EnergyEXCLUSIVE PAG plans $10 bln merger, offshore IPO of Chinese gases assets - sources
Kane Wu
3 minutes read
Private equity firm PAG plans to merge its two Chinese industrial gases portfolio companies and seek an offshore listing for the combined entity estimated to be worth more than $10 billion, two people with knowledge of the matter said.
Hong Kong-based PAG is discussing with banks a plan to combine Yingde Gases Group with Shanghai Baosteel Gases Group, both Shanghai-headquartered, and then list the merged entity in what could be a billion dollar float, they told Reuters.
It would mark the biggest exit so far for PAG, which is led by seasoned Chinese dealmaker Weijian Shan and manages $40 billion in assets worldwide.
ISU (이수, Korean actor, singer)
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Middle EastSaudi Tadawul Group narrows banks for IPO process -sources
Hadeel SayeghSaeed Azhar
2 minutes read
Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company s upcoming initial public offering (IPO), three sources said.
Citigroup (C.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) were chosen, along with the securities unit of Saudi National Bank, Saudi Fransi Capital and HSBC Saudi Arabia, the sources said.
Tadawul, the kingdom s bourse operator, is expected to chose one local bank and potentially one or two international banks for its listing, they said. A final round of pitching for roles is taking place this week, they added.
ChinaChina delivery giant Meituan raises $10 bln - a warchest for drones, self-driving cars
ReutersScott MurdochYingzhi Yang
3 minutes read
Signs of Meituan are seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 4, 2020. REUTERS/Tingshu Wang/File Photo
Food delivery behemoth Meituan (3690.HK) has raised $10 billion in a stock and convertible bonds sale, underscoring strong investor faith in the growth prospects of some Chinese tech firms despite a regulatory clampdown on the sector.
The Tencent-backed firm with a market valuation of $220 billion said it plans to use its new warchest to invest in autonomous delivery vehicles, delivery drones and other cutting-edge technology.
TechnologyTencent raises $4.2 bln in its second major bond deal in a year
Scott MurdochAndrew Galbraith
3 minutes read
A Tencent logo is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo
Tencent Holdings Ltd (0700.HK) raised $4.15 billion on Friday in its second major bond deal in less than a year as global investors were enticed by its attractive pricing and overlooked a regulatory crackdown on China s tech giants.
Asia s most valuable company said in a statement it raised $500 million in a 10-year tranche, $900 million in 20-year debt, $1.75 billion in 30 year and $1 billion in 40-year debt.
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