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.
Investors
Excavation firm Marin to acquire Scotland's AGR Seabed Intervention
Ultra-deepwater excavation specialist Marin confirmed is to acquire Aberdeen, Scotland-based trenching solutions provider AGR Seabed Intervention for an undisclosed amount after a successful alliance between the two firms this year.
More state-owned firms may be sold off in China -official
More state-owned companies in China may be sold off as private entities in a bid to improve economic, according to a Chinese official affiliated with the agency that controls the country's largest state firms.
Austria's OMV sells Bayernoil stake to Vitol-Carlyle joint venture for undisclosed sum
Austria's OMV will divest its 45% stake in German oil refinery Bayernoil to Varo Energy for an undisclosed amount. Varo Energy is a partnership between Swiss oil trading firm Vitol and American private equity firm Carlyle Group.
Japan's Showa Shell subsidiary to invest ¥13 B in solar panel plant
Solar Frontier, a wholly owned subsidiary of Japanese petroleum company Showa Shell Sekiyu, will be investing ¥13 billion ($125 million) to construct a solar panel plant in Japan's Miyagi prefecture.
Latest News
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.
Ireland-based gambling group Paddy Power has expanded the number of its outlets in Ireland through the purchase of nine bookies from Hacketts for an undisclosed sum.
Fosun International, controlled by Chinese tycoon Guo Guangchang, is seeking to acquire apartments, hotels and offices in New York as well as in other US cities after its purchase of lower Manhattan landmark 1 Chase Manhattan Plaza.
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.
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.
