A report by Bloomberg News suggested that Hong Kong billionaire Li Ka-shing would soon be seeking out strategic acquisitions in Europe. Data compiled by the news agency indicated that the richest man in Asia had started to build a European portfolio three years ago through buyouts made by his companies including Hutchison Whampoa Ltd, and has plans to do more.
In June, a consortium controlled by Li had agreed to the USD1.3 billion acquisition of Dutch waste processor AVR-Afvalverwerking BV. Hutchison Whampoa had also said back in July that it would be buying more telecom assets after its USD1.1 billion acquisition of the Irish unit of Telefonica SA.
Li would stand to raise USD USD13 billion from the spin-off of part of its AS Watson Group, based on Credit Suisse Group estimates. Sources also said that a share sale in his utility company Power Assets Holdings Ltd would bring another USD5 billion for Li.
In August, Li confirmed his plans to increase his market share in telecommunications Europe. The Bloomberg article indicated that there is no doubt Li would be using cash from his recent divestment in order to pursue his plans.
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