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’Indonesia blocks Maybank’s BII deal
Shareholders were on Wednesday scrambling to salvage a $2.7bn takeover bid by Maybank for Bank Internasional Indonesia (BII) after Malaysia’s central bank blocked the cross-border deal just as it was due to be finalised on Thursday.
Temasek to cut stake in Shin Corp
Singapore’s Temasek plans to reduce its stake in Shin Corp, the Thai group it took control of more than two years ago, through a public offering of shares. The deal, Thailand’s largest takeover, triggered a crisis amid public protest over disclosures that the family of Thaksin Shinawatra,
Temasek rebuffed Bear Stearns plea
Bear Stearns sought rescue financing from Temasek of Singapore in the days before its sale to JPMorgan Chase but was rebuffed, underscoring the growing reluctance of sovereign wealth funds to make high-profile investments.
Merrill: No need for more capital
Merrill Lynch sees no need for more capital as the subprime crisis nears an end, but expects US banks with large exposure to consumers to be the next problem area, John Thain, its chief executive, told a Singapore newspaper,
Temasek, unfazed, adds to Merrill stake
Temasek Holdings, the Singapore state investment company, said Tuesday it had invested an additional $600m in Merrill Lynch in February, despite a paper loss on its earlier $4.4bn investment in Merrill last year.
Maybank seals BII deal for $1.5bn
Malayan Banking (Maybank) has won the race to buy a majority share of Bank Internasional Indonesia, with an offer of $1.5bn for the 55.7% stake controlled by Singaporean investment body Temasek Holdings.
HSBC, two others, on BII shortlist
HSBC, Bank of China and Malayan Bank (Maybank) have been short-listed to buy Temasek’s 42% stake in Bank Internasional Indonesia, valued at about $850m. It is unclear whether this is the final shortlist for BII,
Maybank leads BII stake race
Malayan Banking, Malaysia’s biggest bank, has emerged as the frontrunner to buy Temasek’s stake in Bank Internasional Indonesia (BII), in a deal worth about $800m. The Singaporean investment agency is selling the stake due to new Indonesian rules limiting foreign ownership of banks.
Temasek eyes Indonesian stake sale
Temasek, the Singaporean state-owned investment company, is nearing a decision to sell its stake in Indonesia’s sixth-largest bank, which could fetch more than $700m, reports the WSJ. Temasek is considering
Temasek and Tui in merger talks
Temasek, the sovereign wealth fund, and Germany’s Tui are in talks to merge their shipping operations in a deal that could see the Singaporean group take a stake of more than 20% in the Hanover-based travel group.
Temasek raises StanChart stake
Temasek has raised its stake in Standard Chartered to 19% from 18%, inching the investment towards a formal investigation by Hong Kong authorities. The Singaporean sovereign wealth fund disclosed that it had increased its stake in the UK-based bank last month in order to “capitalise on current market opportunities”.
China Eastern snubs CNAC offer
Shares in Air China, the country’s flag carrier, suffered their steepest fall in four months in Hong Kong on Monday after China Eastern snubbed an initial approach from Air China’s parent, China National Aviation Corp,
Temasek backs Tang in China buy-out push
Two Canadian pension funds and Temasek are planning to back a high-profile private equity fund looking to invest in China, underscoring rising overseas interest in the sector. Frank Tang and three former Temasek colleagues,
FT analysis: Silence not necessarily golden for sovereign funds
Sovereign wealth funds are suddenly the capital provider of first and last resort for ailing US financial institutions, investing at least $30bn in some of Wall Street’s biggest banks and brokerages, writes the FT’s Henny Sender in an FT analysis on Friday.
Merrill to take “giant” writedown; any buyers?
Merrill Lynch, due to report its end of year results next Thursday, is going to suffer more than analysts have been predicting, according to a report in Friday’s New York Times:
Merrill Lynch is expected to suffer $15 billion in losses stemming from soured mortgage investments,
Air China vows to launch bid for rival
Air China’s parent company said Thursday it would bid for domestic rival China Eastern Airlines, in which it holds a significant stake, if CEA’s minority shareholders reject a proposed HK$7.16bn (US$917m) investment by Singapore Airlines and its parent Temasek at a shareholder meeting on Tuesday.
Top of the silly season: Buffett, Merrill, China SWF, Alitalia
Just in case you missed them:
Buffett spends big on acquisitions
Warren Buffett, the US billionaire investor, made some striking moves in late December: On Christmas Day, Buffett’s group Berkshire Hathaway used $4.5bn of its $50bn cash pile to buy 60% of Marmon,
Temasek eyes stake in Merrill
Merrill Lynch, facing the likelihood of billions of dollars in additional Q4 mortgage-related write-downs, is expected to become the latest financial firm to get a capital infusion from an Asian government investment fund,
Goldman’s Chinese partner brokers first deal
Goldman Sachs’ Chinese partner has secured his first private equity deal since stepping back from the US firm’s operations, say people familiar with the deal. Fang Fenglei, chairman of Goldman’s Chinese securities business,
Temasek’s latest China moves
Temasek, Singapore’s state-owned investment company, is at it again. After a series of transactions this week, selling-off some of its stakes in several mainland Chinese companies — a couple of banks and Cosco,
Another day, another (Singaporean) SWF transaction…
It seems to be SWF week, with the deals flying thick and fast, though thanks to Temasek, the Singapore investment company, some of the current activity focuses on the selling-off of stakes.
Temasek on Thursday made the third sale in a week of holdings in a Chinese company,
Temasek signals further China doubts
Temasek Holdings, the Singapore state investment company, gave further signals on Thursday of its belief that several areas of the Chinese economy have reached their cyclical peak, with the third sale in a week of holdings in mainland companies.
Bank of China shares slide on Temasek move
Shares in Bank of China fell more than 9% in Tuesday trading after Temasek, the Singapore state investment agency, trimmed its holding in the mainland Chinese lender. Temasek, the bank’s second largest foreign shareholder,
Jakarta watchdog targets Temasek
Indonesia’s business competition authority ruled on Monday that Temasek Holdings had breached competition rules through ownership of significant stakes in the country’s two largest mobile phone operators.