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