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Asia Pacific PE Intelligence

Date Thursday, August 07, 2008 Value Currency 2000 USD Headline Zhuzhou CSR Times Electric: China South Locomotive and Rolling Stock (CSR) has no take-private plan Opportunity Source Sector Automotive Company Macquarie Group Limited (MGL), China International Capital Corporation Limited, Guotai Junan Securities Co, Zhuzhou CSR Times Electric Co., Ltd, China South Locomotive & Rolling Stock Corporation Limited, China South Locomotive & Rolling Stock Corporation Limited Macquarie Group Limited (MGL), China International Capital Corporation Limited, Guotai Junan Securities Co, China South Locomotive & Rolling Stock Corporation Limited, China South Locomotive & Rolling Stock Corporation Limited, pre-IPO Country China, Hong Kong State Intelligence Grade Confirmed

Automotive
China South Locomotive and Rolling Stock (CSR) has no take-private plan for its listed Apple Daily subsidiary Zhuzhou CSR Times Electric, the Apple Daily reported. The paper, citing Zhao Xiao Gang, an executive director of CSR, said the two companies are not in competition and so CSR has no take-private plan for Zhuzhou CSR Times Electric, its Hong Kong-listed subsidiary. China South Locomotive and Rolling Stock [Zhong Guo Nan Che Ji Tuan], the Beijing-based manufacturer of transport equipment, is planning to raise USD 2bn from an A+H dual listing in both China and Hong Kong, according to a previous report.

Saturday, August 02, 2008

2000 USD

China South Locomotive and Rolling Stock: Ashare price at around CNY 3 apiece - report

The A-share price of China South Locomotive and Rolling Stock could be around CNY 3 (USD Oriental Daily 0.438) apiece, the Oriental Daily reported. The paper, citing a market rumour, said the company intends raising USD 2bn from an A+H dual listing in both China and Hong Kong. The H-share price in Hong Kong cannot be lower than the A-share price in China, the report added. China South Locomotive and Rolling Stock [Zhong Guo Nan Che Ji Tuan] is a Beijing-based manufacturer of transport equipment.

Automotive

China, Hong Kong

Rumored

Computer: Semiconductors
Thursday, August 07, 2008 575 USD Unisteel receives court approval for scheme of approval Unisteel has issued the following stock exchange announcement in relation to the proposed Stock Exchange acquisition of the company by KKR, via special purpose vehicle Latch Holding (Labuan). The Announcement(s) Board of Directors (the "Directors") of Unisteel Technology Limited (the "Company" or "Unisteel") refers to the announcements made by the Company on (a) 28 July 2008 in relation to the Notice of Books Closure; and (b) 30 July 2008 in relation to approval of the Scheme by the requisite majority of Unisteel Shareholders at the Court Meeting held on 30 July 2008.All capitalised terms and references used in this Announcement shall, unless otherwise defined herein, have the same meaning and construction as defined in the Scheme Document.Further to the aforesaid announcements, the Directors are pleased to announce that the Scheme has been sanctioned by the Court today. Subject to the satisfaction (or, where applicable, waiver) of all the Scheme Conditions, the Scheme shall become effective upon the lodgment of a copy ofthe order of Court with the Accounting and Corporate Regulatory Authority.KEY EVENTS AND INDICATIVE DATESUnisteel Shareholders are reminded to note the following events and their expected dates:Last day for trading of the Unisteel Shares : 8 September 2008Books Closure Date : 11 September 2008, 5.00 p.m.Effective Date of the Scheme : 12 September 2008Expected date for the payment of the Consideration : By 22 September 2008The date of delisting of the Unisteel Shares from the Official List of the SGX-ST (the Delisting Date) will be announced separately, once the Company has obtained confirmation from the SGX-ST of the Delisting Date.The Directors (including any director who may have delegated detailed responsibility of this Announcement) have taken all reasonable care to stated and opinions expressed in this Announcement (other than those relating to the Acquiror) are fair and accurate and that no material facts have been omitted from this Announcement, and they jointly andseverally accept responsibility accordingly. Where any information has been extracted from published or publicly available sources, the sole responsibility of the Directors has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or,as the case may be, reflected or reproduced in this Announcement.

Computer: Kohlberg Kravis Singapore Semiconductors Roberts & Co (KKR), Unisteel Technology Limited, ANZ Singapore

Confirmed

Computer software

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Asia Pacific PE Intelligence


Date Monday, August 04, 2008 Value Currency 7790 INR Headline Opportunity Source Sector Computer software, Financial Services Company Country State Intelligence Grade Rumored NSE minority A minority holding in NSE (National Stock Exchange of India) has been put up for sale by its The Times of India holding put up Indian shareholders, reported The Times of India. In a whispers column piece, the newspaper, for sale report without citing any source for the specific piece of information, said that State Bank of India, SBI Caps, IFCI, ICICI Bank and GIC (General Insurance Corporation of India) have put a portion of their NSE holdings up for sale, and that the combined holding on sale is 10%-15%. A 5% ceiling on a single holding in an Indian bourse is the reason behind the NSE stake sale, according to the paper. On 10 January 2007, IFCI had offloaded a 7% NSE holding for INR 7.79bn (circa USD 185.4m). IFCI Limited, State India Bank of India (SBI), SBI Capital Markets Ltd (SBI Caps), ICICI Bank Limited, General Insurance Corporation of India, The National Stock Exchange of India Limited (NSE) JPMorgan, Lehman China, Germany, Brothers, Gibson Portugal, Dunn & Crutcher Taiwan, USA LLP, Lehman Brothers Merchant Banking Partners II L.P. (LBMBP), Lewis, Rice & Fingersh, L.C., SRAM Corporation California (CA), Colorado (CO), Illinois (IL), Indiana (IN)

Consumer: Retail
Thursday, August 07, 2008 400 USD SRAM concludes minority stake sale and will make acquisitions with the proceeds, company says SRAM Corp, the Chicago, Illinois-based maker of bike components, concluded a minority stake mergermarket sale and will make acquisitions with the proceeds, spokesperson David Zimberoff said. SRAM announced today in a company press release a new equity partnership with Lehman Brothers Merchant Banking (LBMB). The partnership is the result of an extensive process through which SRAM has sought a strategic financial investor to support its continued growth in the global bicycle components industry. LBMB will be a minority investor in SRAM. SRAM Senior Management will continue to lead the Company. The transaction is expected to close in late September. JPMorgan served as exclusive M&A advisor to SRAM, and Lehman Brothers served as exclusive M&A advisor to LBMB, in connection with the transaction. The law firms Lewis, Rice & Fingersh and Gibson, Dunn & Crutcher served as legal advisors to SRAM and Financial terms of the deal remain undisclosed, Zimberoff said. Zimberoff said the company will make synergistic acquisitions that will not overlap with SRAMs product line. He said the executives will look for biking components acquisitions throughout the US and Europe. Zimberoff said 2008 sales will be close to USD 400m and expects 2009 sales to surpass USD 500m. SRAM has manufacturing facilities in California, Colorado, Indiana, Taiwan, China, Germany and Portugal. The company produces a full line of high performance bicycle components for original equipment manufacturers and independent bike dealers. The Company markets its products under the SRAM, RockShox, Avid, Truvativ, and Zipp brand names. by Consumer: Other, Consumer: Retail, Transportation

Confirmed

Construction
Tuesday, August 05, 2008 106 USD Phoenix Mills: Ruias mulling sale of a stake; in talks with Reliance, DLF, Indiabulls report Tata Power plans to submit bid shortly for Senoko Power

India-based business family, the Ruias, are mulling a minority stake sale in Phoenix Mills, the Financial Chronicle Construction Indian real-estate company, reported the Financial Chronicle. According to an undisclosed source cited in the report, the Ruias are holding talks with several investors, including Reliance Capital, DLF, and Indiabulls, for the sale of a 15%-20% stake in Phoenix Mills. The paper reported that the deal is estimated to have a value of INR 4.5bn - 6bn (USD 106.47m 141.96m). The executive director of Indiabulls, Gagan Banga, denied rumors that his firm was seeking to pick up the stake in Phoenix Mills. Reliance Capital and DLF declined to give Tata Power, the listed Indian electricity company, is set to submit a bid for Senoko Power of Company Press Singapore, according to a corporate statement. Responding to reports that the deal for Senoko Release(s) Power could be closed at USD 3bn (INR 126bn), Tata Power released the statement in order to confirm the developments. The mint also reported on developments. Energy, Financial Services

Indiabulls Financial India Services, Reliance Capital Limited, DLF Limited, Ruia business family (Ravi and Shashi Ruia), Phoenix Mills Credit Suisse Group (CS), Morgan Stanley, Temasek Holdings Pte Ltd, Tata Power Company, Senoko France, Hong Kong, India, Japan, Malaysia, Singapore

Strong evidence

Energy
Thursday, August 07, 2008 3000 USD Confirmed

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Asia Pacific PE Intelligence


Date Wednesday, August 06, 2008 Value Currency 3000 USD Headline Senoko Power: Tata Power sole Indian outfit amongst six short-listed potential bidders Opportunity Source Sector Company Credit Suisse Group (CS), Morgan Stanley, GDF Suez (formerly Gaz de France SA), Marubeni Corporation, Temasek Holdings Pte Ltd, Tata Power Company, YTL Power International BHD, Mitsubishi Corporation, CLP Holdings Limited, Senoko Power, OneEnergy Limited Country France, Hong Kong, India, Japan, Malaysia, Singapore State Intelligence Grade Confirmed Tata Power is the sole Indian outfit amongst six short-listed potential bidders for Senoko Power Business Standard Energy, of Singapore, reported the Business Standard. The development was confirmed by a Financial spokesperson for Tata Power, the newspaper reported. The paper put the size of the expected Services Senoko Power deal at USD 3bn-plus. The newspaper cited unidentified sources as naming Mitsubishi Corp and Marubeni of Japan, YTL Power of Malaysia, One Energy - CLP Holdings, and GDF Suez of France, as the other potential bidders that Temasek Holdings, the Singaporean investment outfit and Senoko Powers owner, has short-listed. The process of submission of bids by the short-listed entities will be concluded over the ensuing 2-3 months, according to the paper. In a related report, the DNA cited the spokesperson for Tata Power as saying that discussions will commence only post a second short-listing round, and adding that the

picture would emerge after a month. Tuesday, August 05, 2008 593 USD NTPC inks JV agreement for renewable power generation NTPC has signed a JV agreement for renewable power generation, according to a stock Stock Exchange exchange announcement. With reference to the earlier announcement dated 23 July 2007, Announcement(s) National Thermal Power Corporation Ltd (NTPC) has informed BSE that a Memorandum of Understanding was signed on 04 August 2008 at New Delhi amongst NTPC, Asian Development Bank (ADB), GE Energy Financial Services, USA (GEEFS), Kyushu Electric Power Co. Inc, Japan (Kyushu) and Brookfield Renewable Power Inc., Canada (BRP) for setting up a Joint Venture Company (JVC) to undertake Renewable Power Generation under Public Private Partnership. NTPC will initially hold 40% equity in the proposed JVC and balance will be equally shared by ADB, GEEFS, Kyushu and BRP.The proposed JVC over the next three years will develop green field and under utilized potential sites to establish and hold a portfolio of about 500 MW of renewable power Energy Asian Development Canada, India, New York (NY) Bank (ADB), GE Japan, Energy Financial Philippines, USA Services Inc, Kyushu Electric Power Co Ltd, NTPC Ltd (Formerly National Thermal Power Corp.), Brookfield Power (formerly Brascan Power Corporation), Brookfield Asset Management Inc (Shareholders) Confirmed

Monday, August 04, 2008

3000 USD

Senoko Power: five bidders shortlisted, including OneEnergy report

generation resources in India.The Financial Chronicle also reported on developments, adding that the intended investment in the JV enterprise was valued at INR 25bn (USD 592.5m). Five bidders have been shortlisted for Senoko Power, Singapore-based energy-generation group, the Apple Daily reported. The paper, citing an unidentified banking source who was in turn quoted by Reuters, said OneEnergy, a JV set up between Hong Kong-listed CLP and Japan-based Mitsubishi Corp, is one of the shortlisted bidders. The estimated valuation of Senoko Power will reach HKD 23.4bn (USD 3bn), and shortlisted bidders can conduct due diligence in September, the report added. Credit Suisse and Morgan Stanley are the financial advisors handling the sale, the report further said.

Apple Daily

Energy

Credit Suisse Group Hong Kong, (CS), Morgan Japan, Stanley, Temasek Singapore Holdings Pte Ltd, Senoko Power, OneEnergy Limited

Strong evidence

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Asia Pacific PE Intelligence


Date Friday, August 01, 2008 Value Currency 3000 USD Headline Tata Power interested in Babcock & Brown Wind Partners European wind assets - reports Opportunity Source Sector Company Deutsche Bank AG, JPMorgan, GDF Suez (formerly Gaz de France SA), Obrascon Huarte Lain SA, E.ON AG, Union Fenosa SA (formerly Union Electrica Fenosa S.A), Energias de Portugal SA (also known as EDP, formerly Electricidade de Portugal), Gas Natural SDG SA, Ferroatlantica S.L., Babcock & Brown, Tata Power Company, Babcock & Brown Wind Partners (BBWP) Ltd, Magnum Capital Industrial Partners, Babcock & Brown Wind (European Country Australia, Germany, Spain, France, India, Portugal State Intelligence Grade Strong evidence Tata Power, the listed Indian electricity company, has entered the running for the acquisition of Jornal de Negocios Energy Babcock & Brown Wind Partners European wind assets, reported Jornal de Negocios. The financial news publication cited a report in Lusa news agency, which cited a source close to the process. These assets are valued at USD 3bn, reported the publication, which added that JPMorgan and Deutsche Bank are managing the sale, which involves 831 MW of wind power assets in Spain, France, Germany and Portugal.

Financial Services
Friday, August 08, 2008 2700 USD BII: Bapepam would prefer Maybank launch voluntary tender offer; Temasek may provide IDX with clarification today, sources say Bapepam would prefer to have Maybank launch a voluntary tender offer, an official at the mergermarket Indonesian capital markets regulator said. This is to satisfy Bank Negara Malaysias concerns rather than have it seek a potential exemption from the free-float clause, the official said. Maybank is currently believed to be seeking an extension on the regulation from two years to five.This development comes as Bapepam chairman, Ahmad Fuad Rahmany, said on Thursday that the two-year deadline to comply with the free-float regulation may be extended, according to media reports.On 29 July, Bank Negara, the Malaysian central bank, rescinded its prior approval for Maybank's proposed acquisition of Bank Internasional Indonesia [BII] citing potential material losses that could stem from Bapepams recently issued 20% free-float regulation for mandatory tender offers stipulated under Take-Over Rule IX H1.Although the Bapepam chairman has the right to grant Maybank an extension of the two-year compliance period in which it will be required to keep a minimum 20% free float of BII shares, an official at the regulator said that the Regulation and Legal Counsel Bureau, which handles all regulatory matters, would oppose such special treatment. We dont want to break our own rules, the official said, as it would motivate other companies to seek similar exemptions. In order to avoid the 20% free-float regulation, Maybank should instead launch a voluntary tender offer stipulated under Bapepams Take-Over Rule IX F1, which contains no free-float clause, the official explained. Maybank has a choice on the matter.Meanwhile an official an official at the Indonesia Stock Exchange [IDX] stock exchange said that Fullerton Financial Holdings, a unit of Temasek Holdings, which together with Kookmin Bank has a 55.7% interest in BII, has promised to provide an explanation regarding its intensions regarding the stake sale by today (8 August). If it does so, BII shares will likely be lifted from a suspension which has been in effect since 31 July, the official said. At this point we are not so optimistic that Fullerton will get back to us by Friday, the official said, as it has delayed the providing of the explanation several times.Regarding BIIs letter to Fullerton seeking clarification on the Maybank deal, a source at the Malaysia-listed bank said that there is no indication on timing as to when this will be provided. BII has asked several very specific questions, the source said, so it is likely to take several days before the intention of the parties involved in the transaction can be made clear. We are working on it right now.BII shares were last traded on 31 July at IDR 460.by Takashi Toyokawa Financial Services

BNP Paribas SA, Indonesia, Temasek Holdings Malaysia, Pte Ltd, Malayan Singapore Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Strong evidence

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Asia Pacific PE Intelligence


Date Friday, August 08, 2008 Value Currency 2150 USD Headline BII: Maybanks CEO keen to proceed with acquisition, likely to request for time extension for disposal from Bapepam report Opportunity Source Sector Financial Services Company BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial UBS AG, HSBC Holdings Plc, Korea Exchange Bank (KEB), Lone Star Funds, The ExportImport Bank of Korea Country Indonesia, South Korea, Malaysia, Singapore State Intelligence Grade Rumored Maybank is keen to proceed with the acquisition of Bank Internasional Indonesia [BII] and is Business Times likely to request for time extension for disposal from Bapepam, Business Times reported. The (Malaysia) report citing unidentified sources as saying that the Malaysian lenders senior officials would be meeting with Bapepam, the Indonesian capital market regulator, next week over the matter. The report said that Maybank chief executive officer Abdul Wahid Omar would put up a request to Bapepam to give the Malaysian lender a longer period of five years instead of two years to let go 20% of BII shares to the public.

Thursday, August 07, 2008

6300 USD

HSBC Holdings denies previous report in regards to new deadline

Thursday, August 07, 2008

295 USD

HSBC Holdings has denied a previous report, which noted that a new deadline for the Business Times acquisition of Korea Exchange Bank had been agreed upon. The Business Times report cited (Singapore) David Hall, spokesperson at HSBC, who confirmed that a deadline had yet to be set. He also confirmed that HSBC, the UK-listed financial group, is still interested in pursuing the deal and its original offer position, where either party has the right to walk way, still stands. The previous press report noted that the groups had agreed upon a 31 July deadline. HSBC has agreed to acquire a 51% stake in Korea Exchange Bank from US-based Lone Star. HSBC also added that it would submit its revised application as soon as practical to the Financial Services Commission. The deal size is pegged at USD 6.3bn. HK Mutual Woori Financial Group, the listed Seoul-based banking and financial services holding company, mergermarket Savings Bank: is not interested in bidding for HK Mutual Savings Bank, according to a company Woori Financial spokesperson.Korea Stock Exchange-listed HK announced that its largest shareholder is uninterested, considering selling its stake. But details were unavailable.The HK announcement was issued in response to a market rumour that MBK Partners, a Seoul-based private equity firm, which owns spokesperson says; sale timing a 47.63% stake (the largest shareholder) in the bank, was looking to sell.According to the market rumor, published in a Korean newspaper, Morgan Stanley was hired as the financial unfavourable, industry sources adviser by the prospective seller and that Kookmin Bank, Woori Financial Group and Hana say Financial Holdings were considered potential bidders. Morgan Stanley declined to comment. The news report estimated the potential transaction value at KRW 300bn (USD 295m).The said though Woori Financial Group is mulling mergers and acquisitions to enhance its business, mutual savings banks are not considered attractive potential targets for it. Woori Financial Group is already in the business of retail lending and capital leasing through its subsidiary Woori Financial (which was previously called Hanmi Capital). Such an acquisition is unlikely to enhance the operational network or increase the customer base, the spokesperson noted.On the other hand, Kookmin has been eyeing a capital leasing firm or a mutual savings company as prime targets since it is keen on strengthening its retail banking business, a Kookmin spokesperson said. The spokesperson, however, declined to comment on specific targets.An industry banker was skeptical about whether Korean banks would aggressively pursue the acquisition of HK and noted that the sale timing also seemed unfavourable for the prospective seller. The banker pointed out that capital leasing and retail lending would constitute only a small portion of a principal bank's operations. According to the banker, the financial services sector is particularly depressed and it would be difficult for a seller to get a high premium. The banker added that the estimated valuation as reported in news media seems to be on the higher side considering capitalisation of the target.As Kookmin does not already have its own capital leasing or mutual savings business, it has been rumoured as a bidder whenever there is a potential target up for sale, the banker said. Even should Kookmin acquire such a target, it is likely to be a trivial transaction as the operational synergies would not be substantial. Rather, the banker felt that a Korean conglomerate, which wants to enter the financial services business would be more interested in such a target.An industry source, who used to look at savings banks on the buyside, agreed that the timing does not seem favourable for the sale of savings banks. HK is the second largest savings mutual bank in Korea in terms of asset size and is regarded as a good target with 12-13 branches in Seoul. However, a few other banks also have been floated in the country early this year, the source said. Targets with large asset size are not always considered favourable for bidders that want to enter the financial services sector through the acquisition of mutual savings banks. This, the source explained, is because larger investment would be required.A Hana spokesperson declined to comment whether it was reviewing HK. A person close to Hana said the company already owns a capital division for retail loans and the division is not regarded as being core to its operations.The HK spokesperson confirmed that it

Financial Services

United Kingdom, Hong Kong, South Korea

Confirmed

Financial Services

Morgan Stanley, South Korea Kookmin Bank, Woori Financial Group (formerly Hanvit Bank), MBK Partners, Hana Financial Group Inc, HK Mutual Savings Bank

