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.