HONG KONG Oct 15 News and developments in Asia
private equity from Reuters News for the week ended 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PRIVATE EQUITY firm TPG Capital has withdrawn a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TWO EUROPEAN insurers have withdrawn cover for tankers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.
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.
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,
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.
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.
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
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.