Cathay Fortune offered cash bid with the condition that equity fundraising efforts be halted. Cathay Fortune Corp has proposed a new bid for Discovery Metals on the condition that Discovery stops its plans to raise funds through equity sales.
Asia/Pacific
Baidu Has Acquired PPS Net TV
Baidu has acquired PPS Net TV as reported by China Business News. The largest search engine of China, Baidu Inc is now processing the acquisition of PPS Net TV, a Chinese online video company.
Sinopec of China Enters into Agreements with CPC of Taiwan
The neighbors at the Formosa Strait are now in agreement as to oil and gas explorations in Myanmar. Sinopec Group, the largest Asian oil refiner, had announced last Thursday that it had entered into an agreement to sell its 30% shareholdings in an oil and gas block located in Myanmar.
Infosys Openness Causing Dislocation
Infosys, the paragon of market guidance, has now experienced the shock of falling share values because of failed earnings expectations.
Tata Steel Issues Singapore dollar denominated 10 year bonds
Tata Steel is issuing ten year Singapore dollar denominated bonds at 5.25%. A local market deal has been formalized and was launched this morning. The deal was Tata Steel's ten year Reg S Singapore dollar denominated bond at 5.
Latest News
IFC has forged a US$50 million credit facility for Acme Solar Energy projects. The World Bank's private sector finance arm, the International Finance Corp, has plans to loan as much as US$50 million to an Indian solar power developer in order to finance the building and operation of key power projects.
AXA purchases Tian Ping Insurance, expanding its reach in the Asian markets. AXA had announced its purchase of half of the shareholdings in Tian Ping, the Chinese property and casualty insurance firm.
Jet Airways sells off minority shares to Etihad to a reported US$379 million. Jet Airways of India would be selling its minority shareholdings to Etihad Airways for the price of US$379 million.
Singapore Airlines increases shareholdings from 10% to 19.9% worth Aus$123 million. Singapore Airlines Ltd has increased its shareholdings in Virgin Australia Holdings Ltd from 10% to 19.
GDC Technology to issue an IPO worth US$100 million in the United States, the biggest for a Chinese firm in the past two years.
KazMunaiGas are preparing two tranches of Eurobond issues each with a nominal value of US$200 million.
Billabong has sought extension of discussions with Sycamore Partners and its former director for the proposed takeover.
PT Dyviacom Intrabumi is raising funds for expansion plans. PT Dyviacom Intrabumi, the Indonesian Internet service provider is aiming to raise 7 trillion rupiah or US$720.
Affin Holdings squelched rumors as to the supposed takeover bid by AMMB Holdings. Affin Holdings Bhd has squashed speculations that it is discussions with AMMB Holdings Bhd regarding AMMB's acquisition of the company.
