Chief Correspondent, Hong Kong
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Jun 1, 2010

AIA IPO valuation, details, in focus after Pru rebuff

HONG KONG (Reuters) – AIG’s rejection of a lowered takeover offer by Prudential for its Asian life insurance business has shifted attention back to the company’s IPO plans.

Among the key points under discussion in the world’s most active IPO market is how much the company will float and what kind of valuation AIA could get from the offering.

Jun 1, 2010

AIA’s IPO plans in focus after Pru rebuff

HONG KONG (Reuters) – AIG’s (AIG.N: Quote, Profile, Research) rejection of a lowered takeover offer by Prudential (PRU.L: Quote, Profile, Research) for its Asian life insurance business has shifted attention back to the company’s IPO plans.

Among the key points under discussion in the world’s most active IPO market is how much the company will float and what kind of valuation AIA could get from the offering.

May 20, 2010

UBS ECM takes another hit in Asia as Barg quits: source

HONG KONG (Reuters) – Steven Barg, UBS’s <UBSN.VX> head of global capital markets for Asia, has resigned from his post, a source with direct knowledge of the matter said, marking a blow to the bank’s regional ECM franchise.

The source said Barg is expected to move to Goldman Sachs <GS.N>. UBS and Goldman declined comment.

May 12, 2010

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.

May 11, 2010

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.

May 6, 2010

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.

May 6, 2010

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.

May 6, 2010

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.

Apr 23, 2010

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.

Apr 16, 2010

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.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Hometown:
      West Newbury, Mass. USA
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
    • Contact Michael

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