Strong evidence

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Date Value Currency Headline Opportunity Source Sector Company Country State Intelligence Grade is the second largest savings bank in Korea in terms of asset size after listed Solomon Mutual Savings Bank. HK shares closed at KRW 7,390 on Thursday, 1.39% up over the previous day's close. Its market cap stands at KRW 184bn (USD 181m). Bank International Indonesia (BII), the listed Indonesian bank, sent a letter to Fullerton Financial Stock Exchange Holdings seeking clarification on its Maybank deal. According to an Indonesian Stock Exchange Announcement(s) (IDX) announcement, the letter referred to an IDX letter dated 5 August 2008 on 'Clarification on the Proposed Acquisition of Shares of Sorak Financial Holdings (Sorak) by Maybank Offshore Corporate Services (Labuan), the wholly-owned subsidiary of Malayan Banking Berhad (Maybank) as well as various news in media and statements from authorities. BII said: "We kindly request clarification on the following issues: 1. News in the media stating that if acquisition of Sorak by Maybank is cancelled then Temasek may opt for merger between BII and Danamon in implementing Single Presence Policy 2. Whether or not Maybank still has time until 26 September 2008 to satisfy the terms and conditions in the Sale and Purchase Agreement, including approval from Bank Negara Malaysia 3. Any other fact/material information/important event which is deemed have an impact on volatility of BII's shares trading which has not been disclosed to the public or any other information relevant to the above issues which has not been informed to BII. Clarification on the above issues is necessary for IDX to consider cancellation of BII's shares trading suspension. As previously reported, Maybank's acquisition of BII was cancelled after the Malaysian central bank failed to grant its approval. The share sale agreement [SSA], in which Maybank intends to acquire a 55.7% stake in BII, currently owned by Temasek subsidiary, Fullerton Financial Holdings and Kookmin Bank, expires on 26 September." Macquarie, the Australian bank, and Religare, the listed Indian services group, were tipped by Financial Times dealers as potential bidders for Collins Stewart, the Financial Times reported. The claim appeared in the newspaper's market report section. Collins Stewart yesterday (August 6) confirmed receipt of a takeover approach, saying the discussions were of a preliminary nature. A report in the main section of the Financial Times cited people close to the UK-listed stockbroker, who described the party behind the approach as a company from outside the UK, and looking to enter European and UK markets. The main section report also tipped Nomura, the Japanese bank, as another party that might have made the approach. Analysts cited by the report said any bid would need the support of Collins Stewart chairman Terry Smith. It is believed, however, that Smith would probably be reluctant to consider an "opportunistic" bid for the broker. The main section item noted market speculation that the interested party might have pitched its approach at around 110p per share, which would represent a 42% premium to Collins Stewart's closing share price on Tuesday. One analyst cited by the report thought an offer substantially higher than 130p would be required to seal a takeover. Macquarie and Nomura refused to comment, the report said, adding that Religare was not contactable for comment. A report in the online edition of The Times said the bid approach was thought to have come from an Asian bank in the Far East. The item also noted talk that Macquarie could be another bidder. Collins Stewart's share price gained 31.2% to close at 100p, valuing the group at GBP 247m (EUR 312m). HK Mutual Savings Banks share price rose sharply on 6 August 2008 on rumours that it was Financial News about to be sold by its owner, MBK Partners. This was reported by Financial News. Shares of Daily (Korea) the Korea Stock Exchange-listed mutual savings bank closed up 8.21% for the day. The unsourced report said that Morgan Stanley was hired as the financial adviser and should have no problem finding a potential buyer in South Korea or abroad. Kookmin Bank, Woori Financial Group and Hana Financial Holdings are the potential bidders, said the report. According to the report, the deal value is expected to exceed KRW 300bn (USD 295m). Maybank does not believe that a recent media report suggesting that it could be blacklisted mergermarket from investing in Indonesia has any credibility, a source close to the Malaysia-listed bank said.On 29 July, Bank Negara, the Malaysian central bank, rescinded its prior approval for Maybank's proposed acquisition of BII, citing potential material losses that could stem from Indonesian capital markets regulator Bapepams recently introduced free-float regulations.The rumours today regarding Maybank potentially being excluded from the Indonesian market has no substance, the source said. It also has no connection with Maybanks ongoing discussions to acquire Bank Internasional Indonesia [BII], the source explained, as Perbanas, the Indonesian Banks Association where the rumours reportedly surfaced from, has no authority on the issue. The source pointed out that if Maybank is not able to complete the

Thursday, August 07, 2008

2150 USD

Bank International Indonesia seeks clarification from Fullerton on Maybank deal

Financial Services

BNP Paribas SA, Indonesia, South Temasek Holdings Korea, Malaysia, Pte Ltd, Malayan Singapore Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Confirmed

Thursday, August 07, 2008

247 GBP

Macquarie, Religare and Nomura tipped as possible bidders for Collins Stewart reports

Financial Services

Nomura Group, Australia, United Macquarie Group Kingdom, India, Limited (MGL), Japan Collins Stewart Plc (Formerly Collins Stewart Limited), Religare Enterprises

Rumored

Thursday, August 07, 2008

295 USD

Wednesday, August 06, 2008

2700 USD

HK Mutual Savings Bank share price shoots up on takeover talk; Morgan Stanley appointed financial adviser report Maybank does not believe it can be blacklisted from Indonesia; BII shares likely to be suspended through next week, sources say

Financial Services

Financial Services

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Morgan Stanley, Kookmin Bank, Woori Financial Group (formerly Hanvit Bank), MBK Partners, Hana Financial Group Inc, HK Mutual Savings Bank BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

South Korea

Rumored

Indonesia, South Korea, Malaysia, Singapore

Strong evidence

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Wednesday, August 06, 2008

2700 USD

Asia Pacific PE
Date Value

Maybank does not believe it can be blacklisted from Indonesia; BII shares likely to be suspended through next week, Intelligence sources say Currency Headline Opportunity

mergermarket

Financial Services

Source

Sector

Wednesday, August 06, 2008

2700 USD

acquisition of BII, the minority shareholders who hold positions in BII would lose out most from the deal, including Maybank itself. It would also deter foreign investors from entering the Indonesian market due to the risks involved, the source said.Maybank, meanwhile, is still waiting to see if an extension of Bapepams compliance period for the free-float regulation could be granted, from two years to five, the source said. It has been in ongoing discussions with Bank Negara, as well as Temasek Holdings, the leading shareholder in Sorak Financial Holdings, which has a 55.7% interest in BII, to come up with a resolution on the issue, the source added.A source at Maybank said that although discussions regarding the deal continue to move forward in the background, a new development could come as early as next week. At the moment all parties involved in the deal are looking to reach a final resolution, the source noted.Shares of BII, which have been suspended from trading on the Indonesia Stock Exchange [IDX] since 31 July, are expected to remain suspended into next week, an official at IDX said. IDX still has not heard back from Temasek regarding Bank Negaras revocation of its approval last week, so the BIIs suspension status is not expected to change until there is clarity on the situation, the official explained. BIIs management is also waiting to hear back from the parties involved in the deal, the official added.BII shares were last traded on 31 July at IDR 460.Officials at Perbanas would not return calls for comments.by Maybank may be The Indonesian banking association, Perbanas, is recommending to blacklist listed Malaysian Media Indonesia blacklisted from financial services company Maybank in Indonesia, reported Media Indonesia. Following investing in Maybanks failed acquisition of Bank International Indonesia [BII], Perbanas' chief Sigit Indonesia Pramono was cited by the daily as saying Perbanas was recommending to the Indonesian central bank and capital markets regulator to blacklist Maybank from investing in the banking sector in Indonesia. He further added that any individuals involved in the cancellation of the deal should be banned from working in the banking sector in Indonesia. Lastly, Pramono speculated that BII's share price could have plunged dramatically if it hadnt been suspended following Maybanks canceled acquisition.

BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Company Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Indonesia, South Korea, Malaysia, Singapore

Strong evidence

Country

State

Intelligence Grade

Financial Services

Tuesday, August 05, 2008

2700 USD

BII: Maybank expected to come to an agreement by September; Bapepam unlikely to grant special treatment, sources say

Maybank expects to reach an agreement with Temasek by September in the former's bid to mergermarket acquire Bank Internasional Indonesia [BII], a source at the Malaysia-listed bank said. The share sale agreement [SSA], in which Maybank intends to acquire a 55.7% stake in BII, currently owned by Temasek subsidiary, Fullerton Financial Holdings and Kookmin Bank, expires on 26 September.This development follows Bank Negara, the Malaysian central bank, revoking the prior approval for Maybank's proposed acquisition of BII on 29 July. The Maybank source cited potential material losses that could stem from Bapepams recently issued 20% free-float regulation. Bapepam, the Indonesian capital markets regulator, recently issued a regulation in which all mandatory tender offers, triggered by companies acquiring over 50% stake in Indonesia-listed companies, must keep a minimum free float of 20% within two years of completion of a tender offer. This could either be by way of a secondary listing or a rights issue.An agreement should be reached before the SSA expires, the source said, clearing the way for the tender offer for the remaining stake in BII to take place. Maybank is currently working towards reaching a resolution with Temasek to comply with Bank Negaras demands. We want the issue to be resolved and are looking to come up with a solution as quickly as possible, the source noted. All options, including a voluntary tender offer, in which the free-float regulation would not apply, are currently being considered, the source said. The recently introduced free-float regulation applies only to Bapepams Take-Over Rule IX H1 for mandatory tender offers that are triggered by an acquisition of a 50% stake in a local company.Meanwhile, despite a recent media report stating that Maybank may be allowed to proceed with its acquisition plans if the compliance period for the free-float regulation be extended to five years instead of two, a Bapepam official involved in the deal said that such an exemption is not likely to be granted. Bapepam chairman Fuah Rahmany, as well as the departments involved in the review of the transaction, have already ruled out such an option, the official noted. It would not be fair to future companies involved in similar transactions, the official explained.Shares of BII continued to be suspended on the Indonesia Stock Exchange [IDX], awaiting an explanation of Soraks intentions with regards to its stake in BII, an official at IDX said. IDX needs to confirm if Sorak intends to sell its stake to Maybank, or if another party is going to purchase the stake or if Temasek is going to merge BII and Bank Danamon together, the official explained. Temasek currently holds

Financial Services

BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Indonesia, Malaysia

Confirmed

Indonesia, Malaysia

Strong evidence

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Asia Pacific PE Intelligence


Date Value Currency Headline Opportunity Source Sector Company Country State Intelligence Grade about 68% in Indonesia-listed Bank Danamon, but it must comply with Indonesias single presence policy [SPP], which prohibits the holding of majority stakes in two Indonesian banks. The official said that Temasek had delayed the submission of its explanation of the situation, though IDX was notified on Tuesday (5 August) that an explanation should be provided sometime on Wednesday (6 August). In the meantime, BII shares are expected to remain suspended from trading, the official added.BII shares were last traded on 31 July at IDR 460.by Bank Maybank may be allowed to proceed with its acquisition of Bank Internasional Indonesia [BII] if Business Times Internasional it is agreed a partial sale will take place after five years, Business Times reported. The report (Malaysia) Indonesia sale to cited an unnamed source who said that Bank Negara Malaysia might reconsider the Malaysian Maybank may be listed lender's plan if the Indonesian authorities extended the deadline on the partial sale to five allowed if partial years rather than two. UPDATE: Business Indonesia, meanwhile, reported that Maybank could sale takes place stand to lose USD 1bn if it successfully acquired BII. The paper cited an unnamed source as after five years - saying that in purchasing 48bn BII shares at IDR 510, Maybank could lose IDR 186 a share as report the underlying share price is IDR 324. Maybank could therefore lose a total IDR 9.1tn (USD 1bn) by the time it sells 20% of its BII stake as it is required to do under local takeover regulations, the report claimed. An Indonesian Stock Exchange

Tuesday, August 05, 2008

2150 USD

Financial Services

BNP Paribas SA, Indonesia, South Temasek Holdings Korea, Malaysia, Pte Ltd, Malayan Singapore Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Strong evidence

Monday, August 04, 2008

6300 USD

Monday, August 04, 2008

2700 USD

official said in the report that Maybank might have miscalculated the likely profit from the deal and suggested that this was the reason for the deal's cancellation. KEB: Lone Star Lone Star and HSBC are still negotiating the terms for extending their agreement to sell Korea MoneyToday and HSBC still in Exchange Bank, reported Money Today. The report cited an unnamed financial industry source. talks to decide The agreement, which has been automatically extended for the time being, could be cancelled if sale price; HSBC the terms of extension cannot be agreed upon by both parties. The report said without naming demanding 10% the source that HSBC was demanding a lower price as the market price of KEB was lower and price cut - report market conditions have deteriorated. The source said though HSBC still has a strong intention to acquire KEB, it might decide to walk away from the agreement as there are more attractive financial companies in the global market as a result of lower stock prices. The report cited an unnamed source at HSBC as saying HSBC was demanding a price cut of 10% from the original deal value of around USD 6.3bn. According to a Guardian report, HSBC hopes to see the price reduced to between USD 4bn and USD 5bn. The report did not cite a source for the figures. BII shares may Shares of Bank Internasional Indonesia [BII] could resume trading in the second half of today mergermarket be lifted from (Monday), beginning 1:00pm, an Indonesia Stock Exchange [IDX] official said. BII shares have suspension been suspended from trading since 31 July.IDX is still awaiting an explanation from Bank today pending Negara Malaysia for its decision to revoke its approval for Maybanks acquisition of BII, an central banks official at IDX said. We were expecting to hear from Bank Negara Malaysia today, but so far explanation; there has been no word. Shares of BII stood at IDR 460.An insider at BII said that it was still Maybank waiting for confirmation from IDX regarding its suspension status.On 29 July Bank Negara believes Malaysia, the Malaysian central bank, revoked its previous approval of Maybanks proposed extension of acquisition of Sorak Financial Holdings, which has a 55.7% interest in BII. The central bank free-float cited potential material losses that could stem from the bid as a result of Indonesian capital markets regulator Bapepams recently issued free-float regulation. The regulation still regulation applies to mandatory tender offers triggered by companies acquiring a stake of 50% possible or more in Indonesia-listed companies and stipulates that a free-float minimum of 20% must be kept within two years of completion of a tender offer, either by way of a secondary listing or a rights issue.Meanwhile, Maybank believes that an extension of the free-float regulation could still be granted by Bapepam in its bid to acquire BII, a source close to the Malaysia-listed bank said. Instead of the two year timeframe to comply with the regulation, a one or two year extension could provide Maybank with enough time to offload its holding without incurring a loss, the source explained.Although Bapepam had previously ruled out an extension of the freefloat regulation, the source revealed that Bapepam has told

Financial Services

UBS AG, HSBC United Kingdom, Holdings Plc, Korea Hong Kong, Exchange Bank South Korea (KEB), Lone Star Funds, Kookmin Bank, The ExportImport Bank of Korea

Strong evidence

Financial Services

BNP Paribas SA, Indonesia, Temasek Holdings Malaysia Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Strong evidence

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believes extension of free-float regulation still possible

Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Asia Pacific PE Intelligence


Date Value Currency Headline Opportunity Maybank that it would give the option consideration. They [Bapepam] are saying no now, but they may change their mind later, the source said. As all options are currently on the table to address Bank Negara Malaysias concerns, the source also mentioned that launching a voluntary tender offer for BII was an option that Maybank is seriously considering to avoid having to comply with the free-float regulation. Maybank is now working to come to an agreement with the sellers, Fullerton Financial Holdings and Kookmin Bank, the source noted.Officials at Bank Negara Malaysia declined to comment.by Takashi Toyokawa On 3 September 2007 HSBC Holdings plc ("HSBC") announced that its indirect, wholly-owned subsidiary, HSBC Asia Pacific Holdings (UK) Limited (HSBC Asia) had entered into a conditional agreement to acquire 51.02 per cent of the issued share capital of Korea Exchange Bank (KEB) from LSF-KEB Holdings SCA (Lone Star). The acquisition agreement provides that the acquisition is subject to a number of conditions, including the receipt of applicable governmental and regulatory approvals, in particular approval from Koreas Financial Services Commission (FSC Approval). On 29 April 2008, HSBC Asia and Lone Star agreed to extend the deadline for completion of this transaction (the Long-stop Date) from 30 April 2008 to 31 July 2008. The parties also agreed that if FSC Approval is obtained during the currency of the acquisition agreement, the Long-stop Date will automatically be re-fixed as the date which is two months after the date of the FSC Approval. The acquisition agreement provides that either HSBC Asia or Lone Star may terminate the acquisition agreement if completion has not occurred on or before the Long-stop Date. The regulatory filing in respect of the proposed acquisition was submitted to the Korean Financial Services Commission in December 2007 but, as at 1 August 2008, FSC Approval had not been granted. Accordingly, from 31 July 2008, the existing acquisition agreement may be terminated at any time by either party up until such time as FSC Approval is granted. As at the time of making this announcement, HSBC Asia has not terminated the acquisition agreement nor has it received a notice of termination from Lone Star. HSBC Asia and Lone Star are discussing how this transaction may be taken forward. A further announcement will be made as and when HSBC is reportedly poised to set a new deadline for regulators in South Korea to okay its acquisition of a 51% holding in Korea Exchange Bank (KEB). A Sunday Express report said UKlisted banking group HSBC is prepared to extend the deadline until late October. A spokesperson for the bank stated that it would make an announcement shortly; the statement is thought likely to come this week, perhaps as early as tomorrow (4 August), the item reported. It noted that HSBC is set to pay the private-equity house Lone Star USD 6.3bn for the KEB stake. The Malaysian government will not get involved in Maybank's problem in its proposed acquisition of Bank Internasional Indonesia (BII), Business Times reported. The report citing Malaysian second finance minister Nor Mohamed Yakcop said the Malaysian central bank's intervention in Maybank's proposed acquisition of BII was due to changes in ruling on the Indonesian side and it would not be applied to other overseas acquisitions in the Malaysian banking industry. He added that it would be up to Maybank to settle its problem. Source Sector Company Country State Intelligence Grade

Monday, August 04, 2008

6300 USD

Korea Exchange Bank: HSBC announces an update on the proposed acquisition of a 51% stake in KEB

Stock Exchange Announcement(s)

Financial Services

UBS AG, HSBC United Kingdom, Holdings Plc, Korea Hong Kong, Exchange Bank South Korea (KEB), Lone Star Funds, The ExportImport Bank of Korea

Confirmed

Sunday, August 03, 2008

6300 USD

HSBC to extend approval deadline until late October report BII: Malaysian second finance minister says government will not get involved in Maybank's acquisition snag

Sunday Express

Financial Services

Sunday, August 03, 2008

2150 USD

Business Times (Malaysia)

Financial Services

Saturday, August 02, 2008

2150 USD

BII: Maybank in discussions with Fullerton and to continue engaging Bapepam over public spread guidelines

Maybank is in discussions with Fullerton and will continue engaging Bapepam, the Indonesian Stock Exchange capital markets regulator, over public spread guidelines over its Bank Internasional Indonesia Announcement(s) [BII] takeover plan. In its stock exchange announcement on 1 August replying to a Bursa Malaysia query over news report that stated amongst others the following: Malayan Banking (Maybank) may lose its MYR 480m deposit if its proposed acquisition of PT Bank Internasional Indonesia (BII) falls through, the banks management told analysts in a conference here yesterday The listed Malaysian lender said that pursuant to the terms of the Share Sale Agreement (SSA) entered into between Maybank and Fullerton Financial Holdings (FFH) dated 26 March 2008, in the event Maybank is unable to meet certain conditions precedent of the SSA (which includes, the approval from Bank Negara Malaysia (BNM)) by 26 September 2008 or such other date as may be agreed between the parties, the SSA shall lapse. In that instance and subject to the terms of the SSA, FFH and Kookmin Bank (who became a party to the SSA under the Deed of Adherence of 3 April, 2008) may be able to retain the deposit. Maybank wishes to inform that it is in discussion with FFH on the way forward and will continue to engage with Indonesias Bapepam on its new public spread guidelines.

Financial Services

UBS AG, HSBC Holdings Plc, Korea Exchange Bank (KEB), Lone Star Funds, The ExportImport Bank of Korea BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial

United Kingdom, Hong Kong, South Korea

Strong evidence

Indonesia, South Korea, Malaysia, Singapore

Confirmed

Indonesia, South Korea, Malaysia, Singapore

Confirmed

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Date Saturday, August 02, 2008 Value Currency 2700 USD Headline BII and Bank Danamon could merge, following Maybanks failed acquisition of BII - report Opportunity Source Sector Financial Services Company BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), PT Bank Danamon Indonesia, PT Bank Danamon Indonesia, Bank Internasional Indonesia, Tbk (BII), Aseambankers BNP Paribas SA, Temasek Holdings Pte Ltd, Malayan Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Dawnay Day & Company, Dawnay Day Group, New Silk Route, Dawnay Day AV Financial Services Ltd Country Indonesia State Intelligence Grade Strong evidence Temasek, the Singaporean financial company, still must comply with the Indonesian single Kontan presence policy (SPP), following Maybanks failed acquisition of BII, reported Kontan. Currently, Temasek is a majority shareholder in two Indonesian banks, BII and Bank Danamon. Meanwhile, the SPP prohibits majority stakes in two Indonesian banks. Citing Indonesian central bank official Boedi Armanto, the Indonesian daily reported that Temasek must comply with the policy by merging BII and Bank Danamon, or look for another buyer before the deadline. Separately, Bank Danamon official Jos Lukuhay was cited as saying that the SPP deadline is 2010, so there is still time for Temasek to look for other buyers for the BII stake, the report also noted. Bank Internasional Indonesia (BII) shares will be suspended until the Indonesian Stock Kompas Exchange (IDX) gets a comprehensive explanation for Maybanks cancelled acquisition plans, (Indonesia) reported Kompas. The Indonesian daily cited an IDX official as saying that the IDX had suspended BII shares and asked BII for official documents in connection with the cancelled acquisition. The IDX needs complete information on the matter so that public shareholders may be notified and damaging speculation avoided. Maybanks acquisition of BII was cancelled after the Malaysian central bank failed to grant its approval.

