Asia Private Equity Weekly News, August 13, 2012
HONG KONG, August 13 |
HONG KONG, August 13 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending August 10.
THE CANADA Pension Plan Investment Board (CPPIB), one of the world's biggest pension funds, notched up small gains in the first quarter as financial markets sagged, and said it is looking to China and Europe as well as oversold assets for investment opportunities.
CHINA MAY set up a new financial reform pilot project to encourage private investment in the financial sector and boost credit access for small businesses and rural areas in the southeast province of Fujian, official media reported.
AUSTRALIAN INDUSTRIAL property manager Goodman Group and CPPIB announced a plan to expand their relationship via the launch of a new logistics and industrial venture.
SOUTH KOREAN refinery-to-retailer GS Group is considering acquiring U.S. metalworking fluid maker Houghton International through its GS Energy affiliate, the Korea Economic Daily reported.
A GROUP of investors that includes private equity fund Affinity Equity Partners is buying a $1.1 billion stake in South Korea's unlisted Kyobo Life Insurance from Daewoo International Corp, in what would be the second-largest private equity backed deal in Asia ex-Japan this year.
CHINESE OIL trader Guangdong Zhenrong Energy Co Ltd has agreed to buy control of Hong Kong-listed Titan Petrochemicals Group Ltd, a debt-laden shipping and oil storage company, but the deal could be derailed by a liquidation suit from U.S. private equity firm Warburg Pincus.
CARLYLE GROUP LP, the private equity firm that raised $671 million in an initial public offering in May, swung to a second-quarter loss as the value of its fund assets dropped, more than offsetting an increase in cash from fees.
CHINA'S BRIGHT Food is refinancing a 400 million pound ($628 million) loan for Weetabix, part of a larger financing backing its purchase of the British cereal maker, Thomson Reuters LPC reported, citing banking sources.
INTERVIEW-BAIN Capital, behind the biggest investment in a Japanese firm by a private equity fund this year, expects its deals pipeline in the country to remain active, with individual transactions potentially up to $3 billion in size.
INSIDER-ULTRA-luxury phones from the likes of private equity-owned Vertu have long been heavy on style and light on features. But the next generation of buyers expects more from their $6,000 dollar handsets. Video:
A MAJOR lender to China's Suntech Power Holdings, a solar panel maker which has been stung by a $690 million fraud linked to its expansion in Italy, financed the expansion despite warnings from a business ally to avoid Italy's scam-ridden solar sector.
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