LIG Insurance Co. has put up for sale a controlling stake of 20.96% in the South Korean non-life insurer to compensate investors for losses sustained after buying debt issued by its affiliate. It has hired Goldman Sachs Group to advise on the sale.
Investors
Peabody Energy form joint venture with China's Shenhua Group
Peabody Energy and Shenhua Group formed a joint venture firm, Sino-Pacific Coal Trading Corporation Pte Ltd, to provide Shenhua with coal from the platform of Peabody.
Tan to finalize Philippine Airlines stake sale with SMC
Lucio Tan, the chairman and chief executive of Philippine Airlines Inc (PAL) is expected to finalize the majority stake sale in the flag carrier next year with San Miguel Corp (SMC).
South Korean flag carrier Korean Air sells S-Oil stake, planes to raise KRW3.5 trillion
Korean Air, South Korea's flag carrier and largest airline, has put up for sale its shares in refiner S-Oil and 13 planes to raise KRW3.5 trillion. Proceeds from the deal will be used to pare its debt and provide aid to affiliate Hanjin Shipping Co.
Bayer to acquire Algeta in $2.9 B deal
Germany-based healthcare and agricultural products company Bayer said it will be buying Norway-based Algeta, its partner in developing a prostate cancer therapy, in a deal worth $2.9 billion, Bloomberg reported.
Latest News
Citigroup Inc chose to work with AIA Group in a 15-year agreement allowing the latter to sell life insurance through its branch network in 11 countries, Bloomberg reported.
Kuwait-based holding company Noor Financial Investment Company has decided to sell of its entire stake in Pakistan-based Meezan Bank Limited (MEBL) to Vision Financial Limited for $190 million, according to a notice issued on Wednesday.
Philippine-based conglomerate GT Capital Holdings Inc bought more than 40% of car dealership Toyota Manila Bay Corp (TMBC) in a deal valued at PHP502.25 million.
US-based private equity firms Carlyle Group and KKR & Co and Australian investment firm Archer Capital have advanced in the sale of Transpacific Industries Group's waste management business. The three firms are working with banks to put together loan packages to back their bids.
A Bloomberg report said Jack Ma and Zhang Jindong may be allowed to create phone companies in China with the possible issuance of their licenses this month.
Private equity firm Carlyle Group generated paper profits on its week-long investment in Chinese funeral company Fu Shou Yuan International Group Ltd after the latter gave a strong debut in Hong Kong trading.
Hedge fund Clinton Group in a regulatory filing on Wednesday said that it is exploring an acquisition of California-based teen apparel retailer Wet Seal. The activist investor seeks to buy out Wet Seal's equity in a privatization deal.
Madrid, Spain-based global travel distribution system Amadeus bought hotel IT solutions provider Newmarket International Inc for $500 million in a bid to conquer the hospitality space.
Venezuelan bank Banesco has won the bid for a controlling stake in Spanish state-rescued lender NCG Banco through its €1 billion offer. Banesco bet out five other rivals in the auction.
