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☆ Explainer: Dalian Wanda's repayment woes weigh on China property sentiment
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

HOW MUCH DEBT DOES DALIAN WANDA HAVE? Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country. WHAT IS NEXT FOR DALIAN WANDA? If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. "The extreme volatility in Dalian Wanda's bond prices shows how fearful and emotional the market is at this point."

Persons: DALIAN WANDA, China's, Wang Jianlin, Wanda Commercial, Wanda, Sandra Chow, Scott Murdoch, Jamie Freed Organizations: Dalian Wanda, DALIAN, Dalian Wanda Group, Dalian Wanda Commercial Management, Zhuhai, Bloomberg News, Country Garden, HK, Ocean Group, Thomson Locations: HONG KONG, Dalian, Hong Kong, Asia, Pacific, Sydney

Added to valuations from December, major REITs, which build, own and operate property assets, have marked down office portfolios by roughly a tenth or less over the past year. Dexus shares have fallen 28% since 2022, while Charter Hall has nearly halved. "Buyers aren't willing to pay the price from the last valuations," said Winston Sammut, an investment manager at Sequoia Financial Group and a former executive at Charter Hall. Dexus and Charter Hall did not respond to requests for comment. "We're looking to see whether the fund managers, the Charter Halls, the Centurias, the Dexus are also getting large redemptions."

Persons: Tom Westbrook, Buyers, Winston Sammut, it's, REITs, Centuria, Grant Berry, Dexus, Ping, Blackstone, Amy Pham, Sammut, Australia's, Hostplus, that's, Pham, Lewis Jackson, Scott Murdoch, Sam Holmes Organizations: REUTERS, Charter Hall, Sequoia Financial Group, Charter, Reuters, SG Hiscock, Company, Blackstone, Sydney, Pengana Capital, Thomson Locations: Epping, Sydney, Australia, SYDNEY, Canberra, United States

[1/3] Pedestrians are reflected on a window of a commercial building at closing hour at a financial district in Tokyo, Japan, November 22, 2017. The number of activist funds has trebled over the last five years to 69, according to data from IR Japan. Joining a hedge fund where you might lose your job tomorrow because you lost money or didn't raise funds is a very foreign world for such workers." "Many global hedge funds are opening up Tokyo offices and hiring talent" to support a growing investment focus, said Masa Yanagisawa, head of prime services Japan at Goldman Sachs in Tokyo. Hong Kong-headquartered activist hedge fund Oasis Management has hired people in Japan this year, including a former senior regulatory official it appointed to its advisory council.

Persons: Kim Kyung, Warren Buffett, Stefan Nilsson, Masa Yanagisawa, Goldman Sachs, Seth Fischer, FinCity.Tokyo, Keiichi Aritomo, Toby Bartlett, Goldman's Yanagisawa, UBP, Cedric Le Berre, Xie Yu, Makiko Yamazaki, Scott Murdoch, David Dolan, Lincoln Organizations: REUTERS, Global, Nikkei, Funds, Oasis Management, Oasis, Citadel, Citadel Securities, Nasdaq, May, Angel, Asset Management, Thomson Locations: Tokyo, Japan, HONG KONG, TOKYO, Hong Kong, Singapore, Swiss, China, Taiwan, Sydney

The timing of the listing was still unclear as money-losing PayPay needs to first demonstrate a clear path to profitability, the source said. SoftBank has previously set a PayPay listing as a goal, with one executive saying in November it was worth just under 1 trillion yen ($7.17 billion). Representatives for PayPay and SoftBank Group's (9984.T) domestic telecoms business, SoftBank Corp (9434.T), said they would not comment on speculation. PayPay is owned by SoftBank Corp, its internet business, Z Holdings (4689.T), and the group's second Vision Fund. PayPay booked a loss before interest, taxes, depreciation and amortisation of 11.9 billion yen in the year ended March, compared to a loss of 43.2 billion yen a year earlier.