Friday, August 01, 2008

2700 USD

Bank Internasional Indonesia shares will remain suspended until deal cancellation is explained

Financial Services

Indonesia, Malaysia

Confirmed

Friday, August 01, 2008

38 USD

New Silk Route likely to acquire Dawnay Day AV India - report

Friday, August 01, 2008

2700 USD

New Silk Route, the Mauritius-based financial services enterprise, is likely to acquire Dawnay The Economic Day AV India, The Economic Times reported. Dawnay Day AV India is part of Dawnay Day Times Group, the London-based property and financial services group. The report, which did not cite sources, disclosed that New Silk Route had emerged as the leading bidding enterprise for 50% majority stake in Dawnay Day AV India.The paper reported that up to six firms are in negotiations with Dawnay Day Group to acquire its India-based interests.The deal could value Dawnay Day AV India at USD 38.1m (INR 1.6bn), according to a previous report. BII: Maybank Maybank could consider alternative options in its attempt to acquire Bank Internasional mergermarket could consider Indonesia [BII] if Bank Negara Malaysia sticks to its revocation decision, a source at Maybank voluntary offer or said. One such option could be restructuring the deal around a voluntary offer to avoid new other options if rules on free float, he suggested. On 29 July Bank Negara, the Malaysian central bank, revoked Maybanks prior approval of its proposed acquisition of BII, citing potential material losses that acquisition of Sorak fails; USD could stem from Bapepams recently issued 20% free-float regulation.Bapepam, the Indonesian 147m deposit capital markets regulator, recently issued a regulation in which all mandatory tender offers, may not be triggered by companies acquiring over a 50% stake in Indonesia-listed companies, must keep a refunded, free float minimum of 20% within two years of the completion of a tender offer, either by way of sources say a secondary listing or a rights issue.There are currently talks about considering alternative options, the source said, should Bank Negara stick to its decision to revoke its approval. Maybank has begun to explore other means in which it can acquire BII as it is adamant about completing the deal. Sorak Financial Holdings shareholders, Fullerton Financial Holdings, a unit of Singapore-based Temasek, and South Korea-based Kookmin Bank, which together hold a 55.7% stake in BII, have also expressed their commitment to have the deal completed, the source said.An official at Bapepam, the Indonesian capital markets regulator, said that it is currently reviewing Bank Negaras decision to revoke its initial approval for BII, though there are other ways in which Maybank could satisfy the central banks concerns. We are very aware that Maybank is afraid of selling its shares at a loss in order to comply with the free float regulation," the official said. Assuming that an approval by Bank Negara is granted on a later date, the official explained that Maybank could launch the tender offer for BII shares and, instead of selling its shares within two years of the tender offer, issue new shares to comply with the 20% free float regulation. On the other hand, Maybank is free to launch a voluntary tender offer under the regulations outlined by Bapepams Take-Over Rule IX F1, in which the 20% free float regulation would not apply. If Maybank opts to take this route, it can go back to Bank Negara and probably receive an approval, the source said. The official ruled out a scenario in which Maybank delists BII, since such an option would take a significant amount of time and resources.Maybank had requested an exemption from the 20% free float regulation or an extension of the two-year period, the official confirmed, though neither requests were expected

Financial Services

India, Mauritius

Rumored

Financial Services

BNP Paribas SA, Indonesia, South Temasek Holdings Korea, Malaysia, Pte Ltd, Malayan Singapore Banking Berhad (Maybank), Kookmin Bank, Bank Internasional Indonesia, Tbk (BII), Bank Internasional Indonesia, Tbk (BII), Sorak Financial Holdings Pte Ltd, Aseambankers Malaysia Berhad, Fullerton Financial Holdings Pte Ltd

Strong evidence

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Date Value Currency Headline Opportunity to be granted by Bapepam, as the regulator is not willing to grant Maybank preferential treatment.Kookmin, which has a 14% interest in BII via its Sorak stake, is eager to cash in on its approximately KRW 300bn capital gain that would come out of the sale to Maybank, an insider at the company said. We have tag-along rights, so we are interested in seeing the deal completed. The bank is currently discussing the matter with Temasek, the insider said. If the share sale agreement [SSA] becomes nullified, Kookmin would be interested in making a bid for BII albeit at a much lower price. We originally wanted to acquire BII, but Temasek had asked for too high a price, the insider revealed, as the Singapore-based investment company agreed to sell its shares to Maybank at a multiple of 4.7 times of its market price. Kookmins recent overseas acquisitions were conducted at multiples ranging from 1.8 to 2.6, the insider added, though a specific offer price was not mentioned should BII come up for sale again.The Maybank source had revealed that though it is difficult to predict at the moment, the MYR 480m (USD 147m) placed as a deposit by Maybank to Fullerton and Kookmin upon the execution of the SSA may not be refunded. Bank Negaras approval was not included as one of the conditions in the SSA, the source said, since it never occurred [to Maybank] that it would take back its approval. Therefore if the deal falls through, Maybank would not be legally eligible to get back its deposit. Yet if Maybank and both Fullerton and Kookmin agree to extend the long-stop date, expiring on 26 September, a separate agreement in which a refund is possible could be worked out, the source revealed. It is still in the works.There should be more information about the possibility that the deposit could be refunded towards the end of August, a source close to Maybank said. But since all parties involved are committed to seeing that the deal is completed, the deposit should not be a major concern right now, the source added. It all depends now how Maybank can convince Bank Negara and Bapepam for the deal to go through, the source mentioned, as the entire deal depends on decisions by third parties [regulatory bodies].A spokesperson for Temasek said that it was still in discussions with both Maybank and Bank Negara and that there should be more clarity on the central banks decision in the coming days.BII shares, which had been suspended from trading on Thursday and Friday, stood at IDR 460. Spokespeople at both BII and the Indonesia Stock Exchange said the status of the suspension will be updated come early Monday, prior to trading hours.by Takashi Toyokawa Ahead Magnetics to be sold to Huritga International Holdings GW Equity, an advisor to privately held and family-owned businesses for mergers, acquisitions Company Press and strategic growth initiatives announced the sale of its client Ahead Magnetics, a supplier of Release(s) specialty magnetic heads for video production, computer and data storage, headquartered in San Jose, Calif., to Huritga International Holdings, an investment company based in Singapore. The amount of the transaction was not disclosed. Ahead Magnetics, which does business as AheadTek, manufactures magnetic components for use in video tapes, television broadcasts, video production, computers and data storage. It retained GW Equity in 2007 to market the business for sale. "It was very important to me to find the right buyer for the business my husband and our dedicated management team nurtured," said Sharon Honegger, majority owner of Ahead Magnetics. "GW Equity acted quickly to secure a great buyer to continue the business, while allowing me the opportunity to retire and move on to the next phase of my life." "Ahead Magnetics is a well-established company with great technology. It is a wonderful addition to our existing manufacturing holdings," said Khim Heng, director of Huritga International Holdings. "We look forward to integrating the company into our portfolio and building upon the excellent foundation that it currently represents for us in the disk drive and video/tape production spaces." "GW Equity looked at a number of potential buyers before identifying a potential fit with Huritga's investment criteria," said John Poythress, GW Equity managing director for the deal. "Ahead Magnetics has found a great platform to join, and Huritga has acquired a great target with substantial potential with Ahead Magnetics." "This deal helped the founder's family realize the wealth in the business, while adding to an already successful organization," said Ryan Binkley, president of GW Equity. "Our firm has always worked hard to accomplish deals just like this one, and we're very happy with the results." The deal closed within one year of Ahead Magnetics entering the market. Pfaff, the listed German sewing machines manufacturer, has attracted the interest of Asian Sueddeutsche investors, Sueddeutsche Zeitung reported. The report cited a statement by Pfaff owner GCI, the Zeitung German private equity house, that said it is negotiating the sale of its majority stake to an investment fund. GCI is also talking to two strategic investors from Asia, the report noted. Pfaff has a market cap of EUR 11.31m. Industrial: Electronics, Manufacturing (other) GW Equity, Huritga International Holdings, Ahead Magnetics Singapore, USA Texas (TX) Confirmed Source Sector Company Country State Intelligence Grade

Industrial: Electronics
Wednesday, August 06, 2008 10 USD

Industrial products and services


Tuesday, August 05, 2008 11 EUR Pfaff attracts interest of investment fund and two Asian strategic investors - report Industrial products and services PFAFF Industrie Germany, Maschinen AG, GCI Singapore Management AG Confirmed

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Asia Pacific PE Intelligence


Date Monday, August 04, 2008 Value Currency 23 EUR Headline Bumar sends informal letters to potential bidders for Ursus; official tender announcement in August/Septemb er Opportunity Source Sector Automotive, Industrial products and services Company CNH Global NV, zetor, Pol-Mot Holding SA, Tractors and Farm Equipment Ltd (TAFE), URSUS sp. z o.o ( Grupa Bumar), Uzel Holding AS, BUMAR Group, PKF Consult sp z oo Country Czech Republic, India, Netherlands, Poland, Turkey State Intelligence Grade Confirmed Bumar, the statecontrolled Polish defence group, has sent informal letters to potential bidders Puls Biznesu for its tractor manufacturer Ursus, reported Puls Biznesu. The paper cited Jan Caly, the vicepresident of consulting company PKF Consult, which is preparing the strategy to sell Bumar's 100% stake in Ursus. According to Caly, the official tender announcement will be published at the end of August or at the beginning of September. PB reported that the following companies were named among interested parties: privately-held Polish machinery group Pol-Mot Holding; Czech tractor maker Zetor, listed Dutch company Case New Holland and India's Tafe. PB reported that Bumar was seeking an investor for Ursus as an agreement between Bumar and Turkish agriculture machinery manufacturer Uzel regarding the latter becoming an investor in Ursus had failed. Previous reports wrote that Uzel would invest PLN 75m (EUR 23.4m) in the Uzel International Tractor joint venture within three years beginning September 2007. Temasek Holdings of Singapore plans to team up with MBK Partners, the South Korean buyout South China fund, to make a joint bid for a 45% stake in HKT Group Holdings, the SCMP reported. The item, Morning Post which cited unnamed sources, said both MBK and Temasek refused to comment. The item went on to say PCCW, which owns HKT Group, is expected to shortlist bidders to enter the second round in the following few days. TPG, Providence Equity Partners, and Macquarie are regarded as favoured contestants and have been eyed by other private equity funds such as KKR, Blackstone and Apax Partners to form a larger consortium. According to the sources, Carlyle Group and Goldman Sachs have also made offers. The stake in HKT will likely reap up to USD 1.5bn and the company will have a total enterprise value of approximately USD 8bn, the report noted.

Internet / ecommerce
Monday, August 04, 2008 1500 USD HKT Group: Temasek to team up with MBK Partners in joint bid report Financial Goldman Sachs, Hong Kong Services, UBS AG, Kohlberg Internet / Kravis Roberts & Co ecommerce, (KKR), TPG LLP, Media, The Carlyle Group Telecommunicati LLC, Blackstone Group Holdings LLC, ons: Carriers Macquarie Group Limited (MGL), Temasek Holdings Pte Ltd, Providence Equity Partners Inc, PCCW Limited, MBK Partners, China Investment Corporation, HKT Group Holdings Limited Construction, Financial Services, Leisure, Other Orient Express Hotels, Tata Group (Tata Enterprises), BlackRock Inc, D E Shaw & Co, Indian Hotels Company, DLF Limited, SAC Private Capital Group, D. E. Shaw Valence Bermuda, India, New York (NY) USA Strong evidence

Leisure
Monday, August 04, 2008 1970 USD Orient Express: On August 4, 2008, Valence, Oculus, and CR Intrinsic Investments sent a letter to Orient U.S. Securities & Valence, Oculus, Express' Board of Directors (the August 4 Letter) expressing the Reporting Persons intent to Exchange and CR Intrinsic deliver a requisition to the Issuer calling for a special shareholders meeting to give the holders Commission send letter to of the Common Shares the opportunity to express their views on whether the Issuers current company governance structure should be revised. The letter read as follows: Ladies and Gentlemen, We are writing to express our disappointment in your response to our letter of July 24, 2008 (the Letter). We had hoped that an explanation of the legal foundations underlying our objections to the corporate governance structure of Orient-Express Hotels, Ltd. (the Company) would lead to meaningful discussions with the Board. Your apparent disinterest in such a dialogue now forces us to seek alternative methods of holding the Board accountable to the Companys owners, the holders of its Class A common shares. As we stated in the Letter, our Bermuda counsel have advised us that the Companys corporate governance structure is unsustainable under Bermuda law. They believe the Companys circular ownership structure, in which its wholly-owned subsidiary controls the Company through ownership of all of its super-voting Class B shares, is not authorized by the Bermuda Companies Act (the Act) and would not withstand judicial scrutiny. In addition, our counsel have advised us that the manner in which the Companys subsidiary acquired the Class B shares was unlawful and that the manner in which these shares are held violates the provisions of the Bermuda Companies Act as to the terms upon which a company can hold or control its own shares, in particular the requirement that such shares cannot be voted. We also are that, under Bermuda law, an illegal corporate governance structure cannot be cured by disclosure. If this were the case, the essential protections of the Bermuda Companies Act would be meaningless. There are many public companies with dual-class voting structures, but we are unaware of any other company whose super-voting shares are held by the company itself and not by a third party with an economic interest in the issuer of such super-voting shares. Indeed, we do not believe there is any other company in Bermuda or elsewhere with a governance structure that so entrenches its current board of directors and immunizes Board members and management from any accountability to the companys ultimate owners. Put simply, we have never seen a more unresponsive corporate governance structure.In light of your unwillingness to confront these issues with us directly, we intend to deliver a requisition

Confirmed

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Asia Pacific PE Intelligence


Date Value Currency Headline Opportunity Source Sector Company Country State Intelligence Grade to the Company calling for a special shareholders meeting to give the Class A shareholders the opportunity to express their views on whether the Companys current governance structure should be revised. We believe that, as Board members, you should welcome the opportunity to ascertain the views of the Companys shareholders on such a fundamental issue. We expect that the Board will not frustrate the convening of such a meeting and will call it at the earliest possible opportunity.We regret being forced into taking this step. We naturally reserve all of our rights as shareholders to pursue other available courses of action. Very truly yours, D. E. Shaw Oculus Portfolios, L.L.C. D. E. Shaw Valence Portfolios, L.L.C. CR Intrinsic Investments, LLC Beijing Xiabu Beijing Xiabu Xiabu [Bei Jing Xia Bu Xia Bu], a Beijing-based hot-pot food company, is to sell a Beijing Business Xiabu to sell controlling interest to Actis, the UK-based private equity, the Beijing Business Today reported. Today controlling The paper cited an unnamed source from Beijing Xiabu Xiabu as saying that talks are being interest to Actis - held and currently no details can be disclosed. The paper went on to cite an unnamed media report report as saying an insider from Actis had confirmed about the stake purchase. The paper also cited unsourced information as saying the deal could be valued at USD 50m. Another report from the 21st Century Business Herald also cited an unnamed source who said Actis will acquire more than a 50% stake in Beijing Xiabu Xiabu. Pope & Talbot: Nanaimo Forest Products buys Harmac for USD 12.9m - report Nanaimo Forest Products has acquired Pope & Talbot's Harmac mill near Nanaimo, British Nanaimo Daily Columbia, for CAD 13.2m (USD 12.9m), Nanaimo Daily News reported, citing Arnie Bercov, a News spokesperson for NFP. The 30 July online news report stated that on 30 July British Columbia Supreme Court justice Donald Brenner decided to allow the deal. Pope & Talbot is a bankrupt Oregon-based forestry products company that has been selling mills in Canada, including the mill in Harmac, outside Nanaimo, British Columbia. Nanaimo Forest Products is a group including Harmac mill workers, managers, and three private investors. The report stated that NFP's offer eliminated possible liabilities for CAD 6m in vacation pay owed Harmac employees. NFP takes possession of the mill on 29 August, the report stated. Bercov was cited in the report as saying NFP was very happy with Brenner's approval. The report stated that

Sunday, August 03, 2008

50 USD

Consumer: Actis, Beijing Xiabu Foods, Financial Xiabu (Majority Services, Stake) Leisure

China, United Kingdom

Strong evidence

Manufacturing (other)
Friday, August 01, 2008 500 USD

Agriculture, Manufacturing (other)

Blank Rome LLP Canada, Oregon (OR) (formerly Blank Indonesia, USA Rome Comisky & McCauley LLP), Fried Frank Harris Shriver & Jacobson LLP, Jefferies & Company Inc, Asia Pulp & Paper Co Ltd, Rothschild, Pope & Talbot Inc, Pope & Talbot Inc, Wells Fargo & Company (WFC), Ableco Finance LLC, Pegasus Capital, Wayzata Investment Partners, PT PindoDeli Pulp and Paper Mills, Pope & Talbot Inc (Harmac pulp mill), Nanaimo Forest Products

Confirmed

Asia Pulp & Paper's Columbia Pulp & Paper was not part of the bid. Prior reports on this news service stated that Indonesian company Asia Pulp & Paper, which failed in an earlier bid to acquire Pope & Talbot assets, would possibly team up with NFP and apply a prior deposit on Pope & Talbot mills toward the purchase of Harmac.

Medical
Tuesday, August 05, 2008 80 USD Wockhardt Wockhardt Hospitals of India could see General Atlantic, the private-equity (PE) player, acquire Financial Express Hospitals could a minority holding, reported the Financial Express. The deal, potentially involving a 20% stake see General in Wockhardt Hospitals could be worth USD 80m-100m, according to the newspaper. An Atlantic acquire unidentified source told the paper that Wockhardt Hospitals had commenced final-phase a minority stake - discussions with General Atlantic, although other PE outfits such as Carlyle and Blackstone report were also believed to be vying for a stake. Wockhardt Hospitals is a unit of Wockhardt, the Indian drug company. Medical, The Carlyle Group India Medical: LLC, Blackstone Pharmaceuticals Group Holdings LLC, General Atlantic LLC (formerly General Atlantic Partners, LLC), Wockhardt Limited, Wockhardt Hospitals Strong evidence

Mining

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Asia Pacific PE Intelligence


Date Thursday, August 07, 2008 Value Currency 677 AUD Headline ARH: RDI IPO at a nascent stage, flexibility may be required on timeline, sources say Opportunity Source Sector Mining Company Country State Intelligence Grade Strong evidence The timeline for Resources Development Internationals (RDI) AUD 5bn float that is key to its mergermarket bid for ASX-listed Australasian Resources (ARH) remains unclear, according to sources close to the deal.ARH today (Thursday) announced it had entered into a merger agreement with privately held Resource Development International (RDI), to be implemented through an offer notionally valuing each ARH share at AUD 2.20. The offer is conditional on RDI successfully making an AUD 5bn float, most likely on the Hong Kong Stock Exchange. RDI is controlled by Clive Palmer who also owns 66.37% of ARH. A source familiar with deal said that the IPO process is at a nascent stage. While RDI has said it is eyeing the takeover and the IPO to be completed by end of this year, the source familiar with RDI said some flexibility around the timing might be required. "There is work going on to get the float this year, but I don't think there is a definite timeline. And the current market is not the world's best," the source said. The source noted that typically it takes about three to four months to get a company listed. But in this instance, as RDI was a development entity and not a production entity, it might take longer. "In a regular IPO, there is the component of writing the prospectus, mining and technical report, making regulatory filings and getting approvals. But [when] you have a development entity, you have to establish the relationship with the projects, and that adds to the time," the source said. A source familiar with ARH said that the timeline could be a bit "optimistic" as a considerable amount of due diligence still needs to be done. A second source familiar with the deal noted that there is no definite timeline for the float or scheme and that work is preliminary. Beyond the statement that RDI wants to list on HKSE, and possibly the ASX, by the end of this year, all are in the dark as to the precise timing and that people have different views on the likelihood of this occurring. He added that the parties are yet to agree to a timetable which is unusual for these types of transactions, but could reflect the complexity of the proposal. The first source familiar with the deal said that the IPO is likely be backed by the iron ore assets owned by Palmer in Western Australia as well as its proposed acquisition of Gladstone Pacific Nickel, and some oil and gas interests that Palmer owns. The source noted that while a valuation of Palmer's assets had been done, it was difficult to ascribe a value to them for the IPO process, as market conditions could be different at the time of the float later this year. The source familiar with ARH acknowledged that ARH's iron ore project in the South Balmoral site, being developed jointly with Chinese steelmaker Shougang, was still a wildcard and could swing ARH's valuation. But he noted that the independent experts were going to look at ARH's share performance as well as its assets in arriving at a valuation. "The report will be made after looking at valuation of the shares depending on market performance as well as the underlying value of their assets, which includes the exploration assets as well as the South Balmoral site, for which the feasibility study numbers will be used. In terms of what Shougang will do, it is not known." Executives at the Beijing-based state-owned Shougang Group declined to make any comment. However, an official at the Hebei State-owned Assets Supervision and Administration Commission [Hebei SASAC] who is in charge of overseeing the province's steel industry, said Shougang Group has enough cash in hand to make investments. As Shougang Group is in a process of moving from Beijing to Hebei Province's Caofeidian Area, the official, who is familiar with the group, revealed that Shougang received some CNY 20bn (USD 2.92bn) in cash from the sale of its Beijing company site. He said Shougang will greatly increase its production capacity after moving to the Caofeidian new site, located in Hebei's Tangshan area. Shougang therefore may need to secure more iron ore supply for the output increase, the official said, adding that he believed Shougang would be willing to invest if the JV in Australia [with ARH] is proved to have huge iron ore resources. Indophil Lion Selection, which owns a quarter stake in Indophil Resources, is not concerned about the mergermarket Resources extension Indophil has granted Stanhill Resources to prepare its bidders statement, a Lion shareholder Lion insider said. Instead, the investor believes the extension is a "positive" sign as it is likely Stanhill encouraged by will "increase its price" from the current AUD 1.28 a share cash offer, according to the Lion insider. Lion is also of the view these discussions suggest the consortium is "serious" about Stanhill buying Indophil, the insider said.In a statement to the stock exchange today, Stanhill said extension Indophil's board has granted the consortium an extension on the lodging of its bidders document, which was initially due 6 August. The extension effectively shortened the period between the issue of the statement and distribution to investors, which is scheduled to take place on 20 August.One sector banker said today's announcement UBS (formerly UBS Australia, China Warburg), Macquarie Group Limited (MGL), Australasian Resources Limited, Resource Development International (RDI), Resource Development International (RDI)

Tuesday, August 05, 2008

523 USD

Mining

Xstrata Plc (formerly Australia, Sudelektra Holding Philippines AG), Crosby Capital Partners (Holdings) Limited, Indophil Resources NL, Xstrata Copper

Strong evidence

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Tuesday, August 05, 2008

523 USD

Indophil Resources shareholder Lion encouraged by Stanhill extension

mergermarket

Mining

Asia Pacific PE Intelligence


Date Value Currency Headline Opportunity indicates that Stanhill will likely lift its bid for Indophil Resources.However, a source familiar with rival bidder Xstrata believes the extension signals Stanhill is playing for time as it is having difficulty around the funding of the offer. He said it made no sense for Xstrata to form any view on possibly changing its offer for Indophil until funding details are outlined in Stanhill's bidders documents.Stanhill is known to believe that funding is not an issue for the consortium, which is endeavouring to submit a "better" offer.Crosby Capital in recent years succeeded in buying Australian and oil and gas producer Orchard Petroleum, while it failed in acquiring Australian mining companies Marathon Resources and Tethyan Copper.Xstrata Copper, which had initially offered AUD 1 a share cash for Indophil, in June matched a rival offer of AUD 1.28 from Stanhill, a consortium that consists of Indophil managing director Richard Lauffman, Alsons Group and Hong Kong investment bank Crosby Capital. Xstrata wants to streamline the ownership structure of Philippines mining project Tampakan, in which it owns 62.5% and Indophil holds 34%.According to the sector banker, Xstrata has the scope to increase its bid but it was a question of whether the miner wanted to.Indophil has a market cap of AUD 523m.Indophil shares, which have hovered between AUD 0.60 [USD0.56] and AUD 1.45 the past six months, rose 1.1% in local trading [Tuesday] to AUD 1.33. Source Sector

Xstrata Plc (formerly Australia, Sudelektra Holding Philippines AG), Crosby Capital Partners (Holdings) Limited, Indophil Resources NL, Xstrata Copper Company Country State

Strong evidence

Intelligence Grade

Services (other)
Friday, August 01, 2008 150 USD Security and Intelligence Services acquires Australian security businesses from United Technologies Security and Intelligence Services (SIS), the Indian provider of security services, has acquired Company Press three Australian security businesses from listed Connecticut-based United Technologies (UTC). Release(s) According to a corporate press release, UTC Fire & Security, a provider of fire safety and security solutions business and a business unit of United Technologies Corporation (NYSE: UTX), announced on Thursday, 31 July that the company has completed the sale of its Australian guarding and mobile patrols businesses to Security and Intelligence Services (India) Limited, a security services company based in India. This disinvestment includes Chubb Security Personnel, Chubb Mobile Services and MSS Security Group. The company said that it will continue to offer electronic security solutions in Australia through Chubb Electronic Security and Chubb Home Security; transport customer valuables throughout Australia Defense, United Technologies Australia, India, Connecticut (CT) Confirmed Services (other) Corporation, State USA Bank of India (SBI), D E Shaw & Co, UTC Fire & Security, Chubb (guarding and mobile patrol business), Security and Intelligence Services (India), Chubb Mobile Services, MSS Security Group

through Chubb Security Services; and provide a full range of fire detection, suppression and fire fighting products and services through its Chubb Fire Safety business.Financial details of the transaction were not disclosed. A previous report said Chubb is expected to achieve a sale price of AUD 150m (USD 135m).

