Deals du Jour

July 21, 2009

Bank of America’s Merrill Lynch is in talks with several firms including Blackstone and Apollo Investment Management to sell management rights of its $2.65 billion Asian Real Estate Opportunity Fund, a source tells Reuters. A deal would be valued at a few hundred million dollars, the source said.

Meanwhile, China’s sovereign wealth fund has acquired 1.1 percent of British drinks firm Diageo drinks group, the Financial Times reports. China Investment Corp’s stake is worth 221 million pounds.

In other media reports on Tuesday:

The chief executive of German automotive supplier Continental is planning to propose a 1 billion euro ($1.4 billion) capital increase, the FT says.

Wynn Resorts will likely join Las Vegas Sands by listing its Macau gaming business on the Hong Kong bourse, raising up to $2 billion, sources tell Reuters.

Investment dealer Citadel Securities is to take a majority stake in electronic trading platform Equiduct, the Financial Times reports.

Chery Automobile, China’s largest indigenous car maker, has resumed preparations for an A-share initial public offering as the country’s securities regulator lifted its nearly 10-month ban on domestic IPOs due to a recovery in the country’s stock market. For the Reuters story click here.

And the sale of auto unit Opel enters a new stage, after its parent General Motors said on Monday it had received three binding takeover offers for Opel. In a surprise move, the once heavily favoured consortium of Magna and Sberbank changed plans at the last minute and agreed that they would evenly split a stake in Opel, in a concession to critics, a source tells Reuters.

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