Persons: SoftBank, SoftBank Group's, Kirk Boodry, Son, PayPay, Sam Nussey, Miho Uranaka, Scott Murdoch, David Dolan, Muralikumar Organizations: Companies, Z Holdings, PayPay, SoftBank Corp, Vision Fund, SoftBank, Syla Technologies, Rakuten Bank, SBI Sumishin, Bank, Astris Advisory, Mobile Marketing, Cambridge, Thomson Locations: . New York, Tokyo, New York, U.S, Astris Advisory Japan, Japan, England

HONG KONG, July 12 (Reuters) - China's major tech companies have shed more than $1 trillion in value -equivalent to the entire Dutch economy - since the government's regulatory crackdown on the sector began more than two years ago, according to Refinitiv data. Reuters GraphicsTechnology stocks (.HSTECH) in Hong Kong have rallied 4.1% since Monday as investors bank on an easing regulatory environment to boost earnings, but some analysts have sounded a note of caution. "Mega-cap tech companies will allocate increasingly large amounts of capital expenditure towards developing generative AI technologies and products in a hostile external environment, potentially impacting profitability," said Redmond Wong, Saxo Markets strategist in Hong Kong. Steven Leung, UOB Kay Hian sales director, said current valuations would last "until we see more supporting policies from authorities". Reporting by Donny Kwok in Hong Kong and Scott Murdoch in Sydney; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tencent, Redmond Wong, Steven Leung, UOB Kay Hian, Donny Kwok, Scott Murdoch, Kevin Liffey Organizations: People's Bank of China, Tencent Holdings, HK, Alibaba, Baidu Inc, Reuters Graphics Technology, Saxo Markets, Thomson Locations: HONG KONG, Hong Kong, Sydney

☆ What people are saying about Ant Group's $984 mln fine and share buyback
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

July 10 (Reuters) - China's Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit. "And second, of course, we're talking about the share buyback plan. DICKIE WONG, EXECUTIVE DIRECTOR AT KINGSTON SECURITIES IN HONG KONG:"Their share prices have strongly rebound today mainly driven by the expectation that regulatory pressure from mainland government will ease. Ant Group is on the right track to achieve their final target of an IPO." According to the company, the reason for the buyback is providing liquidity to existing investors and attracting and retaining talented individuals through employee incentives.

Persons: GARY NG, KENNY NG, DICKIE WONG, SUMEET SINGH, Xie Yu, Yantoultra, Scott Murdoch, Anne Marie Roantree, Jamie Freed Organizations: Alibaba, HK, ASIA PACIFIC, CHINA, HONG, People's Bank of, Ant Group, KINGSTON, SINGAPORE WHO, Thomson Locations: HONG KONG, People's Bank of China, SINGAPORE, COLOMBO, Hong Kong, Singapore, Sydney

HONG KONG, July 10 (Reuters) - Alibaba Group (9988.HK) and Tencent (0700.HK) shares rose in Hong Kong on Monday after China's $984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crackdown on the country's technology sector. Alibaba's Hong Kong-listed shares were up nearly 4% by 0230 GMT on Monday, outpacing a 1.3% gain for the broader market (.HSI), while Tencent's shares were up 1%. ANT GROUP VALUATION SLASHEDAlibaba, which spun off Ant 11 years ago and has a 33% stake, said on Sunday it was considering whether to participate in the buyback. Alibaba's U.S.-listed shares rose 8% on Friday after the penalty, one of the largest-ever fines for an internet company in China, was delivered. ($1 = 7.2310 Chinese yuan renminbi)Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong Kong; Editing by Anne Marie Roantree, Muralikumar Anantharaman and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma, Ant, Dickie Wong, Oshadhi Kumarasiri, Scott Murdoch, Donny Kwok, Anne Marie Roantree, Muralikumar Anantharaman, Jamie Freed Organizations: Alibaba, HK, Ant, People's Bank of China, Kingston Securities, Thomson Locations: HONG KONG, Hong Kong, Beijing, Alibaba's U.S, China, Sydney

That represents a steep 75% discount to the $315 billion valuation in 2020 for what was set to be the world's largest IPO had it not been derailed at the last minute by Chinese regulators. "China needs to resolve the Ant IPO to restore investor confidence," said Wang Qi, chief executive of China-focused asset manager MegaTrust Investment. For the broader technology sector, Ant's fine marks a key step towards the conclusion of China's bruising crackdown on private enterprises, which began with the scrapping of Ant's IPO in late 2020 and subsequently wiped billions off the market value of several companies. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely." On Friday, Chinese authorities also announced fines against two Chinese banks, an insurer, and Tencent Holdings' (0700.HK) online payment platform Tenpay.