Telecommunications: Hardware
Tuesday, August 05, 2008 892 USD LS Corp. and LS Cable successfully complete tender offer for shares of Superior Essex LS Corp., its subsidiary LS Cable Ltd. and Superior Essex Inc. (NASDAQ: SPSX), announced Company Press today the successful completion of the tender offer by Cyprus Acquisition Merger Sub, Inc. Release(s) (Cyprus) for all outstanding shares of common stock of Superior Essex. The subsequent offering period expired at 5:00 PM (New York time) on Monday, August 4, 2008. A total of 18,372,897 Superior Essex shares were validly tendered and not withdrawn prior to the expiration of the subsequent offering period. Cyprus has accepted for payment all Superior Essex shares validly tendered in the tender offer and the subsequent offering period and, as a result, owns approximately 92.32% of the outstanding Superior Essex shares. In accordance with the previously announced merger agreement, Cyprus expects to complete a "short form" merger of Cyprus with and into Superior Essex later this week. As a result of the merger, all Superior Essex shares (other than those as to which holders properly exercise appraisal rights and other than those owned by Cyprus) will be canceled in exchange for the right to receive the same USD 45.00 per share price as paid in the tender offer, without interest and less any amounts required to be withheld under applicable U.S. federal, state or local tax laws. Following the completion of the merger, Superior Essex will become an indirect subsidiary of LS Corp., and Superior Essex shares will cease to be traded on The NASDAQ Global Market Select. In bringing together LS Cable and Superior Essex, we are establishing an industry-leading global wire and cable competitor. Our combined capabilities and diverse product offerings enable us to better meet the needs of customers worldwide and extend our participation in new and growing markets. We have been planning for a seamless integration process that ensures our combined customers will continue receiving outstanding service and world-class products, and we anticipate a smooth transition for our employees and all of our other stakeholders. We welcome our talented Superior Essex colleagues into the LS family and are excited for the opportunities for growth ahead of us, said Chayol Koo, Vice Chairman and CEO of LS Cable. Telecommunicati JPMorgan, Wachtell South Korea, ons: Hardware Lipton Rosen & Katz, USA Cleary Gottlieb Steen & Hamilton LLP, Kim & Chang, Macquarie Group Limited (MGL), Bae Kim & Lee, Superior Essex Inc, LS Cable Ltd (formerly LG Cable) Georgia (GA) Confirmed

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Date Tuesday, August 05, 2008 Value Currency 600 USD Headline Opportunity Source Sector Company Country State Intelligence Grade Strong evidence

Telecommunications: Carriers
Altimo interested Altimo, the Russian telecommunications company, is interested in acquiring Bakrie Telecom Investor Daily in Bakrie (BTEL) of Indonesia, reported Investor Daily. Citing a person familiar with the situation, the (Indonesia) Telecom report Indonesian daily reported that Altimo is looking to acquire as much as 35% of BTELs stake. The report also noted that BTEL is looking for funds in order to expand its business, and Altimo is a perfect candidate as a partner because it has the same vision as BTEL. BTEL's planned capital expenditure until 2010 is USD 600m. Indosat: Qtel Qatar Telecom [Qtel] expects to obtain clarification on the foreign ownership issue by the time mergermarket expects foreign Indosat holds its EGM on 25 August, a source close to the situation said. Soon afterwards, the ownership issue revised documents for the tender offer are expected to be re-submitted to Bapepam, the to be settled Indonesian capital markets regulator, the source added.The Qatar-listed telecom company, which currently holds a 40.8% stake in Indosat, is currently awaiting word from the Ministry of before EGM; Information and Communication [Depkominfo], the Indonesia Investment Coordinating Board new local [BKPM], which regulates foreign investments and Bapepam, the Indonesian capital markets partner to regulator, regarding the amount it will be allowed to tender. Under presidential decree 77 receive equity stake introduced last year, foreign ownership of fixed- and mobile-line telecom companies are restricted to 49% and 65%, respectively.Qtel strongly believes it will be able to tender for the remaining shares of Indosat, except for the 14% block held by the Government of Indonesia which it has refused to sell, the source said. The source said Qtel is confident that approval for a full acquisition will be granted, based on its view that there are several local telecom companies that have foreign ownership rates far higher than the maximum 65% threshold. The source noted Excelcomindo, which he said is 99% owned by foreigners.Qtel has told the regulators that it intends to keep a significant, healthy level of public float after acquiring a further stake in Indosat, the source explained, though it would like to become the Indonesia-listed companys single largest shareholder. We want to quickly come to a solution, the source said. Qtel has no plans to take Indosat private, the source confirmed.Meanwhile an official at Bapepam overlooking the deal said that the regulator is still reviewing the case, together with Depkominfo and BKPM, though a decision has yet to be reached.Rachmat Gobel, the chairman of Panasonic Gobel Indonesia with which Qtel recently formed a strategic partnership, will be nominated for a seat on Indosats Board of Commissioners at its EGM later this month, the source confirmed. As he is expected to be an active shareholder of Indosat, Qtel plans to allot him a minor stake in the telecom company.Indosat shares fell 3.1% to IDR 6,200 on Tuesday.by Takashi Toyokawa ONE rubbishes ONE, the private Austrian mobile telecommunications carrier, has dismissed rumours that it Wirtschaftsblatt rumours about could be sold to private local rival Hutchison 3G Austria, Wirtschaftsblatt reported. Michael sale to Krammer, the chief executive of ONE, told the Austrian paper that these rumours are the Hutchison 3G biggest nonsense he has heard in his whole life. The paper suggested that the financial investor Austria MID Europa Partners, which holds 65% in ONE, could decide to sell as it is hard to make a profit on the Austrian mobile telecommunications market. Krammer made clear in the article that ONE will present its figures for the first half of 2008 soon, and claimed that they will show that one can earn money in Austria. Furthermore, Krammer explained in the report that MID Europa Partners is a sincere financial investor and added that sincere investors normally exit after five to seven years, not after one year. The remaining 35% in ONE is owned by Orange, which is, as previously reported, the mobile carrier of listed France Telecom, the report continued. A previous article pointed out that Hutchison 3G Austria is part of Hutchison Whampoa, the listed Hong Kong-based conglomerate. France Telecom and MID Europa Partners paid EUR 1.4bn for ONE, according to previous reports. HKT: Temasek Temasek Holdings of Singapore has no plan to bid for a 45% stake in HKT Group, the Apple Apple Daily has no plan to Daily reported. The paper, citing an unidentified market source which was in turn quoted by a bid for 45% newswire, also said Temasek has not teamed up with South Korean buyout fund MK Partners stake - report over a joint bid for HKT Group, as opposed to an earlier market report. The stake in HKT will likely reap up to USD 1.5bn and the company will have a total enterprise value of approximately USD 8bn, according to a previous report. HKT: Temasek Temasek Holdings of Singapore declined to comment on reports that it will not be bidding for a mergermarket declines to stake in HKT Group, PCCWs telecommunication assets, said a spokesperson. The companys comment on response comes on the back of a newswire report citing unnamed sources that the whether it will Singaporean-state owned fund was not in talks with MBK Partners in Korea to jointly-bid for join the bidding HKT Group. This report was in response to an earlier report that it would team up with MBK to make a joint bid. The spokesperson said it is inappropriate for Temasek to comment on market speculation. PCCW, the Hong Kong-listed telco giant, is expected to announce a shortlist of bidders for the stake within a month, for a speculated price of up to USD 2.5bn for the unit, according to media reports. Telecommunicati Altimo (formerly Alfa Indonesia, ons: Carriers Telecom), PT Bakrie Russia Telecom, Bakrie & Brothers Tbk, PT Telecommunicati Temasek Holdings Indonesia, Qatar ons: Carriers Pte Ltd, Indosat Tbk, PT (formerly Indonesian Satellite Corporation Tbk.), Singapore Technologies Telemedia (ST Telemedia), Government of Indonesia, Qatar Telecom QSC (Qtel), Asia Mobile Holdings Pte. Ltd

Tuesday, August 05, 2008

3700 USD

Strong evidence

Tuesday, August 05, 2008

1400 EUR

Internet / France Telecom SA, Austria, France, ecommerce, Orange SA, Hong Kong Other, Hutchison Whampoa Telecommunicati Limited, ONE GmbH, ons: Carriers ONE GmbH, Hutchison 3G Austria (Drei), Mid Europa Partners LLP (formerly EMP Europe)

Confirmed

Monday, August 04, 2008

1500 USD

Monday, August 04, 2008

2500 USD

Financial Temasek Holdings Hong Kong Services, Pte Ltd, PCCW Telecommunicati Limited, MBK ons: Hardware, Partners, HKT Group Telecommunicati Holdings Limited ons: Carriers Financial Temasek Holdings Hong Kong Services, Pte Ltd, PCCW Telecommunicati Limited, MBK ons: Hardware, Partners, HKT Group Telecommunicati Holdings Limited ons: Carriers

Strong evidence

Confirmed

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Date Monday, August 04, 2008 Value Currency Headline TeliaSonera could still attract the interest of Vodafone, Deutsche Telekom and others - report Opportunity Source Sector Company Country China, Germany, Finland, France, United Kingdom, Norway, Russia, Sweden State Intelligence Grade Strong evidence 30000 EUR TeliaSonera, the Nordic telco, could still attract the interest of UKs Vodafone or Deutsche Arvopaperi Telekom. This is according to the Finnish Arvopaperi, citing the Swedish daily Dagens Industri and the Nordic publication called TDN Finans. The paper said that the possibilities of new buyers is not over yet since the Swedish state is planning to sell its 37% stake in the company. The Finnish piece said that there are plenty of interested buyers as far as Dagens Industri is concerned. The Swedish paper said that likely interested parties are Vodafone or Deutsche Telekom as both operators lack presence in the Russian market where TeliaSonera is strong. The piece also said that the Nordic telco could attract the attention of the Norwegian Telenor, the Russian Altimo or even the Chinese operators. There has not been a new offer on the table yet since France Telecom offer fell, it said. France Telecom had offered around EUR 30bn for the company but the deal fell through because the two sides could not agree on the price. Indosat: Qtel Qatar Telecom (Qtel) announced that the Extraordinary general assembly of Indosat will take Stock Exchange says place in Jakarta, Indonesia on 25 August 2008. In this meeting, a new board of directors will be Announcement(s) shareholders to appointed with the participation of Qtel's Board of Directors. Indosat is now an integral part of meet on 25 Qtel Group. August, to appoint new board of directors Telecommunicati France Telecom SA, ons: Carriers Vodafone Group Plc, Telenor ASA, TeliaSonera AB (Formerly Telia AB), Deutsche Telekom AG, Government of Sweden, Altimo (formerly Alfa Telecom)

Sunday, August 03, 2008

3850 USD

Transportation
Friday, August 08, 2008 917 USD China Eastern Airlines: Singapore Airlines will not extend the agreement report Singapore Airlines will not extend the agreement signed with China Eastern Airlines (CEA) [Dong Fang Hang Kong] after 9 August, the expiry date. The 21st Century Business Herald reported this, citing an unnamed industry source, who said that Singapore Airlines has proposed to maintain cooperative ties with China Eastern Airlines, the Shanghai and Hong Kong-listed Chinese airlines, but the two companies have both agreed to terminate their proposed deal. The paper went on to say that Singapore Airlines offered to buy the H-shares of China Eastern Airlines at HKD 3.8 (USD 0.49) per share; however, the H-shares of China Eastern Airlines were closed at HKD 2.56 (USD 0.33) per share on 7 August, which makes it impossible for the Singapore Airlines to go ahead with the stake purchase. Singapore Airlines could restart the talks with China Eastern Airlines over JV issues after CEA completes the with Shanghai Airlines [Shang Hai Hang Kong], another Shanghai-based airlines, the paper added, citing market speculation. China Eastern China Eastern Airlines (CEA) [Dong Fang Hang Kong], the mainland-listed airline, may see a Airlines may see lower takeover offer from Singapore Airlines (SIA), reported the South China Morning Post. The lower takeover report, which discussed a 7.26% drop in the share price of CEA, speculated that SIA and its offer from partner, Temasek, could reduce it previous takeover offer price for CEA. The previous deal Singapore would have seen SIA acquire a 24% stake in CEA for HKD 7.16bn (USD 917m). The report Airlines - report cited unidentified sources who said that SIA would likely let its offer lapse before beginning new talks with CEA. Hapag-Lloyd: NOL will have the necessary funding for acquisition, spokesperson confirms 21st Century Business Herald

Telecommunicati Temasek Holdings Indonesia, Qatar ons: Carriers Pte Ltd, Indosat Tbk, PT (formerly Indonesian Satellite Corporation Tbk.), Singapore Technologies Telemedia (ST Telemedia), Government of Indonesia, Qatar Telecom QSC (Qtel), Asia Mobile Holdings Transportation Singapore China, International Airlines Singapore (SIA), Temasek Holdings Pte Ltd, China Eastern Airlines Corporation Ltd, China Eastern Airlines Corporation Ltd

Confirmed

Rumored

Thursday, August 07, 2008

917 USD

South China Morning Post

Transportation

Thursday, August 07, 2008

4000 EUR

Neptune Orient line, the Singapore listed shipping group will have access to the necessary mergermarket funding required to purchase German rival Hapag-Lloyd, a NOL spokesperson confirmed. The comment comes in response to a newswire report which quoted NOLs CFO Cedric Foo as stating that financing was not an issue if they do enter a definitive agreement. The same report, citing unnamed sources, said TUI will shortlist bidders for Hapag-Lloyd in the coming weeks. NOL is majority owned by Singaporean state fund Temasek.NOL last month submitted an indicative non-binding bid to acquire the Hapag-Lloyd container shipping business. A previous report said TUI has accelerated the sale due to pressure from main shareholder John Fredriksen and has set an unofficial minimum price of EUR 4bn.

Transportation

Singapore International Airlines (SIA), Temasek Holdings Pte Ltd, China Eastern Airlines Corporation Ltd, China Eastern Airlines Corporation Ltd TUI AG (formerly known as Preussag AG), Hapag-Lloyd AG, Temasek Holdings Pte Ltd, Neptune Orient Lines Limited (NOL), City of Hamburg, KlausMichael Kuehne (Private investor), John Fredriksen (private investor)

China, Singapore

Rumored

Germany, Norway, Singapore

Confirmed

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Date Thursday, August 07, 2008 Value Currency 4000 EUR Headline Hapag Lloyd bidders gain access to books, partial sale under consideration report Opportunity Source Sector Financial Services, Leisure, Transportation Company Country State Intelligence Grade Strong evidence A Hamburg consortium and Singapore shipping group NOL have been selected for the second Financial Times round regarding the sale of TUIs Hapag Lloyd shipping division, Financial Times Deutschland Deutschland reported. A source close to the talks said the two bidders have already commenced looking at the Hapag books, and this could take until the end of the month. The paper said NOL is majority owned by Singapore state fund Temasek while the state of Hamburg (Hansestadt) is willing to provide a sum in the hundreds of million euros to the Hamburg consortium bid, the report continued. The paper said TUI has accelerated the sale due to pressure from main shareholder John Fredriksen and has set an unofficial minimum price of EUR 4bn. The report said it is still possible, though unlikely, that a third bidder enters the fray. TUI is also considering the partial sale of Hapag though it would sell more than 50% initially and TUI AG (formerly Germany, known as Preussag Norway, AG), TUI AG Singapore (formerly known as Preussag AG), Hapag-Lloyd AG, Temasek Holdings Pte Ltd, Neptune Orient Lines Limited (NOL), City of Hamburg, KlausMichael Kuehne (Private investor), John Fredriksen (private investor)

Thursday, August 07, 2008

357 EUR

Austrian Airlines: Raiffeisen Landesbank Oberoesterreich could look at acquiring stake; other potential investors named - report

the remaining shares would be sold later. A decision is due by the end of September, the report noted. Raiffeisen Landesbank Oberoesterreich (RLB OOe; Raiffeisen Gruppe), the private Austrian Die Presse bank, might look at acquiring a stake in listed Austrian Airlines (AUA), Die Presse reported. Ludwig Scharinger, the chief executive of RLB OOe, told the Austrian daily that his bank will evaluate the possibility of acquiring a stake in partially state-owned AUA if it is asked. The article mentioned this in connection with OeIAG, the Austrian state holding, receiving permission from the Austrian government to sell its entire stake to a strategic partner as long as a stake of 25% plus one share remains in the hand of local investors. As previously reported, OeIAG, which holds 42.75% in AUA, might therefore remain a shareholder in AUA if it fails to find enough local investors. Hannes Anrosch, an influential Austrian investor, will not even look at an investment in AUA, the report continued. Furthermore,

Government, Transportation

the paper speculated that other renowned local businessmen, such as Ronny Pecik and Martin Schlaff, are likely to turn to more profitable investments than AUA. The report claimed that it remains unclear whether Frank Stronach, the Austria-born automotive components tycoon, can be persuaded to acquire an interest in AUA. Die Presse repeated that Bank Austria, a subsidiary of listed Italian banking giant UniCredit, and private Austrian Raiffeisen Zentralbank (RZB) are more interested in selling their AUA shares than buying more. Only listed Austrian Vienna Insurance Group has cautiously signalled that it might increase its interest in AUA, the report continued. The paper speculated that the AUA sale process could be over soon if OeIAG has to represent the Austrian consortium as no buyer will be willing to let the Austrian state influence the strategy of the Austrian airline. The article named a few potential strategic partners for AUA: listed German Lufthansa, listed Air France-KLM and listed, state-controlled Air China. AUA has a market cap of EUR 357m.

Air France-KLM SA Austria, China, (Formerly Air France Germany, SA), Merrill Lynch, France Boston Consulting Group, Oesterreichische Industrieholding AG (OeIAG), Austrian Airlines AG, Raiffeisen Zentralbank Osterreich AG (RZB), Hannes Androsch, Vienna Insurance Group (formerly Wiener Staedtische Versicherung), Lufthansa AG, Raiffeisen Landesbank Oberoesterreich (RLB), Air China Limited, Raiffeisen Gruppe, Bank Austria Creditanstalt AG, Government of Austria, Ronny Pecik (Private Investor), Frank Stronach, Government of China, Martin Schlaff (Private Investor), UniCredit Group

Strong evidence

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Asia Pacific PE Intelligence


Date Tuesday, August 05, 2008 Value Currency 925 USD Headline Opportunity Source Sector Transportation Company Country State Intelligence Grade Confirmed China Eastern Singapore Airlines will not raise its offer to purchase a stake in China Eastern Airlines (CEA) Beijing News Airlines: [Dong Fang Hang Kong], the Beijing News reported. China Eastern Airlines is the Shanghai and Singapore Hong Kong listed Chinese airliner.The paper cited Stephen Forshaw, the vice president at Airlines will not Singapore Airlines Public Affairs Department, who said the two companies will hold talks over raise offer for the more details after the Beijing Olympics, but the offer of HKD 3.8 (USD 0.49) per share will not stake purchase be changed. Li Lei, an aviation industry analyst from China Securities [Zhong Xin Jian Tou] was also quoted by the paper as saying that it could become easier for the proposed deal to be approved as the institutional investors in CEA have already sold their stock and the price of both A-Shares and H-Shares prices of CEA have fallen in the past months. Shree Rajlaxmi Shree Rajlaxmi Logistics, the private Indian warehousing company, could look at selling a 30%- mergermarket Logistics could 35% stake to a private equity investor, said director, Anish Damodaran. However, the company sell 30%-35% would discuss that in detail with the potential investor, he said. The funds raised would be stake to private utilised to develop logistic parks and warehousing, he added. The company has identified 30 to equity investor, 38 cities for pan India expansion to develop distribution centres and logistic parks in the next five years, Damodaran said. The company is developing roughly around three million sq feet in director says major cities like Mumbai, Chennai, Bangalore, Delhi and Kolkata, he said. It has started construction in Hyderabad in 120 acres of land, Nagpur on 109 acres of land and in Ahmedabad on 50 to 60 acres of land, he added. When asked about the amount of funds it would look to raise through the stake sale, he said that it would be difficult to say that but each logistic park requires an investment of around USD 12.5m to 25m. The company has developed around 10 million sq feet of warehousing till date, said Damodaran. The company was operating in the name of Shree Rajlaxmi Group since 15 years and has been engaged in SPV (special purpose vehicle) financing for all the sites, he said. Now, it is formed as a limited company and has consolidated and streamlined its revenues. The consolidated firm, which is Rajlaxmi Logistics, will hold all SPVs. A sector banker pointed out that although companies like Shree Rajlaxmi Logistics are classified as logistics companies, their revenue, essentially rental income, is constrained by the size of warehousing operations. Yet like logistics companies, they would command a valuation of 20 times of a year's forward earnings, he said. It should be noted that as Shree Rajlaxmi Logistics is a private company, the private equity investors would offer a lower valuation of 17 to 18 times, he explained. It would be 20 times if the company is listed. At the same time, the banker spoke of immense interest by private equity investors in acquiring a stake in logistics companies, he said. Large funds like Merrill Lynch and Goldman Sachs are interested in this space but they would look at a minimum investment size of USD 10m-15m, the banker said. Smaller funds like Dawnay Day and Motilal Oswal could potentially be interested as well, he added. Motilal Oswal has set up a venture capital fund of around USD 125m that also invests in logistic companies. An industry source said that there is immense need for warehousing in India. It is estimated that there is a need for 30 million sq ft of warehousing per year and this is increasing at 30% to 40% per year. However, an investor should look at this from a long-term perspective of seven to ten years. This business is more about asset-building than short-term yields, she added. The group revenue is around USD 10m to 20m, he said. The company has been growing around 20% to 25% year on year since the last five years, he said. by Riddhima Saxena and Freny Patel Singapore China, International Airlines Singapore (SIA), Temasek Holdings Pte Ltd, China Eastern Airlines Corporation Ltd, China Eastern Airlines Corporation Ltd Services (other), Merrill Lynch Global India Transportation Private Equity, Goldman Sachs Private Equity Group, Dawnay Day & Company, Motilal Oswal Securities Limited, Shree Rajlaxmi Logistics

Monday, August 04, 2008

20 USD

Confirmed

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Asia Pacific PE Intelligence


Date Monday, August 04, 2008 Value Currency 1000 EUR Headline ANA privatisation could take place in 2009; deal value believed to be over EUR 1bn - report Opportunity Source Sector Company Banco Espirito Santo SA, Somague SGPS SA, Santander Central Hispano SA (SCH) (formerly Banco Santander Central Hispano S.A (BSCH)), Caixa Geral de Depositos SA (CGD), Grupo Soares da Costa SGPS SA, Teixeira Duarte - Engenharia E Construcoes SA, Millennium BCP (brand name of Banco Comercial Portugues SA (BCP)), Semapa Sociedade de Investimento e Gestao SGPS S.A., Aeroports de Paris, Fraport AG, BrisaAuto Estradas de Portugal SA, Government of Portugal, Babcock & Brown, ANA Aeroportos de Portugal, SA (formerly known as ANA - Aeroportos e Navegacao Aerea, EP), Abertis Infraestructuras SA, Edifer, Mota-Engil S.A., Opway, Moniz da Maia Serra & Fortunato Empreiteiros S.A. (MSF), Construtora do Lena SGPS, S.A., Macquarie Airports, Grupo Lena, Ferrovial Aeropuertos SA, NAER-Novo Aeroporto SA, Changi Airports International Pte. Ltd, Asterion (name of consortium led by Mota-Engil and Brisa), ANA Aeroportos de Country Australia, Brazil, Germany, Spain, France, Portugal, Singapore State Intelligence Grade Rumored The privatisation of ANA, the Portuguese airport operator, could take place as early as 2009, Jornal de Negocios Transportation according to Jornal de Negocios. The unsourced report said the government is considering changing the privatisation process and carrying it out in 2009, since the infrastructural changes could take up to two years. The report also noted that it is understood that 80% of ANA will be privatised and that the deal could be worth in excess of EUR 1bn.

