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Investment Management & Fund Operators

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China CIC, Canada's Brookfield acquire Petrobras pipeline unit

Wednesday, 5 Apr 2017 01:04am EDT

China's sovereign wealth fund China Investment Corp said it has joined hands with Canada's Brookfield Asset Management Inc in acquiring 90 percent of a natural gas pipeline unit from Brazil's state oil firm Petrobras . : The investor group includes other institutional investor, and the pipeline unit is called Nova Transportadora do Sudeste S.A., CIC stated on its website on Wednesday . Reuters reported last September that Petrobras agreed to sell 90 percent of its natural gas pipeline unit to a group of investors for $5.2 billion [nL1N1BI0VX] (Reporting by Chen Aizhu) ((aizhu.chen@thomsonreuters.com; +8610 66271211; Reuters Messaging: aizhu.chen.reuters.com@reuters.net)) Keywords: CHINA PETROBRAS/PIPELINE ACQUISITION (BRIEF).

Auden expects positive result on a group basis for 2016

Tuesday, 4 Apr 2017 05:43am EDT

Auden AG : For the fiscal year 2017, a result of ordinary business activity of at least 4 million euros ($4.26 million) or 0.44 euros per share is expected from the sale of shares in existing portfolio companies .For the full year 2016, the executive board expects a positive annual result on a group basis.

Ashford announces update on proposed Remington transaction

Tuesday, 28 Mar 2017 04:15pm EDT

Ashford Inc : Ashford announces update on proposed Remington transaction . Ashford inc says has decided to cease its efforts in completing proposed transaction as originally contemplated with Remington Holdings, LP . Ashford - has begun process of evaluating purchase of just Remington's project management business, which would not require a private letter ruling . Ashford Inc says has been unsuccessful in receiving an acceptable private letter ruling from internal revenue service . Ashford Inc- has formed a special committee of its board to evaluate a possible transaction .Ashford-Been unsuccessful in receiving acceptable private letter ruling from IRS regarding proposed deal with Remington Holdings, LP.

Reliance Capital completes transfer of commercial finance division into separate unit

Friday, 24 Mar 2017 07:07am EDT

Reliance Capital Ltd : Says Reliance Capital completes transfer of its commercial finance division into separate wholly owned subsidiary . Transfer aligns Reliance Commercial Finance with corporate structure where operating businesses are fully or majority owned units of co . Says transfer to be effective from April 1, 2016 .Reliance Capital to become a core investment company post this demerger.

Zais Group qtrly EPS $0.29

Friday, 24 Mar 2017 06:45am EDT

Zais Group Holdings Inc : Zais group holdings, inc. Reports fourth quarter and full year 2016 results . Zais group holdings inc - has been undertaking a strategic review of company's business and has engaged a financial advisor for this purpose . Zais group - held and expect to continue to hold preliminary discussions with potential counterparties and participants related to strategic review . Zais group holdings inc qtrly earnings per share $0.29 .Zais group holdings inc qtrly total revenues $16.7 million versus $5 million.

Reliance Capital to expand retail health insurance business

Thursday, 16 Mar 2017 02:35am EDT

Reliance Capital Ltd : Says Reliance Capital to expand retail health insurance business . Reliance General Insurance board approves transfer of existing retail health insurance business into separate 100% owned subsidiary of co . Reliance Life Insurance and Reliance Asset Management already have 49% stake from Nippon Life Insurance . Says appoints Ravi Vishwanath as proposed CEO of the new company .Reliance Health Insurance Ltd., the proposed new co for health insurance business, will be unit of Reliance Capital.

NCR announces Blackstone agreement, updates guidance

Monday, 13 Mar 2017 06:30am EDT

NCR Corp : NCR announces Blackstone agreement, updates guidance and announces additional share repurchase authorization . Increasing full year non-GAAP EPS guidance by $0.02 due to accretive nature of transaction to $3.27 to $3.37 . NCR Corp - plans to increase its planned 2017 share repurchases to approximately $350 million from previous $300 million . NCR Corp - Blackstone is granted an early release from its lockup to sell a portion of its holdings to allow it to recoup its investment . Full year GAAP EPS is expected to be lower by approximately $0.10 and Q1 GAAP EPS is expected to be lower by approximately $0.50 . NCR Corp - repurchased approximately 4.4 million shares of its common stock for approximately $204 million thus far in 2017 . NCR Corp - "Blackstone is extending lockup on our remaining 51% stake by another six months to December 1, 2017" . NCR Corp - additionally, on March 12, 2017, co's board of directors authorized a new $300 million share repurchase program to succeed its 2016 program . NCR Corp - on March 12, 2017, company's board of directors authorized a new $300 million share repurchase program to succeed its 2016 program . NCR Corp - agreement with Blackstone extends lockup period on remainder of the investment . FY2017 earnings per share view $3.30 -- Thomson Reuters I/B/E/S.

Legal & General FY adjusted operating profit rises 11 pct

Wednesday, 8 Mar 2017 02:00am EST

Legal & General Group Plc : Fy pretax profit rose 17 percent to 1.6 billion stg . Eps 1 up 19% to 22.2p, profit before tax 2 up 17% to £1.6bn . Net release from operations (net cash) 4 up 12% to £1,411m (2015: £1,256m) . Adjusted operating profit 5 up 11% to £1,628m (2015: £1,463m) . Profit after tax up 16% to £1,265m (2015: £1,094m) . Earnings per share up 17% to 21.22p (2015: 18.16p) . Full year dividend up 7% to 14.35p per share (2015: 13.40p) . Adjusted return on equity 6 19.6% (2015: 17.7%) . Solvency ii coverage ratio of 171% (2015: 176%), shareholder basis 7 . Lgr new business of £8.5bn (2015: £2.9bn) . Lgr annuity assets up 25% at £54.4bn (2015: £43.4bn) . Lgim aum up 20% at £894.2bn (2015: £746.1bn) . Our core markets are growing, our market share is increasing, our balance sheet is strong . Currently quoting on c.£13bn of buy-in and buy-out deals in uk . Lifetime mortgage market is expected to grow to £2.8bn in 2017 and we anticipate writing c.£0.8bn of new business in year .Lgim total net flows (£bn) 31.2.

3i Group, LDC sell stakes in MKM Building Supplies to Bain Capital

Friday, 3 Mar 2017 04:12am EST

3i Group Plc : 3i and LDC sell stakes in MKM Building Supplies to Bain Capital . Management will retain a significant shareholding in the business . Proceeds to 3i from today's transaction will be c.70 mln stg, and including 11 mln stg received by 3i since 2006, represent a 5.9x money multiple . 3i's proceeds represent a 17 pct uplift over book value at Dec. 31, 2016 and 31 pct as at March 31, 2016 . Rothschild acted as lead adviser to the selling shareholders and Addleshaw Goddard, as legal adviser . The transaction is subject to customary regulatory approvals . Subject to these approvals, the deal is expected to complete by May 2017 Further company coverage: [III.L] (Bengaluru Newsroom: +91 806 749 1136).

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