Brazil-based iron ore mining giant Vale said it will sell its stake in Brazilian logistics firm Log-in Logistica International and auction its capital in phosphoric acid firm Fosbrasil.
Brazil
Argentine market regulator CNV rejects Braskem's bid for Solvay Indupa
Argentina's stock regulator CNV on Friday rejected Braskem's $1.35 per share bid to buy roughly 30% of the shares of plastics maker Solvay Indupa that are traded on the Buenos Aires bourse. CNV said that the offer was below Solvay Indupa's book value of $2.81 per share as of September.
Italian daily says Telefonica planning joint offer for TIM Participacoes- report
Italian newspaper Il Sole 24 Ore said Telefonica is planning a joint offer of TIM Brasil, the local wireless unit of Telecom Italia, Reuters reported.
Eike Batista's Oleo e Gas to honor $31.2 million oil field debt
Oleo e Gas Participacoes, controlled by Brazilian investor Eike Batista, promised to repay its $31.2 million debt in two oil fields located south of Rio de Janeiro. Oleo e Gas could lose its 40% stake in the said oil fields if it fails to repay its joint venture partners.
Hedge funds seen to snatch risky opportunities US and foreign banks now avoid
While US and foreign banks do away with risky investments like municipal bonds, hedge funds had taken advantage with the loss of a competitor and increased their positions in such assets, a Barron's report said.
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Investors seemed to be positive with regard to news from former Brazilian billionaire Eike Batista about Oleo & Gas Participacoes SA's creditors agreeing to convert $5.8 billion worth of company debt into equity stakes.
Brazil-based iron ore miner Vale agreed to sell a stake in logistics company VLI SA to Canadian firm Brookfield Asset Management in a deal valued at BRL2 billion ($842.78 million).
Vale, the world's leading producer of iron ore, agreed to enter into a joint venture with power company Cemig to run six hydroelectric power plants. Vale also halved its 9% stake in Norte Energia, which builds a hydroelectric dam in Amazon, Brazil
Shareholders of Telecom Italia on Friday thwarted by a slim majority a proposal by rebel investor Marco Fossati to oust its board. Fossati, the third-largest shareholder in Telecom Italia, may consider pursuing a legal challenge.
A survey from Jana, a mobile platform that connects brands with consumers in the emerging markets, revealed that a good number of respondents from Asian countries know about the Bitcoin.
Tech investment in Brazil is set to grow by 6% and investments for IT training will almost double in 2014, according to a recent survey among 1,000 decision makers in large and medium enterprises.
Braskem will acquire Argentine-Brazilian plastics maker Solvay Indupa for $290 million. It will buy 70.59% of Solvay Indupa by assuming its debt and through cash. Braskem will also purchase the remaining 29.41% of the company floated on the Buenos Aires bourse.
German Efromovich, the owner of Colombian flag carrier Avianca, is reportedly looking to acquire Italian airline Alitalia or Polish flag carrier LOT Polish Airlines. Efromovich seeks to boost his presence in Europe.
As talk about the US Federal Reserve tapering grows, a Financial Times report said markets are now more prepared should a reduction in asset purchases actually become a reality.