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Asia Pacific PE Intelligence


Date Saturday, August 02, 2008 Value Currency 6000 EUR Headline ANA: Government wants tender launched in 1H 2009; top Australian and European players in talks to form consortiums sources Opportunity Source Sector Transportation Company Banco Espirito Santo SA, Somague SGPS SA, Santander Central Hispano SA (SCH) (formerly Banco Santander Central Hispano S.A (BSCH)), Caixa Geral de Depositos SA (CGD), Grupo Soares da Costa SGPS SA, Teixeira Duarte - Engenharia E Construcoes SA, Millennium BCP (brand name of Banco Comercial Portugues SA (BCP)), Semapa Sociedade de Investimento e Gestao SGPS S.A., Aeroports de Paris, Fraport AG, BrisaAuto Estradas de Portugal SA, Government of Portugal, Babcock & Brown, ANA Aeroportos de Portugal, SA (formerly known as ANA - Aeroportos e Navegacao Aerea, EP), Abertis Infraestructuras SA, Edifer, Mota-Engil S.A., Opway, Moniz da Maia Serra & Fortunato Empreiteiros S.A. (MSF), Construtora do Lena SGPS, S.A., Macquarie Airports, Grupo Lena, Ferrovial Aeropuertos SA, NAER-Novo Aeroporto SA, Changi Airports International Pte. Ltd, Asterion (name of consortium led by Mota-Engil and Brisa), ANA Aeroportos de Portugal (Lisbon Airport), Odebrecht Country Australia, Brazil, Germany, Spain, France, Portugal, Singapore State Intelligence Grade Strong evidence The Portuguese government is expecting to launch the tender for the privatisation of mergermarket Portuguese airport operator ANA sooner than expected. This news service has learnt that the advisors to the government have been asked to study the possibility of starting the process in the first half of 2009, before the next Portuguese elections. The privatisation of over 50% of ANA includes the construction of the new Lisbon airport, also known as NAER-Novo Aeroporto de Lisboa. After the Portuguese government announced a change of the location of the new airport to Alcochete (closer to Lisbon city centre) from Ota, there was speculation that the process would be delayed further, because new studies would have to be carried out. There was speculation that the tender may only launch after the next Portuguese elections, in the autumn of 2009. When contacted by this news service, Carlos Madeira, the chief executive of NAER and vice-president of ANA, said that from a technical point of view, NAER is doing all the preparatory work necessary for the construction of the new Lisbon airport so that the privatisation of ANA can begin by the end of the first quarter of 2009. Effectively, the ultimate decision of when to launch this process will depend on ANA's shareholders (Portuguese government), said Madeira, who declined comment on groups in talks to form new consortiums and declined all further comment. The only publicly announced consortium that is bidding is the Asterion consortium includes the following groups: Changi Airports, a subsidiary of the Civil Aviation Authority of Singapore (CAAS); Portuguese construction companies MotaEngil, Somague, Lena, MSF and Opway (formerly known as OPCA); Portuguese toll-road operator Brisa; and Portuguese banks Banco Espirito Santo, Millennium BCP and Caixa Geral de Depositos. With regards to competing bidders, this news service has learnt that various European and Australian groups have been in talks, among themselves and with Portuguese groups, to form consortiums. According to two executives at Portuguese construction company Edifer, this group is practically closed and includes so far other top Portuguese construction groups: Semapa, Soares da Costa and Bento Pedroso, owned by Brazil's Odebrecht, and an international bank. Portuguese construction company Teixeira Duarte is also said to be in talks, this news service learnt. It was said that Spanish groups Ferrovial, Abertis and Santander, as well as the port operators of Paris and Frankfurt are in also in talks to form a consortium. Australian infrastructure groups Macquarie and Babcock & Brown are also looking at the process, it was said. One source familiar with the thinking of Macquarie said that it is in talks with the main sector players in Spain, France and Germany to form a consortium, but did not provide further details. A spokesperson at Babcock & Brown declined comment and a spokesperson at Macquarie did not return calls. Semapa, Soares da Costa, Bento Pedroso and Teixeira Duarte declined comment or did not return calls. An insider at Abertis, the Barcelona-based motorways company, confirmed that the company would be interested in ANA. The insider also said that Abertis is aware of press speculation that a sale could come soon, but said that Abertis has yet to receive a formal invitation from the government to study the opportunity. In the short term, the insider said that Abertis is focusing on closing the USD 12.8bn for Pennsylvania Turnpike, which is due to close around the end of September or the beginning of October. The insider said that Abertis still has capacity to buy other assets, but added that the price would have to be right. Meanwhile, an insider at Ferrovial said that the company is actively interested in Portugal and would definitely look at ANA. However, the insider added that any deal would be dependent on price. Spokespeople for Abertis, Ferrovial and Santander declined to comment on market speculation. A source familiar with the thinking of Fraport, the operating company of Frankfurt airport, said obviously there are conversations here and there. A Fraport spokesperson declined comment. A source at Aeroports de Paris Management (ADPM), the division in charge of taking stakes and conclude management contracts in projects internationally, said that said Portugal is "a target" for ADPM. The company is interested in minority stakes and in providing management services in conjunction with partners, said the source, who pointed out ADPM is engaged in a policy of "looking for investments in airport assets" as it wishes to use the proceeds of the sale last year of its stake in the Beijing airport, where it was for seven years the first private shareholder. That sale brought about EUR 200m. This source indicated ADPM has had discussions with Portuguese authorities and has been approached by a number of potential partners. First discussions with the Portuguese authorities begun 18 months ago. This source understands that the privatization of ANA and the airport site are linked, which explains the delays, and this is why ADPM "does not want to commit too fast". He also said because of this fact, the company does not yet have a financial advisor.

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Asia Pacific PE Intelligence


Date Friday, August 01, 2008 Value Currency 600 EUR Headline Pulkovo has nine bidders for reconstruction project and management Opportunity Source Sector Construction, Financial Services, Industrial products and services, Services (other), Transportation Company Country State Intelligence Grade Confirmed The Russian state-owned Pulkovo airport's reconstruction project and management is being Vedomosti eyed by nine bidders, reported Vedomosti and Kommersant. Vedomosti cited Alexander Bakhmistrov, the St. Petersburg deputy mayor, and wrote that yesterday the tender commission named companies which submitted preliminary proposals to take part in the reconstruction of the Russian airport Pulkovo, and handle the management of the airport for the next 30 years. The papers named the following bidders: India-based GMR Infrastructure; Turkish airport operator TAV Airport Holding; consortium including Russian holding Basic Element and Singaporean Changi Airports; Russian bank VTB jointly with German Fraport; consortium of Russian asset management company Leader and Vienna Airport Group; Russia's Renova Group jointly with listed German construction group Hochtief; Macquarie Renaissance; Novaport, a part of Roman Hochtief AG, JSC Austria, VTB Bank, Vienna Germany, India, Airport, Fraport AG, Italy, Russia, Basic Element Singapore (Formerly Sibal), Renova Group of Companies, Pulkovo Airport, St.Petersburg City Hall, TAV Havalimanlari Holding, Roman Trotsenko (individual investor), Leader,ZAO, Changi Airports International Pte. Ltd, Novaport, GMR Infrastructure Limited, Aeon Corporation (Russia), Elis Construction Corporation

Trotsenko's holding AEON; and construction corporation Elis. Vedomosti wrote that investments in Pulkovo have veen valued at EUR 600m.

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Australia PE Intelligence
Date Thursday, August 07, 2008 Value Currency 380 AUD Headline Hans Continental Smallgoods: Japan Tobacco to sell entire stake to Anchorage Opportunity Source Sector Consumer: Foods, Consumer: Other Company Country State Intelligence Grade Confirmed

Consumer: Foods
Japan Tobacco (JT), the Japan-listed tobacco producer, announced today an agreement to sell Stock Exchange Australia-based chilled foods company Hans Continental Smallgoods to Anchorage Capital Announcement Partners. The value of the deal was not disclosed in the release. Hans Continental Smallgoods (Translated) is a wholly owned subsidiary of JT. The UK-based investment company Anchorage Capital will acquire Hans Continental through a special purpose company set up for the transaction. JT plans to complete the transaction on 9 September 2008. Hans Continental Smallgoods had annual revenues of about AUD 380m (USD 347m) through March 2008. Japan Tobacco Inc., Australia, Japan Anchorage Capital Partners Ltd, Hans Continental Smallgoods Pty.Ltd.

Consumer: Other
Friday, August 08, 2008 89 AUD Funtastic's Further to Funtastics announcement to the market on 11 July 2008, Funtastic provides the Stock Exchange discussions with following update in relation to the indicative non binding proposal it has received from a Announcement(s) the Archer consortium led by Archer Capital Pty Ltd to acquire 100% of the ordinary shares on issue in Consortium have Funtastic by way of a scheme of arrangement. The discussions with the Archer Consortium not been have not been finalised and are continuing. As previously indicated, there can be no assurance finalised and are that the discussions will result in an agreed outcome or in a formal proposal being submitted to continuing Funtastics shareholders. Funtastic will continue to keep shareholders informed of further material developments as they arise in line with all legal requirements. Cadbury Schweppes' Australian beverage unit: Independent Distillers, National Foods possible bidders - report Independent Distillers and National Foods are possible bidders for Cadbury Schweppes' Australian soft drink and juice business, the Australian Financial Review reported. The unsourced report in the paper's Street Talk column said other interested parties are believed to include P&N Beverages, Fosters Group, Lion Nathan and Coca Cola Amatil (CCA). The article said CCA, the Australian-listed drinks group, was considered the front-runner to purchase assets, and had hired Macquarie Capital Advisers to advise it on the sales process. The article said Goldman Sachs JBWere, UBS and Morgan Stanley were all seeking to represent Cadbury in the sale. The paper said Australia's competition regulator, the ACCC, was also monitoring the sales process informally. According to Citigroup analysts, the business could be worth between AUD 650m (USD 589m) and AUD 860m. Consumer: Other Minter Ellison, Archer Capital (formerly GS Private Equity), Ernst & Young (Australia), ABC Learning Centres Limited, Funtastic Limited, Nir Pizmony, Craig Mathieson Australian Financial Consumer: UBS AG, Cadbury Review Foods, plc (formerly known Consumer: as Cadbury Other Schweppes plc), Morgan Stanley, Fosters Group Limited, National Foods Ltd, Cadbury Schweppes Pty Ltd (trading as Cadbury Schweppes Australia Ltd), Coca-Cola Amatil Ltd., Goldman Sachs JBWere Pty Ltd, Independent Distillers Group, P&N Beverages, Macquarie Capital Australian Financial Consumer: Other Merrill Lynch, Review Gresham Private Equity, Australian Paper Pacific Products (APPP) Australia Confirmed

Thursday, August 07, 2008

860 AUD

Australia, United Kingdom

Rumored

Thursday, August 07, 2008

75 AUD

Sunday, August 03, 2008

860 AUD

Australian Pacific Paper Products: Merrill Lynch believed to be advising Gresham Private Equity on sale report Cadbury Schweppes' beverage unit: Kirin Holdings a potential bidder report

Gresham Private Equity is believed to have hired Merrill Lynch to advise it on the sale of Australian Pacific Paper Products, the Australian Financial Review reported. The unsourced report in the paper's Street Talk column said Gresham acquired the business, an Australianbased nappies company, in 2005. A previous media report said the purchase price was AUD 75m (USD 68m).

Australia

Rumored

Kirin Holdings, the Japanese group, is a potential buyer for Schweppes soft drink and juice Australian Financial Consumer: business, the Australian Financial Review reported. The report said, without citing sources that Review Foods, Cadbury is planning to sell Schweppes for around AUD 800m (USD 743m). The report said that Consumer: Kirin is trying to boost its dairy and fruit juice operations. Kirin is likely to face tough competition Other for the business from Coca Cola Amatil, according to the report. The article said that other interested parties are believed to include P&N Beverages, Fosters Group, and private equity groups such as Pacific Equity Partners and CCMP Asia Pacific, the owners of Independent Liquor.

Consumer: Retail
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UBS AG, Cadbury Australia, United plc (formerly known Kingdom, Japan as Cadbury Schweppes plc), Morgan Stanley, Fosters Group Limited, Cadbury Schweppes Pty Ltd (trading as Cadbury Schweppes Australia Ltd), Coca-Cola Amatil Ltd., Pacific Equity Partners (PEP), CCMP Capital Asia Ltd, Kirin Holdings Company,

Rumored

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Saturday, August 02, 2008

1210 USD

The Warehouse Group: Stephen Tindall could make a new takeover bid report

Stephen Tindall could make a new takeover bid for Warehouse Group, the New Zealand-listed Sydney Morning retailer, the Sydney Morning Herald reported. Tindall is the founder and major shareholder of Herald Warehouse. The paper said Tindall could make the move after New Zealand's Court of Appeal stopped supermarket groups Foodstuffs and Woolworths from making bids for Warehouse. Foodstuffs and Woolworths each have a 10% stake in Warehouse, and Deutsche Bank analyst Kristan Walker said Tindall could approach both players and buy their stakes. Tindall previously made a privatisation bid for Warehouse in 2006 with Pacific Equity Partners but abandoned it after Woolworths acquired its 10% stake. The article said a move by Tindall may be premature as it was unclear if Woolworths and Foodstuffs would appeal. The two groups have four weeks to make a decision, the paper said.

Consumer: Retail

Energy
Thursday, August 07, 2008 35 AUD Blue Energy: Stanwell Corporation acquires 19.6% stake from CVC Blue Energy Limited (ASX: BUL) is pleased to announce that Stanwell has acquired a strategic Stock Exchange stake of 19.6% in Blue Energy previously held by CVC. Bill Williams, Blue Energy Chief Announcement(s) Executive Officer, said CVC was a foundation investor and key to the growth of Blue Energy. Blue Energy thanks CVC for their support and guidance over the term of their investment. With the transfer of the CVC stake, CVCs nominated directors, Mr Sandy Beard and Mr Bill Highland have resigned from the board of Blue Energy. Blue Energy views Stanwell as a key long term commercial partner and to this extent has executed an Alliance Agreement with Stanwell which will see Blue Energy provide up to 8.5PJ per annum of coal seam gas to Stanwell for a proposed gas fired power project. This represents 213PJ of gas over the 25 year term of the agreement. This agreement demonstrates Stanwells belief in Blue Energys acreage and gas potential as well as the technical and commercial capability to deliver Coal Seam Gas projects Mr Williams said. Under the Alliance Agreement, Blue Energys investment will be limited to continuing with its current activities of proving of reserves, thus reducing the requirement for Blue Energy capital, with Stanwell funding field and infrastructure development. Blue Energy receives a leveraged return through the utilisation of its expertise in gasfield planning and operations and receives a fee where performance betters production cost benchmarks. Blue Energy will also share equally with Stanwell any electricity price upside beyond an agreed benchmark. Bill Williams noted that This transaction provides a number of significant benefits to Blue Energy and its shareholders. It facilitates the development of reserves with funding from a strategic partner while still giving Blue Energy exposure to any upside in terms of production cost savings or revenue gains. Mr Williams pointed out that while the Stanwell Power transaction was significant in terms of its absolute size, it relates to only two of Blue Energys tenements from its 100% owned extensive exploration portfolio. This transaction will underpin further exploration efforts in all our tenements Mr Williams said. In addition Blue Energy and Stanwell have identified other geographical areas of mutual interest within Blue Energys large exploration acreage on which the parties have agreed to work cooperatively with the view of developing future gas generation or carbon sequestration projects. Blue retains 100% interest in the tenements and intends to continue to explore and prove additional reserves. Stanwells Chief Executive Officer, Kim Wood said the Gas Development Alliance Agreement confirmed that Stanwell is securing the necessary inputs to develop gasfired generation in Queensland. As a Queensland Government Owned Corporation we are dedicated to ensuring sustainable and suitable generation capacity is delivered for Queensland. We are pleased to join Blue Energy in this venture and welcome the opportunity to work with a private sector partner to deliver the right outcomes for both parties and the right outcomes for Queensland. Stanwells investment in Blue Energy together with the Alliance Agreement ensures an alignment of interests for both parties. The diversification of our generating portfolio to include gas-fired generation is an important step in ensuring Stanwell is positioned for emissions trading, as well as to make a valuable contribution to the Queensland Governments Gas scheme. Stanwell has now commenced its steps into securing gas for its future power generation requirements, and will continue down that path with Blue Energy and other Queensland gas market participants in coming years, Mr Wood said. Babcock & Babcock & Brown Infrastructure, the Australian-listed infrastructure group, could raise over AUD Sydney Morning Brown 500m (USD 464m) from the sale of assets, the Sydney Morning Herald reported. The article Herald Infrastructure cited BBI's chief financial officer, Jonathan Sellar, who said there was likely to be interest from could raise over unlisted funds although he did not name any specific suitor. The paper said BBI had been AUD 500m from perceived in the market to have debt problems, but Sellar dismissed this, and said BBI could sale of assets easily service its debt. The paper said Goldman Sachs JBWere believed BBI could sell its 50% stake in the company's rail and New Zealand electricity assets for up to AUD 600m. Energy

Woolworths Limited, Australia, New Pacific Equity Zealand Partners (PEP), The Warehouse Group Limited, Foodstuffs (Wellington) Cooperative Society Limited, Stephen Tindall (founder of The Warehouse Group) Continental Venture Australia Capital Ltd, Stanwell Corporation, Blue Energy Limited (formerly Energy Investmets Ltd)

Rumored

Confirmed

Monday, August 04, 2008

2031 AUD

Energy

Babcock & Brown, Australia, New Babcock & Brown, Zealand Powerco Ltd, Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Australian Railroad Group (WestNet Rail)

Confirmed

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Monday, August 04, 2008

1400 USD

Powerco likely to be sold to overseas buyer report

The sale of Powerco, the New Zealand-based gas and electricity group, has likely gained the New Zealand interest of an overseas buyer, reported the New Zealand Herald. Yesterday, Babcock & Brown Herald Infrastructure announced that it would seek to divest as much as a 50% stake in Powerco. The report added that Babcock had already received approaches in regard to the sale. The report cited Hamilton Hindin Greene director, Grant Williamson, who noted that the sale would likely occur quickly to a overseas buyer.An unsourced report in the Dominion Post noted that Cheung Kong Infrastructure had been in talks with Babcock; however, the company wants to acquire all of Powerco in order to merge it with its recently acquired network in Wellington. The report noted that the 50% stake is valued at NZD 2bn (USD 1.4bn). The report also cited Jonathan Sellar, Babcocks chief financial officer, who noted that the sale is

Energy

Cheung Kong Australia, New Infrastructure Zealand Holdings Limited, Babcock & Brown, Babcock & Brown, Powerco Ltd, Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Vector Limited, Orion New Zealand Limited

Strong evidence

Monday, August 04, 2008

2031 AUD

Friday, August 01, 2008

3000 USD

expected to be complete by late September. The report also added that Orion or Vector could also be possibly interested in the sale. Babcock & On 19 June, Babcock & Brown Infrastructure (ASX: BBI) announced that it had initiated a Stock Exchange Energy Brown Capital Management Review. The review was established by the BBI Board in order to ensure Announcement(s) Infrastructure the maintenance of a strong balance sheet with the capacity to fund future attractive organic commences growth opportunities. In conjunction with the review, BBI has continued to evaluate a range of process to options to unlock value in its existing investments and consider initiatives to assist in closing the identify partners gap between the underlying value of the business and the current market price. In this context, to co-invest in up and following a number of unsolicited approaches, BBI announces today that it has commenced to 50% in formal price discovery processes with respect to identifying partners to co-invest in up to 50% of WestNet Rail two of its core assets: WestNet Rail and Powerco. BBI will apply the proceeds of any completed and Powerco transaction to reducing corporate gearing and providing capacity for BBI to fund future accretive investment opportunities. BBI will provide a further update on progress of the Capital Management Review including the price discovery processes for WestNet Rail and Powerco at the release of BBIs Annual results on 26 August 2008. Tata Power Tata Power, the listed Indian electricity company, has entered the running for the acquisition of Jornal de Negocios Energy interested in Babcock & Brown Wind Partners European wind assets, reported Jornal de Negocios. The Babcock & financial news publication cited a report in Lusa news agency, which cited a source close to the Brown Wind process. These assets are valued at USD 3bn, reported the publication, which added that Partners JPMorgan and Deutsche Bank are managing the sale, which involves 831 MW of wind power European wind assets in Spain, France, Germany and Portugal. assets - reports

Financial Services
Thursday, August 07, 2008 904 AUD Tower Australia: Dai-ichi Mutual Life to acquire 29.7% shareholding from Guinness Peat Group The Dai-ichi Mutual Life Insurance Company (Dai-ichi Life) announced today that it has agreed Stock Exchange with UK investment company Guinness Peat Group plc (GPG) to acquire their entire 29.7% Announcement(s) shareholding in TOWER Australia Group Limited (TOWER Australia). Of this total, 14.9% has been acquired unconditionally at a price of AUD 3.75 per share, 5.0% will be acquired subject to approval by FIRB and APRA, and the acquisition of the remaining 9.8% is subject to both regulatory approvals and approval of TOWER Australia shareholders. The Board of TOWER Australia is pleased to welcome Dai-ichi Life as a major strategic shareholder. The two companies have entered into a Business Co-operation Agreement covering a range of strategic and operational matters that will become effective if TOWER Australia shareholders approve the purchase of the final 9.8%. Dai-ichi Life was established in 1902 and is Japans Financial Services

Babcock & Brown, Babcock & Brown, Powerco Ltd, Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Babcock & Brown Infrastructure Ltd (formerly Prime Infrastructure Group), Australian Railroad Group Deutsche Bank AG, JPMorgan, GDF Suez (formerly Gaz de France SA), Obrascon Huarte Lain SA, E.ON AG, Union Fenosa SA (formerly Union Electrica Fenosa S.A), Energias de Portugal SA (also known as EDP, formerly Electricidade de Portugal), Gas Natural SDG SA, Ferroatlantica S.L., Babcock & Brown, Tata Power Company, Babcock & Brown Wind Partners (BBWP) Ltd, Magnum Capital Industrial Partners, Babcock & Brown Wind (European

