Asia Private Equity Weekly News, Oct 15, 2012

HONG KONG Sun Oct 14, 2012 8:36pm EDT

HONG KONG Oct 15 (Reuters) - News and developments in Asia private equity from Reuters News for the week ended Oct. 12.

OCT. 12

PRIVATE EQUITY firm TPG Capital has withdrawn a A$694 million ($713 million) takeover bid for Australian surfwear retailer Billabong International Ltd, the second bidder to exit after inspecting its books, knocking the stock to a record low.

TWO EUROPEAN insurers have withdrawn cover for tankers operated by Hong Kong's Titan Petrochemicals Group Ltd which were involved in the Iranian oil trade.

CHINA'S BEST-known local sportswear group, Li Ning Co Ltd , said its chief financial officer has resigned, the latest departure from senior management as the company grapples with a slowdown in the world's second-largest economy.

VENTURE CAPITAL firm Panorama Capital and others have invested $10 million in video technology company Skyfire, which plans to expand into European and Asian markets on the back of surging usage of video on wireless devices.

UK-BASED The Children's Investment Fund Management said on Friday it has filed a lawsuit in Calcutta High Court against the directors of state miner Coal India Ltd for failing to perform their functions with care and skill.

OCT. 11

AUSTRALIA'S DISCOVERY Metals Ltd unexpectedly rebuffed a takeover offer led by a Chinese private equity firm valuing the copper miner at A$824 million ($844.31 million), but said it remained open to a higher bid.

STANDARD CHARTERED Bank's private equity arm will invest $35 million in Indian visual entertainment services group Prime Focus Ltd at a maximum price of 53 rupees per share, the Indian firm said.

BOSSES OF Singapore-listed companies are taking their firms private to take advantage of beaten-down prices and cheap financing, more than trebling management buyout deals in the island-state to $10.9 billion compared with the whole of 2011.

OCT. 10

BLACKSTONE GROUP LP closed on its most recent global real estate fund, Blackstone Real Estate Partners VII, raising $13.3 billion, the largest opportunistic real estate fund ever, the company.

FUNDS RUN by Goldman Sachs have agreed to a debt-for-equity plan by Australia's Nine Entertainment, a spokesman for Goldman Sachs Mezzanine Partners said, as Nine scrambles to avoid going into receivership.

OCT. 9

CVC CAPITAL Partners Ltd's beleaguered Australian television network Nine has put forward a new proposal to senior lenders to restructure some $3.2 billion in debt, three sources familiar with the negotiations said.

TOP PRIVATE equity firms are likely to bid next week for Australia's largest poultry producer, privately held Ingham, with annual sales of A$2.1 billion ($2.14 billion), sources with direct knowledge of the matter said.

BILLABONG INTERNATIONAL said it has appointed former fashion executive Ian Pollard as chairman to guide a turnaround.

OCT. 8

TERRA FIRMA, the private equity firm led by high-profile dealmaker Guy Hands, is planning a multibillion dollar fund with a Chinese bank to invest in renewable energy, underscoring its faith in green power despite waning enthusiasm in some markets.

U.S. PRIVATE equity firm Blackstone Group has paid $100 million for a 12.5 percent stake in India's International Tractors Ltd (ITL), it said on Monday, in a bet on the modernisation of India's farms.

SHARES IN Seven West Media Ltd, owner of Australia's top-rated free-to-air television networks, surged by more than 6 percent on speculation of a buyout by its largest shareholder.

THE PRIVATE equity arm of Standard Chartered Plc has invested $32 million in India's Varun Beverages, which is the largest bottler for PepsiCo Inc in South Asia, the companies said in a joint statement.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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