Chief Correspondent, Hong Kong
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Jul 6, 2010

MBK’s $2 billion Taiwan auction may have broader PE impact

HONG KONG (Reuters) – The implications of the auction for Taiwan cable TV company CNS may be felt far wider than just by the seller and the buyers involved.

On the surface, MBK Partners’ sale of CNS looks like a standard private equity exit, as the firm bought it for $1.5 billion in 2006, and is now looking to cash out after signing up Morgan Stanley (MS.N: Quote, Profile, Research) to advise it on the process.

Jul 5, 2010

Emerging market M&A gains share on West

SINGAPORE (Reuters) – A burst of corporate acquisition activity in Asia shows that executives throughout the region are gaining confidence in their financial outlook and expansion strategy, with cross-border deals on the upswing.

Asia Pacific M&A, excluding Japan, rose 78 percent last quarter, according to Thomson Reuters, with emerging market acquisitions now one-third of total deal volume.

Jul 5, 2010

Emerging market M&A gains share on West, led by Asia

SINGAPORE, July 5 (Reuters) – A burst of corporate
acquisition activity in Asia shows that executives throughout
the region are gaining confidence in their financial outlook
and expansion strategy, with cross-border deals on the upswing.

Asia Pacific M&A, excluding Japan, rose 78 percent last
quarter, according to Thomson Reuters, with emerging market
acquisitions now one-third of total deal volume.

Jul 1, 2010

AgBank HK offer 10 times oversubscribed by institutions

SHANGHAI/HONG KONG, July 1 (Reuters) – Agricultural Bank of
China’s [ABC.UL] Hong Kong share offering has been more than 10
times oversubscribed by institutional investors, signalling
their healthy interest in the dual-market listing that could
end up being the world’s largest ever.

AgBank, whose Shanghai-Hong Kong listing aims to raise more
than $20 billion, has received bids from institutional
investors worth around $50 billion for its Hong Kong offering,
a source with direct knowledge of the situation told Reuters on
Thursday.

Jun 24, 2010

AgBank’s total IPO may miss ICBC record

HONG KONG (Reuters) – Agricultural Bank of China plans to raise up to $11.4 billion in the Hong Kong leg of its dual-exchange IPO, sources close to the deal said, but its total offering, including a Shanghai listing, may fall short of the record set by Industrial and Commercial Bank of China.

AgBank, which is kicking off a formal marketing roadshow, set a proposed price range of HK$2.88-HK$3.48 a share for the Hong Kong offering, said the sources who are directly involved with the deal but cannot be named as the information is not yet public. AgBank could not be reached for comment.

Jun 24, 2010

AgBank seeks $11.4 bln in Hong Kong leg of IPO

HONG KONG (Reuters) – Agricultural Bank of China Ltd plans to raise as much as $11.4 billion through the Hong Kong portion of its initial public offering, sources close to the deal said, setting a price range that keeps the lender on track for the largest IPO on record.

AgBank, which kicks off a formal marketing roadshow on Thursday, set a proposed price range of HK$2.88-HK$3.48 a share for the Hong Kong offering, the sources said late on Wednesday.

Jun 23, 2010

Handling China mega-IPO brings prestige … and pain

BEIJING/HONG KONG (Reuters) – Four years ago, Pan Gongsheng was board secretary at Industrial and Commercial Bank of China and steered what is now the world’s most valuable bank through its $21.9 billion IPO, the largest ever.

His style then was to subject the army of bankers piecing the deal together to a strict regimen of daily report cards, grading everything from attendance to typing errors in the offer prospectus – all of which were reported back to government officials in Beijing.

Jun 21, 2010

MidEast funds take big bite of AgBank IPO

HONG KONG (Reuters) – The Kuwait Investment Authority has invested $800 million in Agricultural Bank of China, two sources said on Monday, giving Middle East funds a big slice of AgBank’s likely record $23 billion IPO.

The same sources confirmed a weekend report that the Qatar Investment Authority agreed to invest $2.8 billion in AgBank, a bigger-than-expected sum that gets underwriters closer to their goal of raising around $6 billion through cornerstone investors in the planned Hong Kong offering.

Jun 21, 2010

Kuwait to invest $800 million in AgBank IPO: sources

HONG KONG (Reuters) – Agricultural Bank of China ABC.UL has received an $800 million investment from the Kuwait Investment Authority, sources said on Monday, in a deal that means Middle East funds will take up more than half of Hong Kong’s cornerstone portion of AgBank’s $23 billion IPO.

The sources confirmed a report issued late on Sunday that the Qatar Investment Authority had agreed to invest $2.8 billion in AgBank, a greater-than-expected amount that gets underwriters closer to its goal of raising around $6 billion through cornerstone investors.

Jun 18, 2010

AgBank woos IPO investors; MidEast eyes $2 bln stake

HONG KONG (Reuters) – Two Middle East wealth funds may each buy $1 billion worth of stock in Agricultural Bank of China’s upcoming record IPO, among seven key investors considering buying stakes, sources said on Friday.

AgBank, with assets of $1.4 trillion — more than the GDP of Canada — had hoped to raise around $30 billion from its dual listing in Hong Kong and Shanghai as it looks to shore up its capital base after a lending splurge by Chinese banks last year.

    • 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 ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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