Australia, New Zealand

Confirmed

Australia, Germany, Spain, France, India, Portugal

Strong evidence

ABN AMRO, Australia Guinness Peat Group plc (GPG), Minter Ellison, Freehills (formerly Freehill Hollingdale & Page), Caliburn Partnership Pty Ltd, The Dai-ichi Mutual Life Company, Tower Australia Limited

Confirmed

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oldest mutual life insurance company and one of the world's top ten life insurers based on premium income. Dai-ichi Life provides individual and group life insurance and annuity products and is one of the largest private life insurers in Japan with over eight million policy holders, AUD 33.9bn premium income, AUD 2,580bn policies in-force and AUD 349bn of total assets. Dai-ichi Life has a Standard & Poors financial strength rating of A and a Fitch financial strength rating of A+. "We are delighted to welcome Dai-ichi Life as a cornerstone shareholder in TOWER Australia. Dai-ichi Life will bring significant additional expertise from their existing life insurance operations in Japan and Asia," TOWER Australia Chairman Mr Rob Thomas said. Subject to TOWER Australia shareholder approval of the purchase of the final 9.8% tranche, Dai-ichi Life has agreed to support the development of TOWER Australia's Australian business. This support is contained in a Business Co-operation Agreement. As a result, Daiichi Life will at TOWER Australia's reasonable request: (a) facilitate knowledge sharing, develop TOWER Australias expertise and explore opportunities to enable exchange or transfer of appropriately skilled employees of Daiichi Life to TOWER Australia; (b) explore opportunities to assist TOWER Australia in the development of relevanttechnology;(c) actively consider supporting TOWER Australia to facilitate and fund expansion initiatives and strategic investments that are approved by the TOWER Australia Board; (d) over the next three years, participate in TOWER Australia's dividend reinvestment plan in respect of all of the TOWER Australia shares Dai-ichi Life holds if TOWER Australia offers a dividend reinvestment plan; (e) actively support TOWER Australia's provision of group insurance within Australia to Australian affiliates of leading Japanese companies with which Dai-ichi Life has strong relationships; and (f) reasonably endeavour to assist TOWER Australia by enhancing and developing its risk management, bancassurance, funds management expertise and experience and reinsurance arrangements. TOWER Australia Managing Director Mr Jim Minto said: We believe that the strong position of TOWER Australia will be further strengthened through the Business Co-operation Agreement by the addition of Dai-ichi Life's expertise in, product development, bancassurance, marketing, underwriting, agency training, information technology and investment management. "We will both enhance our core capabilities and deliver incremental shareholder value."Dai-ichi Life is affiliated with one of Japan's leading asset management companies which has AUD 107bn in assets under and is the third largest pension fund and sixth largest investment trust in Japan. Dai-ichi Life's investment in TOWER Australia represents the company's entry into Australia's strong growth life insurance market. This follows Dai-ichi Life's continuing expansion into the Asia Pacific life insurance market. Over recent years, Dai-ichi Life has undertaken investments in Taiwan, Vietnam, India and Thailand. Dai-ichi Life believes the investment in TOWER Australia represents a unique opportunity to gain exposure to and participate in a fast growing life insurance market underpinned by solid industry fundamentals and a stable political and regulatory environment. TOWER Australia has strong growth prospects and is well positioned to take advantage of the continued growth expected in Australia's life insurance market. Dai-ichi Life will fully support existing management's strategy and is excited about the investment in TOWER Australia, viewing this as a long-term portfolio investment. Dai-ichi Life anticipates a mutually beneficial relationship and looks forward to working with the board and management of TOWER Australia. TOWER Australia's Independent Directors will convene a General Meeting (expected to be in October 2008) to consider the acquisition by Dai-ichi Life of the final tranche of 9.8% and unanimously recommend TOWER Australia shareholders vote in favour of the resolution to approve the acquisition by Dai-ichi Life of the final tranche of 9.8% (subject to the endorsement of an Independent Expert). If TOWER Australia shareholders approve the transaction the Business Cooperation Agreement will become effective and Daiichi Life will then be invited to nominate two directors to join the Board of TOWER Australia. They will replace the GPG nominees who have resigned today. GPG has been an active shareholder in TOWER Australia for over five years and has played a significant role in the Group's strategic direction. "We have enjoyed working with GPG and thank them for their significant support and assistance as an investor and on the Board over the past five years," Mr Rob Thomas said. "In their place, we are excited to welcome Dai-ichi Life as a major shareholder and look forward to working with them as a strategic investor to help drive the further growth of our company." Shareholder approval process Dai-ichi Life currently has a 14.9% interest in TOWER Australia with an agreement to acquire GPG's remaining 14.8% interest in TOWER Australia, subject to regulatory and shareholder approval. Dai-ichi Life will acquire the remaining 14.8% in two tranches: - Tranche A - a further 5.0% interest bringing Daiichi Life's interest in TOWER Australia to 19.9% subject to regulatory approval; and- Tranche B - a further 9.8% interest bringing Dai-ichi Life's interest in TOWER Australia to 29.7% subject to shareholder and regulatory approval. TOWER Australia will not be responsible for the costs to the company associated with this transaction. Dai-ichi Life is being advised by ABN AMRO Australia as financial adviser and Freehills as legal adviser. TOWER Australia is being advised by Caliburn Partnership as financial adviser and Minter Ellison as legal adviser.

The Dai-ichi Mutual Life Company, Tower Australia Limited

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Thursday, August 07, 2008

662 AUD

Allco HIT in trading halt

Thursday, August 07, 2008

247 GBP

Wednesday, August 06, 2008

200 AUD

Allco HIT Limited (AHI) formally requests that ASX grant a trading halt effective immediately, a company announcement said.The trading halt is requested because, as previously announced on 17 July 2008, AHI is in negotiations with a consortium for the sale of Strategic Investment Group Limited, the immediate parent of Strategic Finance Limited. This is a major transaction which may have a material effect on the share price. We expect to make an announcement prior to the close of business today. We request that the trading halt remain in place until the commencement of trading on the ASX on 8 August 2008 or release of the announcement regarding the transaction, whichever is earlier.We expect that the trading halt will end once the announcement is released. We are not aware of any reason why the trading halt should not be granted.Strategic Finance also made an announcement on the New Zealand Stock Exchange as follows:As announced on 17 July 2008 a consortium consisting of the original owners, senior management and BOS International has entered into negotiations for the acquisition of Strategic Investment Group Limited, the immediate parent of Strategic Finance. Those negotiations have been ongoing and the Board of Strategic Finance understands that in addition to a change of ownership the transaction will involve a capital restructure. This will requireconsideration by Strategic's securityholders of debenture stock, subordinatednotes and perpetual preference shares.While the negotiations have been continuing there has been a further materialdecline in the property finance market sector and reinvestment rates.To allow these matters to be concluded and to protect the position of thesecurityholders, the Board of Strategic Finance announce that effective fromtoday it has of its secured debenture stock andsubordinated notes. Strategic Finance has also ceased accepting subscriptionsfor debenture stock and subordinated notes under its current prospectus andinvestment statement.A further announcement is expected tomorrow.These announcements were also reported in the Sydney Morning Herald. Macquarie, Macquarie, the Australian bank, and Religare, the listed Indian services group, were tipped by Religare and dealers as potential bidders for Collins Stewart, the Financial Times reported. The claim Nomura tipped appeared in the newspaper's market report section. Collins Stewart yesterday (August 6) as possible confirmed receipt of a takeover approach, saying the discussions were of a preliminary nature. bidders for A report in the main section of the Financial Times cited people close to the UK-listed Collins Stewart - stockbroker, who described the party behind the approach as a company from outside the UK, reports and looking to enter European and UK markets. The main section report also tipped Nomura, the Japanese bank, as another party that might have made the approach. Analysts cited by the report said any bid would need the support of Collins Stewart chairman Terry Smith. It is believed, however, that Smith would probably be reluctant to consider an "opportunistic" bid for the broker. The main section item noted market speculation that the interested party might have pitched its approach at around 110p per share, which would represent a 42% premium to Collins Stewart's closing share price on Tuesday. One analyst cited by the report thought an offer substantially higher than 130p would be required to seal a takeover. Macquarie and Nomura refused to comment, the report said, adding that Religare was not contactable for comment. A report in the online edition of The Times said the bid approach was thought to have come from an Asian bank in the Far East. The item also noted talk that Macquarie could be another bidder. Collins Stewart's share price gained 31.2% to close at 100p, valuing the group at GBP 247m (EUR 312m). Living & Leisure: Arctic Capital is not likely to privatize Living & Leisure Australia, the Australian-based leisure Arctic Capital not group, the Sydney Morning Herald reported. The unsourced report said Arctic and its partners likely to take the Morgan Stanley and Triumph Investments now controlled an 88% stake in LLA after LLA's company private rights issue. The paper said, however, that even though Arctic was just below the 90% level - report where it could compulsorily acquire the remaining shares it was not believed to be interested in following this scenario.An unsourced report in the Herald Sun said Arctic now controlled 49.3% of LLA, and Arctic's chief executive Craig Carracher appeared likely to join LLA's board.

Company Press Release*

Financial Services

HBOS Plc (Formerly Australia, New Halifax Group plc), Zealand Allco Finance Group Limited (formerly Record Investments Limited), Allco Finance Group Limited (formerly Record Investments Limited), BOS International Limited, Strategic Finance Limited, Strategic Investment Group Limited, Allco Hybrid Investment Trust Limited

Confirmed

Financial Times

Financial Services

Nomura Group, Australia, United Macquarie Group Kingdom, India, Limited (MGL), Japan Collins Stewart Plc (Formerly Collins Stewart Limited), Religare Enterprises

Rumored

Sydney Morning Herald

Financial Services

Octaviar Limited Australia (formerly MFS Limited), Living and Leisure Australia Ltd [formerly MFS Living and Leisure Group], Living and Leisure Australia Ltd [formerly MFS Living and Leisure Group], Arctic Capital

Rumored

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Friday, August 01, 2008

3000 GBP

HBOS says it would consider disposals; Insight and Invista seen as possible sale candidates as well as BankWest, Irish business reports

HBOSs Insight and Invista fund management businesses were tipped in a Daily Telegraph Daily Telegraph report as potential disposals. The report noted that HBOS chief executive Andy Hornby did not rule out making disposals.HBOS chief executive Andy Hornby said the UK-listed bank would consider asset sales, the Financial Times reported. Hornby added, however, that the banks capital strength means that it is not under pressure to sell.Analysts cited by the report tipped HBOSs BankWest operations in Australia, or its Irish banking arm as possible sale candidates. HBOSs 60% holding in St Jamess Place might also be put up for sale, the article added. The Daily Telegraph report mentioned a valuation in the range of GBP 2bn (EUR 2.54bn) to GBP 3bn for BankWest. A report in The Independent noted talk that HBOS might itself attract a takeover bid, but noted that Hornby would not be drawn on the subject. The

Financial Services

HBOS Plc (Formerly Halifax Group plc), HBOS Plc (Formerly Halifax Group plc), Banco Bilbao Vizcaya Argentaria SA (BBVA), St.James's Place Capital (SJPC), JPMorgan Chase & Co, Insight Investment Management Ltd, HBOS (10-15 Irish branches), Bank of Western Australia (BankWest), Invista Real Estate Investment Management Holdings plc

Australia, Spain, United Kingdom, Ireland (Republic)

Rumored

Daily Telegraph item mentioned talk of possible offers for HBOS from listed Spanish rival BBVA, and from a consortium headed by the investment bank JP Morgan Chase.HBOSs market capitalisation currently stands at GBP 15.24bn (EUR 19.37bn).

Leisure
Tuesday, August 05, 2008 900 GBP Land Securities auction of Trillium hit by withdrawal of William Pears/Macquarie bid consortium report William Pears group and Macquarie have withdrawn their joint takeover bid for Land Securities Financial Times Trillium property services business, the Financial Times reported. The newspaper did not cite sources for the claim.William Pears, the family-operated UK property investment group, and Macquarie, the Australian financial services group, have told Trillium via their bid vehicle that they have officially withdrawn their bid for Trillium, according to the report. The withdrawal comes after the two parties had been in talks for five months, the item added.A consortium headed by Amanda Staveleys PCP Capital Partners remains in the bidding for Trillium, the article said. Land Securities, the UK-listed property investment group, has granted the consortium additional time to examine its books, the report added.William Pears, owner of rival property services company Telereal, had offered close to GBP 900m Financial Services, Leisure, Services (other) Charterhouse Capital Australia, Spain, Partners LLP United Kingdom (formerly Charterhouse Development Capital), Lend Lease Corporation Limited, Land Securities Plc, UBS (formerly UBS Warburg), Macquarie Group Limited (MGL), Telereal Ltd, William Pears Group, Amanda Staveley, Active Asset Investment Management Limited (trading as aAIM Group Plc), Land Securities Trillium Limited, Goldman Sachs' Whitehall fund, PCP, PCP, Land Securities Trillium (hotel assets) Strong evidence

(EUR 1.13bn) for Trillium, the report said. The offer, however, did not cover Trilliums hotel operations, according to the newspaper.The PCP-led consortium has tabled two separate offers, the item noted: one, pitched at over GBP 1bn, excludes the hotels business, and another which values Trillium at over GBP 1.2bn, including the hotels business.Aaim, the privatelyowned UK investment company, is also involved in the PCP-led consortium, according to the newspaper.Land Securities might yet try to solicit another offer from the William Pears-led group, the item added.Rival bidders for Trillium have included Charterhouse Capital, Goldman Sachs Whitehall fund and Lend Lease, the article said.The item noted that Land Securities has indicated its plans to demerge and subsequently float Trillium if takeover bids come in at an unacceptably low level.PCP Capital, William Pears and Land Securities declined to comment, the report concluded.

Mining
Thursday, August 07, 2008 677 AUD ARH: RDI IPO at a nascent stage, flexibility may be required on timeline, sources say The timeline for Resources Development Internationals (RDI) AUD 5bn float that is key to its bid for ASX-listed Australasian Resources (ARH) remains unclear, according to sources close to the deal.ARH today (Thursday) announced it had entered into a merger agreement with privately held Resource Development International (RDI), to be implemented through an offer notionally valuing each ARH share at AUD 2.20. The offer is conditional on RDI successfully making an AUD 5bn float, most likely on the Hong Kong Stock Exchange. RDI is controlled by Clive Palmer who also owns 66.37% of ARH. A source familiar with deal said that the IPO process is at a nascent stage. While RDI has said it is eyeing the takeover and the IPO to be completed by end of this year, the source familiar with RDI said some flexibility around the timing might be required. "There is work going on to get the float this year, mergermarket Mining UBS (formerly UBS Australia, China Warburg), Macquarie Group Limited (MGL), Australasian Resources Limited, Resource Development International (RDI), Resource Development International (RDI) Strong evidence

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Thursday, August 07, 2008

6000 USD

Alcan Engineered Products sees interest from Carlyle, TPG and Apollo

but I don't think there is a definite timeline. And the current market is not the world's best," the source said. The source noted that typically it takes about three to four months to get a company listed. But in this instance, as RDI was a development entity and not a production entity, it might take longer. "In a regular IPO, there is the component of writing the prospectus, mining and technical report, making regulatory filings and getting approvals. But [when] you have a development entity, you have to establish the relationship with the projects, and that adds to the time," the source said. A source familiar with ARH said that the timeline could be a bit "optimistic" as a considerable amount of due diligence still needs to be done. A second source familiar with the deal noted that there is no definite timeline for the float or scheme and that work is preliminary. Beyond the statement that RDI wants to list on HKSE, and possibly the ASX, by the end of this year, all are in the dark as to the precise timing and that people have different views on the likelihood of this occurring. He added that the parties are yet to agree to a timetable which is unusual for these types of transactions, but could reflect the complexity of the proposal. The first source familiar with the deal said that the IPO is likely be backed by the iron ore assets owned by Palmer in Western Australia as well as its proposed acquisition of Gladstone Pacific Nickel, and some oil and gas interests that Palmer owns. The source noted that while a valuation of Palmer's assets had been done, it was difficult to ascribe a value to them for the IPO process, as market conditions could be different at the time of the float later this year. The source familiar with ARH acknowledged that ARH's iron ore project in the South Balmoral site, being developed jointly with Chinese steelmaker Shougang, was still a wildcard and could swing ARH's valuation. But he noted that the independent experts were going to look at ARH's share performance as well as its assets in arriving at a valuation. "The report will be made after looking at valuation of the shares depending on market performance as well as the underlying value of their assets, which includes the exploration assets as well as the South Balmoral site, for which the feasibility study numbers will be used. In terms of what Shougang will do, it is not known." Executives at the Beijing-based state-owned Shougang Group declined to make any comment. However, an official at the Hebei State-owned Assets Supervision and Administration Commission [Hebei SASAC] who is in charge of overseeing the province's steel industry, said Shougang Group has enough cash in hand to make investments. As Shougang Group is in a process of moving from Beijing to Hebei Province's Caofeidian Area, the official, who is familiar with the group, revealed that Shougang received some CNY 20bn (USD 2.92bn) in cash from the sale of its Beijing company site. He said Shougang will greatly increase its production capacity after moving to the Caofeidian new site, located in Hebei's Tangshan area. Shougang therefore may need to secure more iron ore supply for the output increase, the official said, adding that he believed Shougang would be willing to invest if the JV in Australia [with ARH] is proved to have huge iron ore resources. Alcan Engineered Products, a producer of automotive and aeronautic parts put up for sale by Les Echos UKAustralian mining group Rio Tinto, has seen interest from investment funds Carlyle, TPG and Apollo. This was reported by Les Echos, which also cited a news report that said Apollo has been joined by French AXA Private Equity and that Apollo has also invited La Caisse des Depots to join them. Carlyle is working with the French Eurazeo, the news report added. Rio Tinto has an asking price of USD 6bn (EUR 3.9bn) for Alcan Engineered Products, the report noted. Alcan Engineered Products has 15,000 employees, of which 5,400 are in France.

Resource Development International (RDI)

Mining

Wednesday, August 06, 2008

120 AUD

Panoramic Resources looking at acquisitions in base metals; open to advisors, MD says

Panoramic Resources, an Australian listed metals miner formerly known as Sally Malay, would mergermarket look at acquisitions in nickel, copper, lead and gold, managing director Peter Harold said. Panoramic would look at any companies within that space, Harold said, adding that it would not discount anything. It was previously reported by this newswire that the Australian listed explorer Thundelarra considered itself a target for Panoramic. When asked if Panoramic could see Thundelarra as a possible target, Harold said, "You could absolutely say that, but we see it more as a joint venture partner at this point, but we would always have a chat although there are no discussions currently going on." The Australian listed miner Albidon was also reported in the Sydney Morning Herald as a company of interest to Panoramic. Harold would not comment on Albidon as a potential target, saying that there are no specific companies Panoramic is targeting but it is close to a lot of companies and that there are always discussions going on. Panoramic does not have a preferred method for acquisitions, however it is not interested in carrying out a hostile takeover, he added. Panoramic could finance the acquisition in a number of ways, using cash if it is a small transaction or a mixture of debt and equity for larger targets, Harold said. It currently has around AUD 120m (USD 110.03m) of cash on the balance sheet and no debt although it does have the capacity for a debt facility, he said. Panoramic would use a third party advisor in transactions, with Harold saying that it would be mad not to. Panoramic has previously used the services of the private advisory firms Mallesons Stephen Jacques, Resource Capital Fund (RCF), Argonaut and Macquarie Capital. Panoramic changed its name from Sally Malay as the company shifted its focus solely from the Savannah mine to include its Lafranchi mine and felt that the name Sally Malay did not give recognition to a mine that had equal production. Panoramic has around 600 employees. It had revenues of AUD 300 to AUD 400m (USD 275.1m to USD 366.8m), recording AUD 60m (USD 55m) profit after tax for FY 07/08. Panoramic has a market cap of AUD 363.82m (USD 333.62m).By Cole Latimer in Sydney

Mining

TPG LLP, The Carlyle Group LLC, Apollo Capital Management, L.P., Caisse des Depots et Consignations, Rio Tinto Limited, AXA Private Equity, Eurazeo SA, Alcan (engineered products division) Mallesons Stephen Jaques, Panoramic Resources (formerly Sally Malay Mining Limited), Argonaut Capital, Resource Capital Funds, Thundelarra Exploration Limited, Albidon Limited, Macquarie Private Capital Group

Australia, France, United Kingdom

Confirmed

Australia

Confirmed

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Tuesday, August 05, 2008

523 USD

Indophil Resources shareholder Lion encouraged by Stanhill extension

Lion Selection, which owns a quarter stake in Indophil Resources, is not concerned about the mergermarket extension Indophil has granted Stanhill Resources to prepare its bidders statement, a Lion insider said. Instead, the investor believes the extension is a "positive" sign as it is likely Stanhill will "increase its price" from the current AUD 1.28 a share cash offer, according to the Lion insider. Lion is also of the view these discussions suggest the consortium is "serious" about buying Indophil, the insider said.In a statement to the stock exchange today, Stanhill said Indophil's board has granted the consortium an extension on the lodging of its bidders document, which was initially due 6 August. The extension effectively shortened the period between the issue of the statement and distribution to investors, which is scheduled to take place on 20 August.One sector banker said today's announcement indicates that Stanhill will likely lift its bid for Indophil Resources.However, a source familiar with rival bidder Xstrata believes the extension signals Stanhill is playing for time as it is having difficulty around the funding of the offer. He said it made no sense for Xstrata to form any view on possibly changing its offer for Indophil until funding details are outlined in Stanhill's bidders documents.Stanhill is known to believe that funding is not an issue for the consortium, which is endeavouring to submit a "better" offer.Crosby Capital in recent years succeeded in buying Australian and oil and gas producer Orchard Petroleum, while it failed in acquiring Australian mining companies Marathon Resources and Tethyan Copper.Xstrata Copper, which had initially offered AUD 1 a share cash for Indophil, in June matched a rival offer of AUD 1.28 from Stanhill, a consortium that consists of Indophil managing director Richard Lauffman, Alsons Group and Hong Kong investment bank Crosby Capital. Xstrata wants to streamline the ownership structure of Philippines mining project Tampakan, in which it owns 62.5% and Indophil holds 34%.According to the sector banker, Xstrata has the scope to increase its bid but it was a question of whether the miner wanted to.Indophil has a market cap of AUD 523m.Indophil shares, which have hovered between AUD 0.60 [USD0.56] and AUD 1.45 the past six months, rose 1.1% in local trading [Tuesday] to AUD 1.33. Security and Intelligence Services (SIS), the Indian provider of security services, has acquired Company Press three Australian security businesses from listed Connecticut-based United Technologies (UTC). Release(s) According to a corporate press release, UTC Fire & Security, a provider of fire safety and security solutions business and a business unit of United Technologies Corporation (NYSE: UTX), announced on Thursday, 31 July that the company has completed the sale of its Australian guarding and mobile patrols businesses to Security and Intelligence Services (India) Limited, a security services company based in India. This disinvestment includes Chubb Security Personnel, Chubb Mobile Services and MSS Security Group. The company said that it will continue to offer electronic security solutions in Australia through Chubb Electronic Security and Chubb Home Security; transport customer valuables throughout Australia

Mining

Xstrata Plc (formerly Australia, Sudelektra Holding Philippines AG), Crosby Capital Partners (Holdings) Limited, Indophil Resources NL, Xstrata Copper

Strong evidence

Services (other)
Friday, August 01, 2008 150 USD Security and Intelligence Services acquires Australian security businesses from United Technologies Defense, United Technologies Australia, India, Connecticut (CT) Confirmed Services (other) Corporation, State USA Bank of India (SBI), D E Shaw & Co, UTC Fire & Security, Chubb (guarding and mobile patrol business), Security and Intelligence Services (India), Chubb Mobile Services, MSS Security Group

through Chubb Security Services; and provide a full range of fire detection, suppression and fire fighting products and services through its Chubb Fire Safety business.Financial details of the transaction were not disclosed. A previous report said Chubb is expected to achieve a sale price of AUD 150m (USD 135m).

