Goldman nears deal for AXA’s $1 billion Taikang stake
HONG KONG (Reuters) – An investing arm of Goldman Sachs <GS.N> is in the final stages of an agreement to buy AXA’s $1.05 billion stake in Taikang Life, according to sources close to the matter, a deal that could give Goldman a substantial stake in China’s No.4 life insurer.
A deal would allow France’s AXA <AXAF.PA> to shed a non-core asset, while granting Goldman a piece of China’s growing insurance industry.
For MUFG, Morgan Stanley partnership comes up short
TOKYO/HONG KONG (Reuters) – For Mitsubishi UFJ Financial Group the start of two ventures with Morgan Stanley last week is more of a missed opportunity than the strategically significant deal the Japanese bank had trumpeted.
Over recent months, the arrangement has been scaled back with the tie-up split into two companies — Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities — underscoring how tough it is to marry both a Japanese and U.S. financial group and a corporate bank with an investment bank.
UBS ECM head Williams quits to join Nomura-sources
HONG KONG, May 6 (Reuters) – Mark Williams, the head of UBS
Asia equity capital market (ECM), has resigned to join Japanese
brokerage Nomura Holdings <8604.T>, two sources familiar with
the matter told Reuters on Thursday.
Williams, an Australian, will join Nomura as head of ECM
Asia-Pacific, the sources said on Thursday.
Hong Kong’s Swire scraps $2.7 billion property IPO: sources
HONG KONG (Reuters) – The property unit of conglomerate Swire Pacific <0019.HK> has pulled plans to raise up to $2.7 billion through a Hong Kong initial public offering, sources said as regional real estate stocks took a beating in a weak market.
Swire Properties, deep into its spin-off process, is one of several deals in the last few days to be yanked or downsized, as local stock and bond markets suffer from a combination of Chinese government tightening measures to fears of further financial troubles in Greece and the rest of Europe.
Hong Kong’s Swire scraps $2.7 bln property IPO-sources
HONG KONG, May 6 (Reuters) – The property unit of
conglomerate Swire Pacific <0019.HK> has pulled plans to raise
up to $2.7 billion through a Hong Kong initial public offering,
sources said on Thursday, amid a fall in regional real estate
stocks and the broader market.
Sources with direct knowledge of the matter said Swire
elected to pull the offering on weakened demand from the market
sell-off. An announcement from the company is expected soon.
MBK plans $2bln exit of Taiwan’s CNS – sources
HONG KONG, April 22 (Reuters) – (Reuters) – MBK Partners,
the South Korea-based private equity fund, has put its China
Network Systems (CNS) cable company up for sale, sources with
direct knowledge of the matter said on Thursday, in a deal that
could fetch around $2 billion.
MBK Partners has hired Morgan Stanley <MS.N> to advise on
the planned exit, the sources told Reuters. MBK, which manages
about $3.7 billion in assets, has 13 companies in its
portfolio. The buyout firm bought the business for $1.5 billion
in 2007.
Prudential seeks HK listing hearing Thursday-sources
HONG KONG/LONDON, April 16 (Reuters) – Prudential <PRU.L>
aims to gain approval for its Hong Kong listing next week,
sources with direct knowledge of the matter said, as it pushes
ahead to fund its $35.5 billion takeover of Asian rival AIA.
The British insurer is seeking the listing to lure Asian
investors to a $21 billion rights issue, launched to fund the
acquisition of American International Group’s (AIG) <AIG.N>
life insurance unit.
Reverse mergers shed shady image, surge in U.S.
NEW YORK/HONG KONG (Reuters) – A wave of Chinese companies is washing up on U.S. stock exchanges, using transactions called reverse mergers in order to tap lucrative U.S. financing markets while bypassing normal procedures for initial public offerings.
With reverse mergers, the companies can get listed on U.S. stock markets without going through the more drawn out and expensive process of an IPO.
China’s AgBank picks underwriters for $20 billion IPO
SHANGHAI/HONG KONG (Reuters) – Agricultural Bank of China <ABC.UL>, preparing for what is expected to be the world’s largest-ever initial public offering, named the banks it chose for its more than $20 billion dual-listing, in a selection that included a few surprises.
While it’s unusual for a company to announce underwriters before the IPO prospectus, AgBank went ahead and identified the banks handling the long-awaited offering, which some experts think could raise nearly $30 billion.
China’s AgBank selects banks for $20 bln IPO-sources
HONG KONG, April 14 (Reuters) – Agricultural Bank of China
(AgBank) [ABC.UL] has chosen the roster of banks to handle its
IPO, sources with direct knowledge of the matter said on
Wednesday, an offering expected to raise more than $20 billion.
A “kick off” meeting for the initial public offering of the
country’s fourth-largest lender is expected to begin on
Thursday, the sources said. If successful the IPO could be the
world’s largest ever, generating more than $400 million in fees
to be split among participating banks.
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