Zhefu Holding Group Co Ltd <002266.SZ> :Says it plans to buy 49 percent stake in power technology firm for 955.5 million yuan ($143.40 million) via share issue.
Harbin Electric Co Ltd: Miao li-jie has resigned from position of senior vice-president .resignation Of Senior Management <1133.HK>.
NKT Holding A/S : To split NKT Holding into two listed companies following acquisition of ABB's high-voltage cables business (ABB HV Cables) . NKT Cables entered into purchase agreement to acquire ABB HV Cables, wholly owned business of ABB group, at enterprise value of 712 million euros (5.3 billion Danish crowns) . Including ABB HV Cables' committed investment in a new cable-laying vessel of 124 million euros, total enterprise value amounts to 836 million euros (6.2 billion crowns) . To secure future co-operation, NKT Cables and ABB group have signed long-term strategic partnership . Full impact of annual synergies of about 30 million euros ($33.38 million) is expected by end-2018 . Total integration costs are expected to be a total of 35 million - 40 million euros by end-2018 . Implied EV/EBITDA transaction multiples: 9.0x EBITDA average 2014-2016 (expected), corresponding to 6.5x EBITDA (incl. run-rate synergies) average 2014-2016 (expected) . Closing is expected in Q1 2017 . NKT group pro forma net interest-bearing debt/operational EBITDA is estimated to be about 3.0x at closing of acquisition with expected subsequent strong deleverage within 12 months . As result of transaction and intended subsequent split, no dividend is paid out for financial year 2016 . Assuming that acquisition of ABB HV Cables will be completed after Dec. 31, it does not impact NKT's 2016 outlook of consolidated flat organic growth and operational EBITDA margin.
Zhefu Holding Group Co Ltd <002266.SZ> : Says it plans to acquire 49 percent stake in Zhejiang-based energy service firm for about 955.5 million yuan ($143.14 million) via share issue .Says it plans to raise up to 955.5 million yuan in private placement of shares to fund acquisition and projects.