Telecommunications: Hardware
Monday, August 04, 2008 20 AUD Sensear considering stake sale; open to advisers, CEO says Sensear, the privately-held Australian-based hearing technology company, is considering a mergermarket stake sale to a new investor, said chief executive officer Justin Miller. "We will probably do a further significant capital raising of some description towards the back end of this calendar year to help fund the business and allow us to become a truly global company," Miller said. When asked whether the company would sell a majority or minority stake, Miller said, "We would definitely prefer it to be a minority stake". Investors could be strategic or purely financial, he added. It is understood the company is valued between AUD 10m [USD 9.3m] and AUD 20m [18.6m]. Sensear's owners include an angel investor, its management team, and the inventors of its technology. The company's majority shareholder is Biotech Capital, which owns around 28% of the business, according to Miller. The company recently completed a rights issue to its current shareholder base in order to enable us to further develop our products and have more working capital, Miller said. The company will "no doubt" become a takeover target down the track, Miller said. "We are on the radar of a lot of big companies in the hearing protection market." Miller cited privately-held, Massachusetts-based Bose as an example of a company in the noise cancelling technology space, noting that their technology does not enhance speech. He added that Sensear will consider a trade sale "within the next couple of years" but is not seeking one at the moment because "it is very early days for us and I think we will become a very large business". Sensear will also consider opportunistic acquisitions in the product and technology space, Miller said. I think you always look at whatever is presented to you [in terms of acquisitions]. Sensear is open to approaches Industrial Bose, Biotech Australia, USA products and Capital, Sensear Pty services, Ltd, Sensear Pty Ltd Medical, Telecommunicati ons: Hardware Massachusetts (MA) Confirmed

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from advisers with opportunities, he said. Sensear was founded in 2006 to commercialise technology developed by the Western Australian Telecommunications Research Institute, a joint venture between Curtin University of Technology and the University of Western Australia. Its Speech Enhancing Noise Suppression technology enables clear speech communication in high noise environments while providing hearing protection. This has industrial, hospitality and medical applications, Miller said. The company has offices in Perth, Sydney, Melbourne and the US, and sells its products in Australia, the US, the UK, Europe and China. By Laura Stevens in

Transportation
Thursday, August 07, 2008 280 GBP Condor Ferries sold to Macquarie fund report Royal Bank of Scotland (RBS) has sold its Condor Ferries business to Macquarie's European Daily Telegraph Infrastructure Fund II, The Daily Telegraph reported. The report did not cite sources. The deal size was undisclosed, but it is believed that the Macquarie fund paid in the region of GBP 260m (EUR 328m) to GBP 280m. Macquarie, the Australian financial services group, owns rival ferry operators Wightlink and the Isle of Man Steam Packet, the article noted. The transaction needs clearance from the Jersey Competition Regulatory Authority, as Condor is based in the Channel Islands, according to the report.RBS hired Deutsche Bank earlier this year to advise on the Condor sale, the article noted. Asciano chief executive Mark Rowsthorn said the company has received interest from several groups, the Sydney Morning Herald reported. The report cited Rowsthorn who said this interest could help the company attract a minority co-investor in its assets. Rowsthorn said the company had been receiving approaches weekly and the parties included sovereign funds, strategic groups and financial firms, although no specific parties were mentioned.The paper said Asciano was looking to raise via a partial asset sale up to AUD 1bn (USD 909m) to help reduce its debts.Asciano's market cap is AUD 3.3bn. The chief executive of Asciano Group has stated that the board would consider a takeover bid at a price reflecting fair value. A report on the New York Times website said Mark Rowsthorn, CEO, made the comment earlier today (6 August). Asciano is an Australia-based listed operator of railways and ports; several days ago it turned down an unsolicited offer from TPG Capital and Global Infrastructure Partners which was worth AUD 2.89bn (USD 2.69bn), the report noted. The bid was considered too low, the item said, citing Asciano. Rowsthorn said any successful proposal would have to offer a significant control premium as well as sufficiently valuing the companys unique asset portfolio, the article reported. A takeover offer for Asciano, the Australian-listed transport group, might be raised to up to AUD 4.8bn (USD 4.4bn), the Sydney Morning Herald reported. The report cited JPMorgan analysts who said any successful bidder for the company would likely need to pay up to AUD 7.30 a share. Asciano is currently the subject of a non-binding takeover bid from Texas Pacific Group and Global Infrastructure Partners which values Asciano at AUD 2.9bn.The article said Hutchison Whampoa was another possible suitor for Asciano.Goldman Sachs JBWere analysts said they thought other suitors would emerge, the paper said. Asciano will announce its full-year results today and the paper said the company's managing director, Mark Rowsthorn, was likely to give some hints as to its defence strategy.A report in the Australian Financial Review said that PSA, the Singapore-based group, could surface as a major player Sydney Morning Herald Transportation Deutsche Bank AG, Royal Bank of Scotland Group plc, Macquarie Group Limited (MGL), Condor Ferries Limited, Macquarie European Infrastructure Fund II TPG LLP, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group TPG LLP, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group Australia, United Kingdom, Channel Islands Strong evidence

Wednesday, August 06, 2008

2890 AUD

Asciano chief executive says it has received interest from several groups Asciano CEO announces openness to takeover at fair value

Transportation

Australia

Confirmed

Wednesday, August 06, 2008

2890 AUD

New York Times

Transportation

Australia

Confirmed

Tuesday, August 05, 2008

2900 AUD

Asciano: Takeover offer might be raised to up to AUD 4.8bn - report

Sydney Morning Herald

Transportation

Hutchison Whampoa Australia Limited, PSA International Pte Ltd (formerly PSA Corporation), Texas Pacific Group (TPG) - investment fund, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group

Rumored

Tuesday, August 05, 2008

2900 AUD

Asciano's take private hinges on availability of financing, while it adopts a 'wait and see" approach, sources say

in the battle for Asciano. The paper said that PSA has a close relationship with GIP and could emerge as an operations manager with a small stake. Asciano, the ASX-listed infrastructure group, has not started an auction process following its mergermarket unsolicited and rejected proposal from private equity firm TPG and infrastructure fund Global Infrastructure Partners (GIP), said an Asciano spokesperson and a source close to Asciano. They added that Asciano has not had to change its capital review plans that are being announced tomorrow. For us, it is purely a wait and see situation, said the spokesperson.Asciano announced on Monday that it was subject to an unsolicited takeover cash proposal by TPG and Global Infrastructure Partners of AUD 4.40 a share. The bidders included a scrip alternative. Asciano rejected the offer citing its low value. The source close to Asciano indicated tomorrow's announcement will most likely flag an intention to sell one of the company's assets, which will not be used to refinance its maturing debt obligations, but rather on CAPEX in ports and rails. The earliest debt maturity faced by the company comes in May of 2010. Sector bankers believed a successful takeover of Asciano is dependent upon the bidders TPG and GIP securing that banks extend Ascianos AUD 5bn debt. These bankers noted Asciano has solid assets, which should push the offer price considerably higher. They pointed out that since Asciano has a high level of debt on its books, securing funding for the transaction would be difficult. One banker noted, There is the broad macro issue here. There is concern of the market meltdown and the level of gearing of Asciano. It depends on their (bidders) ability to get funding. What is the likelihood of bank rollover of Ascianos existing debt? He said that the current market conditions could make it difficult for the bidders to secure such a facility locally, leaving them no option but to "raise

Transportation

JPMorgan, Australia Macquarie Group Limited (MGL), Hutchison Whampoa Limited, Maritime and Port Authority of Singapore (MPA), Texas Pacific Group (TPG) - investment fund, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group, Abu Dhabi Ports Company

Strong evidence

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Monday, August 04, 2008

2900 AUD

money externally." The source close to Asciano said discussions broke down on price and the funding issue had not even been considered. "Funding is the next big thing. It is a big ask." A source close to Global Infrastructure Partners, while not commenting on specifics for the proposed financing structure, did say that the situation could possibly parallel that of Symbion Healths recent sale to Primary Health. In that deal, Primary swiftly pursued large asset sales used to pay down debt for the acquisition. A second banker explained that the deal was unlikely to go forward in its current form as it was a highly conditional proposal. Part of the proposition is that TPG wants to do due diligence, but Asciano has not allowed it. You can only allow them to do due diligence if they come back with a decent offer. Its a bit of a chicken and egg situation. Both bankers agreed that there was no paucity of rival players possibly showing interest in Asciano. There was a spectrum of potential bidders, which could include sovereign wealth funds to infrastructure investment funds. There is a bunch of bidders that can make a play. But the assumption is that there will be debt lined up, said the second banker. The source familiar with Asciano emphasised it was an unacceptable proposal that TPG and GIP had made and to be considered they (should) come back with much better numbers. He suggested no value has been arrived at and, so far, all Asciano had to do was establish that the proposed price was too low. It was not asked for an alternative value indication. The second banker said the bidders have to be realistic, there has to be something attractive on the table. He noted Ascianos value was materially north of AUD 4.40 a share and thus felt there is low probability of this deal getting done in its present form. He added that being rejected on value grounds and the negative investor reaction had become self-fulfilling. Asciano: private TPG Capital and Global Infrastructure Partners AUD 2.9bn (USD 2.69bn) takeover bid for Australian Financial Transportation equity offer likely Asciano, the Australian-listed infrastructure group, is expected to set off an auction, the Review to draw out rival Australian Financial Review reported. According to the unsourced report the offer is likely to bids reports attract rival bids and has put Ascinao into play. Asciano has rejected the private equity offer claiming it undervalues the company. The article claimed that investors have expressed mixed opinions over the bid's value, with some urging the group to accept. The article cited Cannae Capital Partners managing director, Hugh Giddy, as saying that he does not believe Asciano is worth any more than TPGs offer. Giddy did note that Asciano had good assets. The article said that other fund managers and analysts have claimed that the bid undervalues the group. Rob Patterson, Argo Investments managing director, claimed that the offer looked low. Argo owns AUD 10m in Asciano stock, the report said. The report went on to say that Asciano plans to lodge a major announcement about its capital management plans along with its annual results tomorrow [06 August]. The report said that the announcement is unlikely to involve the announcement of a transaction with a third party for the groups ports business. Asciano has also said that it does not plan to proceed with an AUD 1bn rights issue. The report said that Asciano was thought to be in talks with Abu Dhabi Ports Company over selling some of its port assets, but has not been able to reach a deal. An unsourced report in the AFRs Street Talk column said that rival bidders for Asciano could include Singapore Ports, Hutchison Whampoa, and Middle East sovereign wealth funds. An unsourced report in The Australian said that a major jump in Ascianos share price over the past two weeks could cause the ASX and the Australian Securities and Investment Commission to investigate potential insider trading.Asciano is being advised by JP Morgan, while Macquarie Group is advising the private equity consortium.A report in The Age cited Austock Securities analyst Andrew Chambers as saying that TPG's AUD 4.40 per share offer was a low ball offer and that Austock currently values Asciano at AUD 6.67 per share but maintains an AUD 5.80 price target.

JPMorgan, Australia Macquarie Group Limited (MGL), Hutchison Whampoa Limited, Maritime and Port Authority of Singapore (MPA), Texas Pacific Group (TPG) - investment fund, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group, Abu Dhabi Ports Company

Rumored

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Monday, August 04, 2008

1000 EUR

ANA privatisation could take place in 2009; deal value believed to be over EUR 1bn - report

The privatisation of ANA, the Portuguese airport operator, could take place as early as 2009, Jornal de Negocios Transportation according to Jornal de Negocios. The unsourced report said the government is considering changing the privatisation process and carrying it out in 2009, since the infrastructural changes could take up to two years. The report also noted that it is understood that 80% of ANA will be privatised and that the deal could be worth in excess of EUR 1bn.

Monday, August 04, 2008

2725 AUD

Monday, August 04, 2008

2725 AUD

Asciano denies As announced this morning, Asciano has received an indicative non-binding proposal for the TPG Capital and acquisition of Asciano at AUD 4.40 per security under a scheme of arrangement. TPG Capital Global (TPG) and Global Infrastructure Partners (GIP) required that before any final binding Infrastructure proposal could be made, TPG and GIP needed to satisfactorily complete due diligence. The Partners' request Directors have considered the proposal and believe it undervalues the business and have to due diligence decided not to agree to due diligence. Asciano will be releasing its final results for the period ended 30 June 2008 on Wednesday 6 August 2008. Asciano receives Asciano has this morning received an unsolicited non-binding indicative proposal to acquire unsolicited non- 100% of the issued securities of Asciano by way of a scheme of arrangement. The proposal binding includes a cash alternative of AUD 4.40 per Asciano security. There is a scrip alternative of indicative unlisted securities in a bidding company. The proposal has been submitted by TPG Capital and acquisition Global Infrastructure Partners. Securityholders are recommended to take no action at this time. proposal The Directors will communicate further as soon as practical.

Stock Exchange Announcement(s)

Transportation

Stock Exchange Announcement(s)

Transportation

Banco Espirito Santo SA, Somague SGPS SA, Santander Central Hispano SA (SCH) (formerly Banco Santander Central Hispano S.A (BSCH)), Caixa Geral de Depositos SA (CGD), Grupo Soares da Costa SGPS SA, Teixeira Duarte - Engenharia E Construcoes SA, Millennium BCP (brand name of Banco Comercial Portugues SA (BCP)), Semapa Sociedade de Investimento e Gestao SGPS S.A., Aeroports de Paris, Fraport AG, BrisaAuto Estradas de Portugal SA, Government of Portugal, Babcock & Brown, ANA Aeroportos de Portugal, SA (formerly known as ANA - Aeroportos e Navegacao Aerea, EP), Abertis Infraestructuras SA, Edifer, Mota-Engil S.A., Opway, Moniz da Maia Serra & Fortunato Empreiteiros S.A. (MSF), Construtora do Lena SGPS, S.A., Macquarie Airports, Grupo Lena, Ferrovial Aeropuertos SA, NAER-Novo Aeroporto SA, Changi Airports International Pte. Ltd, Asterion (name of consortium led by Mota-Engil and Brisa), ANA Aeroportos de Texas Pacific Group (TPG) - investment fund, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group Texas Pacific Group (TPG) - investment fund, Global Infrastructure Partners (GIP), Asciano Group, Asciano Group

Australia, Brazil, Germany, Spain, France, Portugal, Singapore

Rumored

Australia

Confirmed

Australia

Confirmed

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Saturday, August 02, 2008

6000 EUR

ANA: Government wants tender launched in 1H 2009; top Australian and European players in talks to form consortiums sources

The Portuguese government is expecting to launch the tender for the privatisation of mergermarket Portuguese airport operator ANA sooner than expected. This news service has learnt that the advisors to the government have been asked to study the possibility of starting the process in the first half of 2009, before the next Portuguese elections. The privatisation of over 50% of ANA includes the construction of the new Lisbon airport, also known as NAER-Novo Aeroporto de Lisboa. After the Portuguese government announced a change of the location of the new airport to Alcochete (closer to Lisbon city centre) from Ota, there was speculation that the process would be delayed further, because new studies would have to be carried out. There was speculation that the tender may only launch after the next Portuguese elections, in the autumn of 2009. When contacted by this news service, Carlos Madeira, the chief executive of NAER and vice-president of ANA, said that from a technical point of view, NAER is doing all the preparatory work necessary for the construction of the new Lisbon airport so that the privatisation of ANA can begin by the end of the first quarter of 2009. Effectively, the ultimate decision of when to launch this process will depend on ANA's shareholders (Portuguese government), said Madeira, who declined comment on groups in talks to form new consortiums and declined all further comment. The only publicly announced consortium that is bidding is the Asterion consortium includes the following groups: Changi Airports, a subsidiary of the Civil Aviation Authority of Singapore (CAAS); Portuguese construction companies MotaEngil, Somague, Lena, MSF and Opway (formerly known as OPCA); Portuguese toll-road operator Brisa; and Portuguese banks Banco Espirito Santo, Millennium BCP and Caixa Geral de Depositos. With regards to competing bidders, this news service has learnt that various European and Australian groups have been in talks, among themselves and with Portuguese groups, to form consortiums. According to two executives at Portuguese construction company Edifer, this group is practically closed and includes so far other top Portuguese construction groups: Semapa, Soares da Costa and Bento Pedroso, owned by Brazil's Odebrecht, and an international bank. Portuguese construction company Teixeira Duarte is also said to be in talks, this news service learnt. It was said that Spanish groups Ferrovial, Abertis and Santander, as well as the port operators of Paris and Frankfurt are in also in talks to form a consortium. Australian infrastructure groups Macquarie and Babcock & Brown are also looking at the process, it was said. One source familiar with the thinking of Macquarie said that it is in talks with the main sector players in Spain, France and Germany to form a consortium, but did not provide further details. A spokesperson at Babcock & Brown declined comment and a spokesperson at Macquarie did not return calls. Semapa, Soares da Costa, Bento Pedroso and Teixeira Duarte declined comment or did not return calls. An insider at Abertis, the Barcelona-based motorways company, confirmed that the company would be interested in ANA. The insider also said that Abertis is aware of press speculation that a sale could come soon, but said that Abertis has yet to receive a formal invitation from the government to study the opportunity. In the short term, the insider said that Abertis is focusing on closing the USD 12.8bn for Pennsylvania Turnpike, which is due to close around the end of September or the beginning of October. The insider said that Abertis still has capacity to buy other assets, but added that the price would have to be right. Meanwhile, an insider at Ferrovial said that the company is actively interested in Portugal and would definitely look at ANA. However, the insider added that any deal would be dependent on price. Spokespeople for Abertis, Ferrovial and Santander declined to comment on market speculation. A source familiar with the thinking of Fraport, the operating company of Frankfurt airport, said obviously there are conversations here and there. A Fraport spokesperson declined comment. A source at Aeroports de Paris Management (ADPM), the division in charge of taking stakes and conclude management contracts in projects internationally, said that said Portugal is "a target" for ADPM. The company is interested in minority stakes and in providing management services in conjunction with partners, said the source, who pointed out ADPM is engaged in a policy of "looking for investments in airport assets" as it wishes to use the proceeds of the sale last year of its stake in the Beijing airport, where it was for seven years the first private shareholder. That sale brought about EUR 200m. This source indicated ADPM has had discussions with Portuguese authorities and has been approached by a number of potential partners. First discussions with the Portuguese authorities begun 18 months ago. This source understands that the privatization of ANA and the airport site are linked, which explains the delays, and this is why ADPM "does not want to commit too fast". He also said because of this fact, the company does not yet have a financial advisor.

Transportation

Banco Espirito Santo SA, Somague SGPS SA, Santander Central Hispano SA (SCH) (formerly Banco Santander Central Hispano S.A (BSCH)), Caixa Geral de Depositos SA (CGD), Grupo Soares da Costa SGPS SA, Teixeira Duarte - Engenharia E Construcoes SA, Millennium BCP (brand name of Banco Comercial Portugues SA (BCP)), Semapa Sociedade de Investimento e Gestao SGPS S.A., Aeroports de Paris, Fraport AG, BrisaAuto Estradas de Portugal SA, Government of Portugal, Babcock & Brown, ANA Aeroportos de Portugal, SA (formerly known as ANA - Aeroportos e Navegacao Aerea, EP), Abertis Infraestructuras SA, Edifer, Mota-Engil S.A., Opway, Moniz da Maia Serra & Fortunato Empreiteiros S.A. (MSF), Construtora do Lena SGPS, S.A., Macquarie Airports, Grupo Lena, Ferrovial Aeropuertos SA, NAER-Novo Aeroporto SA, Changi Airports International Pte. Ltd, Asterion (name of consortium led by Mota-Engil and Brisa), ANA Aeroportos de Portugal (Lisbon Airport), Odebrecht

Australia, Brazil, Germany, Spain, France, Portugal, Singapore

Strong evidence

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Japan PE Intelligence
Date Monday, August 04, 2008 Value Currency 60 USD Headline Mformation likely to exit in next 12 months, CEO says Opportunity Source Sector Company Country State California (CA), New Jersey (NJ), New York (NY) Intelligence Grade Confirmed

Computer software
Mformation Technologies, a New Jersey-based mobile device management software business, mergermarket will probably have some form of exit in the next 12 months, business development VP and cofounder Upal Basu said. We are in our eighth to ninth innings, he said, using baseball terminology. Mformation, which generated more than USD 30m in 2007, is regularly contacted by suitors, both US and foreign. Potential acquirers include infrastructure and software companies who may be interested in the mobile space, such as Cisco of San Jose, California, Hewlett-Packard of Palo Alto, California, IBM of Armonk, New York or Symantec of Cupertino, California, as well as Alcatel-Lucent of France, Ericsson of Sweden or Nokia of Finland, he said. NEC, Hitachi and Fujitsu of Japan may also be interested in Mformation while the US currency is weak, he said. Mformation, which has raised more than USD 60m, has also been Computer Alcatel-Lucent Germany, software, (formerly Alcatel SA), Finland, France, Telecommunicati Ericsson AB, Nokia Japan, Sweden, ons: Hardware Oyj, Cisco Systems USA Inc, Intel Capital, Hewlett-Packard Company (HP), IBM Corporation, Fujitsu Limited, NEC Corporation, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, Symantec Corporation, Visa International Service Association, North Bridge Venture Partners, Battery Ventures, Hitachi Ltd, QuestMark Partners L.P., Carmel Ventures, Mformation Technologies, Deloitte & Touche USA LLP, Cross Creek Capital LP

Monday, August 04, 2008

2475 JPY

contacted by private equity players but is unlikely to sell to a financial buyer, Basu said.If Mformation does not receive a satisfactory offer, it may consider a public offering in about 18 months, Basu said. Mformation is in contact with bankers but has not hired a bank, he said. Basu said it is unlikely the company will retain an investment bank until it has serious expressions of interest from suitors. Mformation competes with California-based InnoPath Software and Nokia, whose solutions have not gained great traction, he said. Hewlett-Packard bought competitor BitPhone for an undisclosed price, rumored to be 10x revenues, in late 2006.Mformation hopes to increase revenues by 50% in the next 12 months, Basu said. The company generates 80% of its revenues outside the United States. If the Edison, New Jerseybased company exits via a sale it would have to be to somebody who can make this 10x bigger, Basu said. About 80% of Mformations customers are mobile operators while the remaining 20% are enterprises, Basu said. Mformation works with law firm Gunderson Dettmer and accountants Deloitte & Touche. Investors include Cross Creek Capital, Battery Ventures, Carmel Ventures, Intel Capital, North Bridge Venture Partners, QuestMark Partners and Visa International by Louise Bleakley Nippon Nippon Computer Systems, the Japan-listed systems configuration company, announced today Company Press Computer it supports a management buyout through a tender offer by a Mitsubishi UFJ Securities affiliated Release Systems: fund. The fund, Palace Capital, will offer JPY 630 per share to acquire a minimum of 2,563,100 (Translated) Mitsubishi UFJ shares, or a 66.67% stake, for a total value of JPY 1.614bn (USD 15m). If the maximum Securities number of 3,844,600 shares (100%) is tendered to the bid, the value will be JPY 2.475bn (USD affiliated fund to 23m). The offer represents a 31.7% premium over the average closing share price of JPY 478 launch tender on the Jasdaq Securities Exchange during the one-month period up to 31 July, or 30.4% over offer in the average closing share price of JPY 483 during the three-month period up to 31 July. The management tender offer period is for 31 business days, from 5 August to 17 September 2008. The buyout settlement date is 25 September. The founding family has agreed to support the bid by tendering its 32.8% stake. Nippon Computer Systems will be de-listed as a result of the successful completion of the tender. Palace Capital will procure a maximum of JPY 1.69bn in loans from Sumitomo Mitsui Banking to carry out the tender. Current president Nobutaka Mita, will maintain his position after the tender has been completed, along with other directors to be indicated by Palace Capital. Hans Continental Smallgoods: Japan Tobacco to sell entire stake to Anchorage Japan Tobacco (JT), the Japan-listed tobacco producer, announced today an agreement to sell Stock Exchange Australia-based chilled foods company Hans Continental Smallgoods to Anchorage Capital Announcement Partners. The value of the deal was not disclosed in the release. Hans Continental Smallgoods (Translated) is a wholly owned subsidiary of JT. The UK-based investment company Anchorage Capital will acquire Hans Continental through a special purpose company set up for the transaction. JT plans to complete the transaction on 9 September 2008. Hans Continental Smallgoods had annual revenues of about AUD 380m (USD 347m) through March 2008.