Persons: Ant, Zhang Zihua, Wang Qi, Jack Ma, Hanyang Wang, Julie Zhu, Josh Ye, Brenda Goh, Zhang Yan, Scott Murdoch, Shri Navaratnam, Kim Coghill Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Beijing Yunyi, MegaTrust Investment, Fidelity, Reuters, Tencent Holdings, HK, People's Bank of China, Thomson Locations: HONG KONG, Hangzhou, Hangzhou Junhan, Beijing, China

[1/2] A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. China's long-awaited rules for offshore stock exchange listings form part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. REGULATORY 'BLACKBOX'The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing. Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Additional reporting by Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, JD.com, Scott Murdoch, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Organizations: China Securities Regulatory Commission, REUTERS, China, U.S, iMotion Automotive Technology, Reuters, Thomson Locations: China, Beijing, Hong Kong, SYDNEY, HONG KONG, Suzhou, Sydney

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

SYDNEY/SINGAPORE, June 20 (Reuters) - Asia's dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region's equity capital markets, after volumes in the first half of the year sank to their lowest in four years. First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed. "For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop," said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley. "We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe," said Udhay Furtado, Citigroup's co-head of Asia equity capital markets. As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

Persons: Goldman Sachs, Cathy Zhang, Morgan Stanley, Udhay Furtado, Citigroup's, Sunil Dhupelia, JPMorgan's, China's JD.com, Hulu Energi's, Edmund Leong, Scott Murdoch, Yantoultra, Vineet, Sonali Paul Organizations: Asia, Morgan, IPOs, STAR, Shenzhen's, Reuters, JD Industrial, JD, Alibaba, HK, Bankers, Group Investment Banking, UOB, Thomson Locations: SYDNEY, SINGAPORE, China, Asia Pacific, U.S, York, Hong Kong, Indonesia, Europe, Asia, Japan, IPOS, Southeast Asia, Amman, Sydney, Singapore, Bangalore

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India's nascent EV market. Aggarwal plans to meet investors, including BlackRock (BLK.N), Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price (TROW.O), the first source said. Ola Electric declined to comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said. Ola competes with other startups and bigger companies like TVS Motors (TVSM.NS), Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

Persons: Ola, Bhavish Aggarwal, Rowe Price, Bhavish, Ola Electric, T Rowe Price, Goldman Sachs, Sriram, Scott Murdoch, Aditya Kalra, Jane Merriman Organizations: Blackrock, Bank of America, Temasek, BlackRock, Reuters, TVS Motors, Ather Energy, Hero, EV, Citi, ICICI Securities, Thomson Locations: Singapore, UK, U.S, GIC, MUMBAI, United States, United Kingdom, India

George Clinical declined to comment. The private equity firm has entered a deal to buy most of George Clinical, the clinical research organisation said in December, adding the transaction was subject to FIRB approval. George Clinical did not disclose a sale price but said its parent, the George Institute, a medical research group, would retain an undefined stake. The George Clinical deal would involve the holding of healthcare and patient data which is considered sensitive in Australia. Hillhouse has offered to ensure data remains onshore and not be shared overseas, the people said.

Persons: George Clinical, Hillhouse, Zhang Lei, George, George Clinical's, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Christopher Cushing Organizations: Hillhouse Capital, Foreign Investment, Board, of, Treasury, George Institute, Yale University, Tencent Holdings, HK, JD.com Inc, Baidu Inc, Koninklijke Philips NV, Thomson, & $ Locations: HONG KONG, Beijing, Hong Kong, Singapore, London, United States, Australia, China, Refinitiv, Netherlands, Asia, Pacific, Sydney

June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

But China, which bristles at visits to Taiwan by foreign government officials, tends to ignore trips by business executives, who usually keep clear of politics. Dimon will meet bank employees and clients in Taiwan on his visit, said the source, who sought anonymity as the plans were not public, while adding that no meetings were planned with Taiwan officials. As part of his Asia tour, Dimon will also visit South Korea after the Taiwan trip, said the source. But there was no plan for President Tsai Ing-wen to meet Dimon, her office said on Friday. Dimon favours East-West "derisking" rather than decoupling, he told the three-day JPMorgan Global China Summit event in the city on Wednesday.

