar with
the deal said.

Metro is aiming to expand its Asian operations with plans to
buy the Singapore-based company which supplies upmarket hotels
and restaurants with high-quality dairy, meat, pastry, seafood,
pasta and dry products, the sources said.