Asia Private Equity Weekly News, November 19, 2012

HONG KONG, November 19 Sun Nov 18, 2012 7:33pm EST

HONG KONG, November 19 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending November 16.

NOVEMBER 16

A GROUP led by Singapore property firm Overseas Union Enterprise Ltd launched a S$13.1 billion ($10.7 billion) bid for Fraser and Neave Ltd (F&N), challenging a takeover offer for the conglomerate from Thailand's third-richest man.

NOVEMBER 15

CARYLE GROUP and Seven Group Holdings have hired Goldman Sachs for a possible sale of Australia's top equipment hire firm after failing to proceed with other options, including an A$800 million ($831 million) initial public offering earlier this year.

TWO U.S. securities regulators said more safeguards for investors should be considered before a rule lifting the ban on general advertising for private offerings is adopted, with one going so far as to call for a complete re-write of the proposal.

NOVEMBER 14

CHINA-FOCUSED private equity firm Fountainvest Partners, headed by ex-Temasek executive Frank Tang, has raised $1.35 billion in its second fund, the company said, defying tight fundraising conditions in Asia.

PRIVATE EQUITY group 3i said it was on track to meet cost and debt cutting targets, after making "strong and measurable" progress in its plans laid out in June to axe roughly a third of staff and close some offices.

NOVEMBER 13

SHARES IN Australia's Seven West Media Ltd, owner of the top-rated Seven Network, jumped as much as 21 percent on Tuesday after the group announced plans to pay down debt and reduce corporate expenses.

APOLLO GLOBAL Management LLC said it was beginning fundraising for its next large buyout fund with a target of $12 billion, less than its previous private equity fund yet still one of the largest buyout funds in the market.

CHINESE E-COMMERCE firm 360buy has closed its latest round of financing, raising about $400 million that values the company at $7.3 billion, local media reported.

NOVEMBER 12

CVC CAPITAL Partners veteran Michael Smith will step down as chairman in January 2013 and hand the reins to a trio of dealmakers whose first job will be to raise 10 billion ($12.9 billion) euros from investors.

A SOUTH Korean court has approved the $1.1 billion sale of a near 30 percent stake in water purifier maker Woongjin Coway Co Ltd to domestic private equity fund MBK Partners, putting one of the largest private equity deals in Asia this year back on track.

A PRIVATE equity deal involving a Canadian mining services company that was bought and sold on the same day has come under scrutiny in an Australian court, the first test of a law introduced in 2010 that broadened competition law to include "bid rigging".

ADVENT INTERNATIONAL has amassed 8.5 billion euros ($10.8 billion) in one of the biggest private equity fundraisings since the financial crisis, helped by the U.S. group's strong track record on returns.

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A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

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