Persons: Jamie Dimon, Andrew Collier, Dimon, Nvidia Corp's, Jensen Huang, Pat Gelsinger, Dimon's, Ma Ying, Tsai Ing, Chen Jining, Selena Li, Kane Wu, Scott Murdoch, Ben Blanchard, Emily Chan, Mrinmay Dey, Sumeet Chatterjee, Clarence Fernandez Organizations: JPMorgan Chase &, JPMorgan, Orient Capital Research, Bloomberg, Wall, U.S, Nvidia, Intel, Financial, Commission, Shanghai's Communist, JPMorgan Global China, Thomson Locations: Taiwan, China, Taipei, Beijing, Hong Kong, Asia, South Korea, East, United States, Sydney, Bengaluru

☆ Prudential says CFO leaves after conduct falls short of standards
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] People walk past a Prudential sign outside offices in the City of London March 27, 2013. REUTERS/Luke MacGregorSYDNEY/HONG KONG, May 31 (Reuters) - Prudential Plc (PRU.L) said on Wednesday its chief financial officer, James Turner, would leave the company after a code of conduct investigation into a recent recruitment showed he had fallen short of its standards. "The group sets itself high standards and Mr Turner fell short on this occasion," Prudential said in a statement, without detailing the issue. The incident was identified as part of internal processes, and the recruitment in question was not completed, a company spokesperson said, without stating the nature of the misconduct. Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Luke MacGregor SYDNEY, James Turner, Turner, Ben Bulmer, Mr Turner, Anil Wadhwani, Bulmer, Scott Murdoch, Selena Li, Clarence Fernandez Organizations: Prudential, REUTERS, Prudential Plc, HK, Thomson Locations: City of London, HONG KONG, Asia, Sydney, Hong Kong

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

In Asian trade, longer-dated U.S. Treasuries rallied on Tuesday as bond traders welcomed the deal to suspend Washington's borrowing limit. "There's still a huge disconnect between bond markets and equities. The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programmes. While U.S cash markets were closed on Monday, S&P 500 e-minis were up 0.32%, reflecting the positive reaction to the debt deal. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

[1/2] A small toy figure and imitation gold are seen in front of the Newcrest logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/IllustrationMay 15 (Reuters) - Australian gold miner Newcrest Mining Ltd said on Monday it would back Newmont Corp's (NEM.N) A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year. Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share, higher than a previous exchange ratio of 0.380 that Newcrest's board rejected in February. "This transaction will combine two of the world's leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline," said Newcrest Chairman Peter Tomsett. Newcrest shareholders will be able to choose to receive New York Stock Exchange-listed Newmont shares or Australian-listed CHESS Depository Instruments (CDIs) as payment.

REUTERS/Dado Ruvic/IllustrationMay 15 (Reuters) - Australian gold miner Newcrest Mining Ltd said on Monday it would back Newmont Corp's (NEM.N) A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year. If the deal gets Newcrest shareholders' approval and other regulatory approvals, it would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold Corp (ABX.TO), further solidifying Newmont's position as the world's biggest gold producer. Newcrest shareholders will be able to choose to receive New York Stock Exchange-listed Newmont shares or Australian listed CHESS Depository Instruments (CDIs) as payment. Newcrest said it recommended its shareholders vote in favour of the deal at a meeting expected to be held in September or October. The deal requires Australia's Foreign Investment Review Board (FIRB) sign off as well as Newcrest and Newmont shareholders to vote in support the transaction among other regulatory approvals.

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

☆ Virgin Australia IPO planning 'well advanced' - Chairman
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, May 10 (Reuters) - Planning for Virgin Australia's upcoming initial public offering is well advanced, the airline's Chairman Ryan Cotton said on Wednesday in an internal email seen by Reuters. "I can also confirm the IPO planning is well advanced," said Cotton. "While there is still no date set and our ultimate window of opportunity will depend on market conditions, we are hopeful this process will progress over the coming quarters"A Virgin Australia spokesperson confirmed the contents of the internal email. Reporting by Scott Murdoch Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

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