Features

Postal Savings Bank of China to go public

Postal Savings Bank of China (Postal Savings) this month filed a prospectus with the Hong Kong Stock Exchange for its planned initial public offering (IPO), which is set to close next week. As part of the deal, the company will offer shares to both international and domestic investors. Six of China’s state-owned enterprises (SOEs), including State Grid Corporation and Shanghai International Port, have agreed in advance to subscribe for almost half of the IPO shares, which in total represent a 15 per cent stake in the bank’s enlarged capital.

Bayer agrees acquisition of seed producer Monsanto

German chemical conglomerate Bayer last week inked a mega deal to purchase Monsanto, a manufacturer of crop seeds and herbicides. The acquiror will pay USD 128 per share, representing a 21 per cent premium over Monsanto’s close of USD 106 on 13th September 2016, the last trading day prior to the announcement. Including debt, the takeover can be valued at a whopping USD 66,000 million, making it the tenth largest deal announced since 2007, according to Zephyr, the M&A database published by Bureau van Dijk.

Enbridge to buy gas distributor Spectra Energy

On 6th September Canada’s Enbridge announced its intention to acquire Texas-based Spectra Energy, a gas distributor. The buyer offered a price of USD 40 apiece, which represents a 12 per cent premium over the target’s close of USD 36 on 2nd September, the last trading day prior to the deal being announced. The acquisition is worth around USD 28,000 million and is Enbridge’s largest to date, according to Zephyr, the M&A database published by Bureau van Dijk.

China Zhongwang to buy aluminium producer Aleris

Hong Kong Stock Exchange-listed China Zhongwang this week agreed to acquire aluminium products maker Aleris. The purchaser will pay USD 2,330 million as consideration for the takeover, which includes net debt. According to Zephyr, the M&A database published by Bureau van Dijk, the deal is the largest among those targeting aluminium production companies to have been announced since 2007.

Couche-Tard to acquire CST Brands

Canada-based Couche-Tard this week signed an agreement to acquire CST Brands, a petrol station operator. With the assumption of net debt, the deal can be valued at about USD 4,400 million. According to data compiled by Zephyr, the M&A database published by Bureau van Dijk, the transaction is the largest among those that involve motor fuel retailers as targets since 2007.

UK fibre optic technology developer among angels’ targets in August

At the time of writing there have been 20 European angel investments worth a combined EUR 18 million signed off in August 2016 to date. These figures are undoubtedly disappointing and mean there is a mountain to climb in the next nine days if results are to reach the same levels as in July, which it must be noted, was also a disappointing month when compared to those which preceded it.

Australia halts China’s investment in Ausgrid

The cash-strapped New South Wales (NSW) government has in recent years been seeking to offload its electricity assets via several transactions, with the privatisation of Ausgrid being one of those currently in the pipeline. The 50 per cent stake in the power transmission and distribution company can be valued at around AUD 10,000 million (USD 7,624 million), according to the Guardian. Proceeds from the sale will be used to reduce debt and finance infrastructure projects.

Wal-Mart agrees purchase of Jet.com

On 8th August Wal-Mart announced a deal to buy Amazon rival Jet.com, an e-commerce start-up. The consideration was reported to be around USD 3,300 million, which will be settled in a combination of cash and shares. Following the transaction, Jet.com’s co-founder Marc Lore will join Wal-Mart as chief executive to oversee both companies, which will continue to operate as separate brands.

Uber quits battle with Chinese rival Didi Chuxing

This week, taxi booking application (app) provider Uber Technologies agreed to offload its China unit to Didi Chuxing, which intends to integrate with the business upon closing.

Verizon to merge Yahoo! with AOL

Telecommunication network provider Verizon this week announced an agreement to acquire Yahoo!’s operating business.

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