Una's Feed
Apr 29, 2014
via Breakingviews

WH Group’s pulled pork IPO is least bad outcome

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By Una Galani
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

This little piggy isn’t going to the market after all. WH Group has scrapped its Hong Kong listing after investors turned their noses up at its valuation. The Chinese pork producer had already more than halved the size of the fundraising to as little as $1.3 billion. A delay which gives the company formerly known as Shuanghui more time to integrate its U.S. subsidiary Smithfield is probably the least bad outcome.

Apr 23, 2014
via Breakingviews

WH Group’s chopped IPO still looks unappetising

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

Apr 23, 2014
via Breakingviews

WH Group’s chopped IPO still looks unappetising

Photo

By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

Apr 23, 2014
via Breakingviews

WH Group’s chopped IPO still looks unappetising

Photo

By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

Apr 23, 2014
via Breakingviews

WH Group’s chopped IPO still looks unappetising

Photo

By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

Apr 17, 2014
via Breakingviews

Asia push to in-house M&A forces advisers to adapt

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By Una Galani

The author is a Breakingviews columnist. The opinions expressed are her own. 

Asian acquirers are taking their own advice when it comes to mergers and acquisitions – and global investment banks may have to adapt. From Singaporean sovereign investor Temasek to China’s CITIC, Asian companies are increasingly relying on internal talent to get deals done. The loss of business in an already tough market means big investment banks will have to work harder to prove their worth.

International banks have had a minimal role in two recent mega-deals. Temasek used its own mergers-and-acquisitions team to buy a 24.95 percent stake in AS Watson, the retail business of Li Ka-Shing’s Hutchison Whampoa, in March. Hong Kong-listed CITIC Pacific has named only its own subsidiary, and a related outfit, as advisers on its $36.5 billion acquisition of assets from its parent. Morgan Stanley worked on the deal, say people familiar with the situation, but isn’t mentioned in public documents.

Apr 17, 2014
via Breakingviews

Asia push to in-house M&A forces advisers to adapt

Photo

By Una Galani

The author is a Breakingviews columnist. The opinions expressed are her own. 

Asian acquirers are taking their own advice when it comes to mergers and acquisitions – and global investment banks may have to adapt. From Singaporean sovereign investor Temasek to China’s CITIC, Asian companies are increasingly relying on internal talent to get deals done. The loss of business in an already tough market means big investment banks will have to work harder to prove their worth.

International banks have had a minimal role in two recent mega-deals. Temasek used its own mergers-and-acquisitions team to buy a 24.95 percent stake in AS Watson, the retail business of Li Ka-Shing’s Hutchison Whampoa, in March. Hong Kong-listed CITIC Pacific has named only its own subsidiary, and a related outfit, as advisers on its $36.5 billion acquisition of assets from its parent. Morgan Stanley worked on the deal, say people familiar with the situation, but isn’t mentioned in public documents.

Apr 17, 2014
via Breakingviews

Asia push to in-house M&A forces advisers to adapt

Photo

By Una Galani

The author is a Breakingviews columnist. The opinions expressed are her own. 

Asian acquirers are taking their own advice when it comes to mergers and acquisitions – and global investment banks may have to adapt. From Singaporean sovereign investor Temasek to China’s CITIC, Asian companies are increasingly relying on internal talent to get deals done. The loss of business in an already tough market means big investment banks will have to work harder to prove their worth.

International banks have had a minimal role in two recent mega-deals. Temasek used its own mergers-and-acquisitions team to buy a 24.95 percent stake in AS Watson, the retail business of Li Ka-Shing’s Hutchison Whampoa, in March. Hong Kong-listed CITIC Pacific has named only its own subsidiary, and a related outfit, as advisers on its $36.5 billion acquisition of assets from its parent. Morgan Stanley worked on the deal, say people familiar with the situation, but isn’t mentioned in public documents.

Apr 17, 2014
via Breakingviews

CITIC’s $37 bln merger hints at SOE reform task

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By Una Galani

The author is a Reuters Breakingviews columnist.  The opinions expressed are her own.

CITIC’s $37 billion merger has shed some light on the gargantuan task of reforming China’s state-owned enterprises. The giant conglomerate is merging its assets, which range from finance to football, into its smaller Hong Kong-listed subsidiary. The result combines listed stakes and a mish-mash of smaller businesses. But if all goes well, CITIC Pacific shareholders will get a profitable ringside seat in the cleanup.

Apr 17, 2014
via Breakingviews

CITIC’s $37 bln merger hints at SOE reform task

Photo

By Una Galani

The author is a Reuters Breakingviews columnist.  The opinions expressed are her own.

CITIC’s $37 billion merger has shed some light on the gargantuan task of reforming China’s state-owned enterprises. The giant conglomerate is merging its assets, which range from finance to football, into its smaller Hong Kong-listed subsidiary. The result combines listed stakes and a mish-mash of smaller businesses. But if all goes well, CITIC Pacific shareholders will get a profitable ringside seat in the cleanup.

    • About Una

      "Una Galani is Asia Corporate Finance Columnist of Reuters Breakingviews, based in Hong Kong. She spent three years in Dubai covering the region’s economies in the immediate aftermath of the Arab Spring. Previously, Una wrote on capital markets, mergers and acquisitions, and telecoms across Europe from London. She was commended in the category of Young Financial Journalist at the Harold Wincott Awards for 2009 after joining Breakingviews in 2006. Una read English Literature at Oxford. Follow Una on Twitter @ugalani"
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