Industrials
Samsung C&T confirms talks with Apollo over Parallel Petroleum
Samsung C&T Corp. confirmed Thursday that it is in talks to buy US oil company Parallel Petroleum from Apollo Global Management. In a statement to the South Korean Stock Exchange, Samsung C&T noted that the parties have yet to reach a definitive agreement.
GVK seeks PE investors in Australia coal assets
GVK is in talks with several global financial institutions, including private equity firms, with a view to selling minority stakes in Australian mining assets it recently acquired from Hancock for $1.3 billion. The Indian infrastructure group needs to...
Mumbai metals trader seeks PE investment
Ushdev International, a Mumbai-based metals trader and wind farm operator, is seeking to raise $20-40 million from private equity investors. Managing Director Prateek Gupta said the company is in talks with a couple of PE firms about the possibility of...
Whitehaven’s PE backers make partial exit
Three months after Australian miner Whitehaven Coal called off its auction process, the company’s two largest shareholders cut back their interest. First Reserve Corp. and AMCI International on August 31 sold 65 million shares for A$390 million ($416...
Insecticides India seeks $15m in expansion capital
Insecticides India hopes to raise around INR700 million ($15.3 million) through a qualified institutional placement of shares of a private equity round of financing to support its expansion plans. Rajesh Aggarwal, the company’s managing director, said...
PE firms sell down Whitehaven Coal stakes
First Reserve Corp., an energy-focused PE investor, and AMCI International have sold A$390 million ($416 million) of shares in Australian miner Whitehaven Coal, prompting a 5% fall in its share price on Wednesday. The partial exits come after Whitehaven...
Mongolia fund to make first investment by October
The Mongolia Opportunities Fund is looking to make its first investment by the end of October. Batsaihan B. Jamichoi, the former Uniqlo executive who started the fund, told Bloomberg that he is targeting infrastructure and service provider in the mining...
Japan’s airlines explore budget options
Japan Airlines and All Nippon Airlines have joined First Eastern-backed Peach Aviation in the low-cost carrier space. Is there room for more private equity involvement?
Sino-Forest expected to default on $1.3b in debt
Sino-Forest, the Toronto-listed Chinese timber firm whose chairman and CEO resigned on Sunday after regulators expressed concerns about fraudulent activity, is expected to default on its $1.3 billion of debt.
Sino-Forest CEO resigns as regulator expresses fraud concerns
The chairman and CEO of Sino-Forest has resigned and three employees have been temporarily suspended after the Ontario Securities Commission said the company may have misrepresented its revenue statements and exaggerated its timber holdings. It added...
CNOOC anchors PE fund targeting Asian energy assets
China National Offshore Oil Corp. (CNOOC) has formed a strategic partnership with Kerogen Capital, which is raising a $1.5 billion private equity fund that will target energy investments in Asia.
Baring India, IDFC anchor TD Power Systems’ IPO
Baring India Private Equity and IDFC are two of five anchor investors that have together committed INR334 million ($7.2 million) to TD Power Systems ahead of its IPO. The company, which manufacturers AC generators, counts Ironwood Investment Holdings,...
Vector, with CITIC Capital, acquires US-based graphic manufacturing group
Tech-focused PE firm Vector Capital has acquired a majority stake in Gerber Scientific, an international supplier of automated manufacturing systems used in signs, specialty graphics, apparel and the industrial sector. Chinese firm CITIC Capital Partners...
Apollo may exit Parallel Petroleum to Korea’s Samsung C&T
Apollo Global Management could be on course to exit Parallel Petroleum after South Korean trading firm Samsung C&T said it was interested in purchasing the US asset. The deal is slated to be worth about KRW1 trillion ($919.6 million), Reuters reported,...
Rabo Private Equity tipped to exit Indian edible oils producer
Rabo Private Equity is set to exit its stake in Indian edible oils producer Geepee Agri Private as Archer Daniels Midland (ADM) closes in on an acquisition of the company. Sources familiar with the situation told The Times of India that the US food processing...
Covalent partial-exit marks end of an era
The name Toshiba Ceramics is firmly rooted in the golden age of Japanese private equity. In 2006, The Carlyle Group and Unison Capital bought the company from Toshiba Group for JPY91 billion ($774 million at the time) in what was one of the most expensive...
Turnarounds in Thailand
Thailand has gained minimal attention as an investment destination in Southeast Asia, but recent transactions highlight its potential
Morgan Stanley invests in Chinese plastics firm
Morgan Stanley Private Equity Asia (MSPEA) has agreed to make a $100 million equity investment in China XD Plastics for a significant minority stake.
Cargill beats off Chinese competition to land Provimi
Cargill, the world’s largest agricultural commodities trader, will acquire Netherlands-based animal feed company Provimi from private equity firm Permira for an enterprise value of EUR1.5 billion ($2.1 billion). China’s New Hope Group was among the...
GMR Energy takes 30% stake in Indonesian coal mine
GMR Energy, a subsidiary of GMR Infrastructure, will buy a 30% stake in Indonesia’s T Golden Energy Mines for $450-550 million. The agreement includes an off-take clause that guarantees the Indian firm coal supplies rising to 10 million metric tons...
SEAF commits capital to Indian cotton seed processor
Small Enterprise Assistance Funds (SEAF), the Washington-based private equity firm, has made an investment in Abhay Cotex Private Limited (ACPL), an Indian firm that processes cotton seeds for use in animal feed.
CHAMP-backed Blue Star bail-out approved by bondholders
Bondholders in troubled New Zealand printing firm Blue Star have backed a $25 million restructuring package supported by CHAMP Private Equity. At a meeting of around 200 bondholders in Auckland, 76.9% voted in favor of the proposal, surpassing the 75%...
TPG eyes controlling stake in Indonesian tire manufacturer
US buyout firm TPG Capital has emerged as a potential bidder for Indonesian tire manufacturer Multistrada Arah Sarana, Reuters reported. It faces competition from South Korea's Hankook Tire and Japan’s Yokohama Rubber.
Mandolin Fund ups stake in Sino-Forest to 18%
Singapore-based Mandolin Fund now owns 18% of Sino-Forest, having increased its stake in the scandal-hit forestry company for the third time in four weeks.