Computer software, Financial Services

Mitsubishi UFJ Japan Securities Co Ltd, Palace Capital Partners Inc, Nippon Computer Systems Corp, Nippon Computer Systems (founding family)

Confirmed

Consumer: Foods
Thursday, August 07, 2008 380 AUD Consumer: Foods, Consumer: Other Japan Tobacco Inc., Australia, Japan Anchorage Capital Partners Ltd, Hans Continental Smallgoods Pty.Ltd. Confirmed

Consumer: Other

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Thursday, August 07, 2008

81000 JPY

Sunday, August 03, 2008

860 AUD

Aderans Holdings: New management team candidates expected to be approved at extraordinary shareholders meeting on 9 August-report Cadbury Schweppes' beverage unit: Kirin Holdings a potential bidder report

Aderans Holdings new management team candidates are expected to be approved at the extraordinary shareholders meeting on 9 August, reported the Nihon Keizai Shimbun. The report cited an Aderans Holdings official, who disclosed that many domestic and overseas investors, including US-based investment company Dodge & Cox, the listed Japanese wigmakers second largest shareholder, have already voted in favor of the appointments. Leading shareholder Steel Partners has previously indicated its support for the appointments, which include installing Kiyoshi Hayakawa as president. Hayakawa is president of Fontaine, the womens wig-making subsidiary of Aderans. Other expected appointments include Joshua Schechter, a managing director of Steel Partners. Aderans Holdings has a market capitalization of JPY 81bn (USD 740m). Kirin Holdings, the Japanese group, is a potential buyer for Schweppes soft drink and juice business, the Australian Financial Review reported. The report said, without citing sources that Cadbury is planning to sell Schweppes for around AUD 800m (USD 743m). The report said that Kirin is trying to boost its dairy and fruit juice operations. Kirin is likely to face tough competition for the business from Coca Cola Amatil, according to the report. The article said that other interested parties are believed to include P&N Beverages, Fosters Group, and private equity groups such as Pacific Equity Partners and CCMP Asia Pacific, the owners of Independent Liquor.

Nihon Keizai Shimbun

Consumer: Other Steel Partners II LP, Japan Steel Partners Japan Strategic Fund (Offshore) L.P., Aderans Holdings Co Ltd

Strong evidence

Australian Financial Consumer: Review Foods, Consumer: Other

Energy
Thursday, August 07, 2008 3000 USD Tata Power plans to submit bid shortly for Senoko Power Senoko Power: Tata Power sole Indian outfit amongst six short-listed potential bidders Tata Power, the listed Indian electricity company, is set to submit a bid for Senoko Power of Company Press Singapore, according to a corporate statement. Responding to reports that the deal for Senoko Release(s) Power could be closed at USD 3bn (INR 126bn), Tata Power released the statement in order to confirm the developments. The mint also reported on developments. Energy, Financial Services

UBS AG, Cadbury Australia, United plc (formerly known Kingdom, Japan as Cadbury Schweppes plc), Morgan Stanley, Fosters Group Limited, Cadbury Schweppes Pty Ltd (trading as Cadbury Schweppes Australia Ltd), Coca-Cola Amatil Ltd., Pacific Equity Partners (PEP), CCMP Capital Asia Ltd, Kirin Holdings Company, Credit Suisse Group (CS), Morgan Stanley, Temasek Holdings Pte Ltd, Tata Power Company, Senoko Credit Suisse Group (CS), Morgan Stanley, GDF Suez (formerly Gaz de France SA), Marubeni Corporation, Temasek Holdings Pte Ltd, Tata Power Company, YTL Power International BHD, Mitsubishi Corporation, CLP Holdings Limited, Senoko Power, OneEnergy Limited France, Hong Kong, India, Japan, Malaysia, Singapore France, Hong Kong, India, Japan, Malaysia, Singapore

Rumored

Confirmed

Wednesday, August 06, 2008

3000 USD

Tata Power is the sole Indian outfit amongst six short-listed potential bidders for Senoko Power Business Standard Energy, of Singapore, reported the Business Standard. The development was confirmed by a Financial spokesperson for Tata Power, the newspaper reported. The paper put the size of the expected Services Senoko Power deal at USD 3bn-plus. The newspaper cited unidentified sources as naming Mitsubishi Corp and Marubeni of Japan, YTL Power of Malaysia, One Energy - CLP Holdings, and GDF Suez of France, as the other potential bidders that Temasek Holdings, the Singaporean investment outfit and Senoko Powers owner, has short-listed. The process of submission of bids by the short-listed entities will be concluded over the ensuing 2-3 months, according to the paper. In a related report, the DNA cited the spokesperson for Tata Power as saying that discussions will commence only post a second short-listing round, and adding that the

Confirmed

picture would emerge after a month. Tuesday, August 05, 2008 593 USD NTPC inks JV agreement for renewable power generation NTPC has signed a JV agreement for renewable power generation, according to a stock Stock Exchange exchange announcement. With reference to the earlier announcement dated 23 July 2007, Announcement(s) National Thermal Power Corporation Ltd (NTPC) has informed BSE that a Memorandum of Understanding was signed on 04 August 2008 at New Delhi amongst NTPC, Asian Development Bank (ADB), GE Energy Financial Services, USA (GEEFS), Kyushu Electric Power Co. Inc, Japan (Kyushu) and Brookfield Renewable Power Inc., Canada (BRP) for setting up a Joint Venture Company (JVC) to undertake Renewable Power Generation under Public Private Partnership. NTPC will initially hold 40% equity in the proposed JVC and balance will be equally shared by ADB, GEEFS, Kyushu and BRP.The proposed JVC over the next three years will develop green field and under utilized potential sites to establish and hold a portfolio of about 500 MW of renewable power Energy Asian Development Canada, India, New York (NY) Bank (ADB), GE Japan, Energy Financial Philippines, USA Services Inc, Kyushu Electric Power Co Ltd, NTPC Ltd (Formerly National Thermal Power Corp.), Brookfield Power (formerly Brascan Power Corporation), Brookfield Asset Management Inc (Shareholders) Confirmed

generation resources in India.The Financial Chronicle also reported on developments, adding that the intended investment in the JV enterprise was valued at INR 25bn (USD 592.5m).

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Monday, August 04, 2008

3000 USD

Senoko Power: five bidders shortlisted, including OneEnergy report

Five bidders have been shortlisted for Senoko Power, Singapore-based energy-generation group, the Apple Daily reported. The paper, citing an unidentified banking source who was in turn quoted by Reuters, said OneEnergy, a JV set up between Hong Kong-listed CLP and Japan-based Mitsubishi Corp, is one of the shortlisted bidders. The estimated valuation of Senoko Power will reach HKD 23.4bn (USD 3bn), and shortlisted bidders can conduct due diligence in September, the report added. Credit Suisse and Morgan Stanley are the financial advisors handling the sale, the report further said.

Apple Daily

Energy

Credit Suisse Group Hong Kong, (CS), Morgan Japan, Stanley, Temasek Singapore Holdings Pte Ltd, Senoko Power, OneEnergy Limited

Strong evidence

Financial Services
Thursday, August 07, 2008 247 GBP Macquarie, Religare and Nomura tipped as possible bidders for Collins Stewart reports Macquarie, the Australian bank, and Religare, the listed Indian services group, were tipped by Financial Times dealers as potential bidders for Collins Stewart, the Financial Times reported. The claim appeared in the newspaper's market report section. Collins Stewart yesterday (August 6) confirmed receipt of a takeover approach, saying the discussions were of a preliminary nature. A report in the main section of the Financial Times cited people close to the UK-listed stockbroker, who described the party behind the approach as a company from outside the UK, and looking to enter European and UK markets. The main section report also tipped Nomura, the Japanese bank, as another party that might have made the approach. Analysts cited by the report said any bid would need the support of Collins Stewart chairman Terry Smith. It is believed, however, that Smith would probably be reluctant to consider an "opportunistic" bid for the broker. The main section item noted market speculation that the interested party might have pitched its approach at around 110p per share, which would represent a 42% premium to Collins Stewart's closing share price on Tuesday. One analyst cited by the report thought an offer substantially higher than 130p would be required to seal a takeover. Macquarie and Nomura refused to comment, the report said, adding that Religare was not contactable for comment. A report in the online edition of The Times said the bid approach was thought to have come from an Asian bank in the Far East. The item also noted talk that Macquarie could be another bidder. Collins Stewart's share price gained 31.2% to close at 100p, valuing the group at GBP 247m (EUR 312m). Continental, the listed German auto-parts company, will hold a board crisis meeting on 13 Sueddeutsche August, Sueddeutsche Zeitung reported, citing industry sources. Continental has rejected the Zeitung EUR 70.12 per share offer made by privately owned rival Schaeffler, the report noted. Frankfurter Allgemeine Zeitung said the Board EGM to be held next Wednesday is the last day of the normal fourteen day period in which Continental should comment on the takeover offer. Defence measures may also be outed on this date, the report added. Handelsblatt cited banking sources that said the groups Continental is talking to regarding a possible counter offer are US private equity funds Apollo and KKR, as well as Japanese tyre maker Bridgestone. None of the companies were prepared to comment, or were unavailable, the paper noted. Financial Services Nomura Group, Australia, United Macquarie Group Kingdom, India, Limited (MGL), Japan Collins Stewart Plc (Formerly Collins Stewart Limited), Religare Enterprises Rumored

Industrial: Electronics
Wednesday, August 06, 2008 11200 EUR Continental could decide defence measures at 13 August board EGM - report

Automotive, Financial Services, Industrial: Electronics

Tuesday, August 05, 2008

11200 EUR

Continental talking to group of investors regarding potential counter offer - report

Continental, the listed German auto-parts company, is talking to a group of investors who may Frankfurter Automotive, make a counter offer to the offer made by family owned German auto-parts company Allgemeine Zeitung Financial Schaeffler. A report in German daily Frankfurter Allgemeine Zeitung cited financial sources that Services, said Continenal chief Manfred Wennemer, CFO Alan Hippe, and five investment banks, are Industrial: talking to a group of investors. The paper described the investors as financial and strategic and Electronics could make a combined bid higher than the Scaheffler offer. The paper said agreements have not yet been made but Continental is prepared to intensify talks should Schaeffler refuse to compromise. The paper explained that Continental rejected Schaefflers EUR 70.12 per share offer, and wants either an improved offer or for Schaeffler to be satisfied with a 20% shareholding. Schaeffler believes its offer is fair and is striving for over 30%, the paper added. Continental currently trades at EUR 72, the paper noted. Continentals defense is being advised by Goldman Sachs, JP Morgan, Deutsche Bank, HSBC and Citigroup, the paper stated. The Financial Times also reported that Continental is talking to five possible 'white knight' investors, including Bridgestone. The report cited people close to the situation, who said Bridgestone, the listed Japanese tyre manufacturer, was one of the five trade and financial parties in talks with the listed German automotive components group. Bridgestone could not immediately be reached for comment, while Continental refused to comment, the article said. According to the newspaper, Continental is discussing options with the potential investors, including a full takeover bid for Continental, the sale of a minority stake below 30%, or participation in an equity fundraising. Bankers cited by the report said, however, that a counter-bid was not a serious prospect for Continental, given that a breakup of the group would probably ensue. A senior investment banker quoted in the report said Continental chief executive Manfred Wennemer would face serious difficulties in persuading the union members of the groups supervisory board to accept a counter-bid that would break the company up. Continentals talks with potential 'white knight' investors are considered to be a tactic to put pressure on Schaeffler to improve its offer, according to the newspaper. The report noted that Schaeffler and Continental are at an impasse, due to Schaefflers demands for a controlling interest of more than 30%, and Schaefflers refusal to meet Continentals demand for a higher bid. A consortium of buyout groups made a bid approach to Continental a couple of years ago, the item said, naming Bain Capital and Kohlberg

Goldman Sachs, Germany, Japan Deutsche Bank AG, JPMorgan, Continental AG, Kohlberg Kravis Roberts & Co (KKR), HSBC Holdings Plc, Citigroup Inc, Apollo Management LP, Bridgestone Corporation, INA Schaeffler KG, Schaeffler family Goldman Sachs, Germany, Italy, Deutsche Bank AG, Japan JPMorgan, Pirelli & C SpA, Continental AG, Kohlberg Kravis Roberts & Co (KKR), HSBC Holdings Plc, Citigroup Inc, Bain Capital LLC, Bridgestone Corporation, ZF Friedrichshafen AG, INA Schaeffler KG, Schaeffler family

Rumored

Strong evidence

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Kravis Roberts (KKR) as among the private-equity bidders at the time. Bankers said some of those buyout groups might now be among the interested parties for Continental, the item said. Continental is thinking about convening an EGM, the report said, noting that such a move would automatically put back the close of Schaefflers bid by six weeks. The current offer is scheduled to close on 27 August, the article noted.Financial Times Deutschland said the options open to the company are: a counter offer for the whole company, an offer for 29%, a capital increase, or buying up shares on the market. Handelsblatt cited NordLB analyst, Frank Schwope, who said a counter offer is not impossible, but he believes it is unlikely. State funds, private equity firms or a Russian oligarch are possible bidders, the paper added. HSBC industry analyst, Horst Schneider, said private equity firms are the only possible buyers. Handelsblatt also said German automotive components ZF Friedrichshafen and Italian tyre company Pirelli are not interested, a source close to ZF stating it is not a white knight candidate, and Continental is too large.

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PE Announced Deals
Deal ID Ann. Date Compl. Date Target Company Target Financial Advisor Legal Advisor Target Bidder Company Bidder Financial Advisor Bidder Legal Advisor Provider Debt Equity Provider Seller Company eller Financial Advisor S Seller Legal AdvisorDeal Value GBP(m) Deal Dom. Industry Dom Geography Deal Deal Type Deal Description

8/6/2008

Condor Ferries Limited

Macquarie European Infrastructure Fund II

Macquarie Group Limited Royal Bank of Deutsche Bank AG (MGL) Scotland Debt advisor to Royal Bank Ventures of Scotland Debt Ventures

260

Transportation United Kingdom

Acquisition; Macquarie European Infrastructure Fund II, the Australia based Auction; Cross investment fund managed by Macquarie Group Ltd, the listed border; Exit; IBO; Private, Australian financial services group, has agreed to acquire Secondary Buyout Condor Ferries Limited, the UK based ferry operator, from Royal Bank of Scotland Debt Ventures, the UK based venture capital division of Royal Bank of Scotland (RBS), the UK based financial services company, for a minimum consideration of GBP 260m (USD 506m). The contenders in the auction were Infracapital Partners LP, the UK based infrastructure investment managed by M&G Investment Management Limited, the UK based fund manager, Babcock & Brown, the listed Australian private equity, and JP Morgan's infrastructure fund. The disposal is in line with RBS strategy to focus on its core activities. The acquisition will allow Macquarie to expand in the ferry operating business. Macquarie will retain the staff and management of Condor. RBS acquired Condor Ferries from ABN Amro Capital and Barclays Private Equity for GBP 240m in the year 2004. The acquisition is subject to approval from

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8/4/2008 Nippon Computer TSK advisor to Systems Corp Nippon Computer Systems Corp Nakamura, Palace Capital Tsunoda & Partners Inc Matsumoto advisor to Nippon Computer Systems Corp Growin' Partners Inc. Kitamura & Hiraga advisor to Palace Capital advisor to Palace Partners Inc Capital Partners Inc 11.4 Computer software Japan Acquisition; Domestic; MBO; Public

the Jersey competition regulatory authority. The management of Nippon Computer Systems Corp, the listed Japan based company engaged in the development of computer systems, has agrees to acquire the company in a management buy out transaction backed by Palace Capital Partners Inc, the Japan based fund of Mitsubishi UFJ Financial Group Inc, the listed Japan based company engaged in banking business, and Mitsubishi UFJ Securities Co Ltd, the Japan based financial services company, for a consideration of JPY 2422.098m (USD 22.283m). Under the terms of agreement, the consideration which is excluding 805065 shares of treasury stock is based on 3,844,600 outstanding shares of Nippon Computer Systems valued at an offer price of JPY 630 (USD 5.796) per share. The bid for the tender offer will be open from 17 September 2008 and the bid price is set at JYP 630 (USD 5.796). The successful bid will ensure the delisting of Nippon Computer Systems from the JASDAQ stock exchange. Nobutaka Mita, the president of Nippon Computer Systems intends to maintain his position in

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8/4/2008 Gayatri Infra Ventures Limited (29.00% stake) Asian Giants Infrastructure Fund Ernst & Young advisor to Asian Giants Infrastructure Fund AMP Capital Investors Limited 12 Construction India Acquisition; Cross border; IBI; Private

the company. Asian Giants Infrastructure Fund (AGIF), the Australia based fund managed by AMP Capital Investors Limited, the Australia based wealth management and private equity firm, has agreed to acquire 29% stake in Gayatri Infra Ventures Limited (GIVL), the Indian investment and construction company in the transport infrastructure for the consideration of INR 1bn (USD 23.5m). Under the terms of agreement, AGIF will subscribe for new equity shares of INR 1bn (USD 23.5m). Further AGIF will invest INR 1bn if required. The funds will be utilized for existing projects and for further projects. GIVL has currently developing one toll road and four BOT projects. GIVL is subsidiary of Gayatri Projects Limited, the India based construction company. The acquisition is in line with AGIFs strategy to invest in unlisted companies engaged in transport, power and energy, telecommunication, social, industrial and urban infrastructure sectors and help AGIF to expand its investment in Asian markets. The acquisition is in line with Gayatri Projects intention to dilute its 49% stake in GIVL which was announced in February 2008. The acquisition

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8/1/2008 Amtek India Limited Amtek Auto Limited 121.5 Automotive India Acquisition; Domestic; Public; Take Private

is expected to complete on 29 August 2008. Amtek Auto Limited the India listed automotive component and assemblies manufacturer has made a recommended privatization offer to acquire the entire remain outstanding share capital of Amtek India Limited, its India listed subsidiary that specialized in the same industry. <b> STRUCTURE</b><li> The transaction will be conducted via a scheme of arrangement.<li> Amtek India Limited will be merged into Amtek Auto Limited along with one other listed India automotive component manufacturer Ahmednagar Forgings Limited, and also other unlisted manufacturing subsidiaries of the Amtek group, which includes Amtek Ring Gears Limilted, Amtek Crankshafts India Limited and Amtek Castings India Limited.<b>

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TERMS</b><li> 44 Amtek Auto share per 100 Amtek India Limited share.<li> The exchange ratio values each share at INR 91.036 (USD 2.14), based on Amtek Autos closing price of INR 206.9 (USD 4.87) on 31 July 2008, the last trading day before the announcement.<li> It values the entire share capital at INR 10.21bn (USD 240.56m).<li> The offer price represents a discount of 0.29% to the closing price of INR 91.3 on 31 July 08, the last trading day prior to the formal announcement.<li> Amtek India Ltd have 3 outstanding convertible bonds.<b> FINANCING</b><li> Maximum 32.3614m new Amtek Auto Ltd shares will be be issued to Amtek India Ltd. <li> It will lead to a dilution of 22.39% to the existing share capital of Amtek Auto Ltd.<b> SUBSTANTIAL SHAREHOLDERS</b>A promoter group of the following holds a total of 34.42% interest:<li> Amtek Telefilms Ltd holds a 9.29% stake<li> Amtek Pharmaceuticals Ltd holds a 8.05% stake<li> Amtek Technologies & Solutions Ltd holds a 9.15% stake<li> Bara Pharmaceuticals Pvt Ltd holds a 7.92% stake <b> BACKGROUND & RATIONALE</b><li> Amtek Auto Ltd plans to increase business synergies with common production resources, thus the privatization will allow it to be more profitable by reducing cost. <b> CONDITIONS</b><li> approvals by shareholders at EGM with regard to merger (min 75% vote cast);<li> approvals by creditors at EGM with regard to merger <li> Approval by High Courts of Delhi<li> Approval by High Courts of Punjsb & Haryana<li> Approval by High Courts of Bombay<li> Approval by High Courts of Madras<li> Approval

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by Securities & Exchange Board of India

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