Asia Private Equity Weekly News, January 28, 2013

HONG KONG Sun Jan 27, 2013 8:02pm EST

HONG KONG Jan 28 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending January 25.

JANUARY 25

JAPAN'S AEON Co Ltd and a unit of Thailand's Central Group are eyeing a bid for PT Matahari Department Store , a CVC-owned retail group in Indonesia for which the private equity firm is seeking as much as $3.5 billion, sources familiar with the matter told Reuters.

A CHINESE mining equipment company at the centre of an alleged accounting fraud was also involved in a web of insider loans and asset transfers prior to its purchase by Caterpillar Inc., public filings show.

STRUGGLING CHINESE sportswear brand Li Ning Co Ltd said on Friday it planned to issue convertible securities worth up to HK$1.87 billion ($241 million), seeking capital for a restructuring plan and for business development.

BREAKINGVIEWS-TPG is running rings around shareholders in Li Ning. The buyout firm has renegotiated the terms of a convertible bond it bought from the Chinese sports brand a year ago, and agreed to underwrite a deeply discounted capital raising. The deal leaves other investors in second place.

ALIBABA GROUP, which runs China's largest e-commerce platforms, and its partners will spend 100 billion yuan ($16.08 billion) in the first phase of investment to build a logistics network, a local newspaper reported.

JANUARY 24

INDIA'S EDUCOMP Solutions said Kaizen Private Equity and global publisher Bertelsmann had agreed to invest 220 million rupees ($4.1 million)in the company's online business.

JANUARY 23

HONG KONG has come under fire for a plan to restrict public access to corporate data, with investors and media groups worried it will block early warning of accounting scandals like the one that cost Caterpillar $580 million.

JANUARY 22

NEWSMAKER-FOR self-made Thai billionaire Charoen Sirivadhanabhakdi, the takeover of Singapore's Fraser and Neave Ltd will add legions of assets to his drinks and real estate empire that already stretches from Southeast Asia to the United States.

THAILAND'S THIRD-richest man is set to take control of Fraser and Neave in Southeast Asia's biggest-ever acquisition after a group led by an Indonesian tycoon bowed out of a two-month bidding war for the Singapore drinks and property company.

JANUARY 21

NINE ENTERTAINMENT'S creditors have approved a $3.6 billion recapitalisation scheme that will see U.S. hedge funds take control of one of Australia's best known TV networks, paving the way for a possible listing in 2014, a source familiar with the situation said.

CATERPILLAR UNCOVERED "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012.

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