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☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart-backed PhonePe seeks to raise $1 bln - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 8 (Reuters) - Indian digital payments firm PhonePe is seeking to raise up to $1 billion from General Atlantic, Tiger Global Management, Qatar Investment Authority and Microsoft Corp (MSFT.O), Bloomberg News reported on Thursday, citing sources. The all-equity round is expected to close in the next two weeks and may take Walmart-backed PhonePe's valuation close to $13 billion, according to the report. PhonePe declined to comment while Walmart, General Atlantic, Tiger Global, Qatar Investment Authority and Microsoft did not immediately respond to Reuters' requests for comment. Reporting by Ashish Chandra in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ Qatar reviewing London investments after transport ads ban -FT
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 26 (Reuters) - Qatar has launched a review of its investments in London after the city’s transport authority this week banned the Gulf state’s tourism advertisements on the capital’s buses, taxis and Underground train system, Saturday’s Financial Times reported. The paper said the move by Transport for London (TfL) was triggered by concerns over the soccer World Cup host’s stance on LGBT+ rights and its treatment of migrant workers. The Qatar Investment Authority (QIA) owns Harrods, the department store, the Shard skyscraper and is co-owner of Canary Wharf. TfL said advertising which promotes travel to Qatar, tourism in Qatar, or portrays Qatar as a desirable destination would not be considered acceptable. Under the spotlight as it hosts the World Cup, Qatar has defended itself against criticism, saying it is a welcoming country that does not discriminate against people and has denied accusations of abuse of workers.

☆ Indonesia Investment Authority on plans to set up a 'green' EV fund
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia Investment Authority says the country is 'blessed' with natural resources to make EV partsRidha Wirakusumah, CEO of Indonesia's sovereign wealth fund, says the country has an "extremely large" market for electric vehicles.

☆ Indonesia to set up $2 bln EV fund with China's CATL, CMB International
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 14 (Reuters) - The Indonesia Investment Authority, the country's sovereign wealth fund, is to set up a green electric vehicle (EV) fund of at least $2 billion with China's battery maker CATL and CMB International, the fund's CEO said on Monday. INA CEO Ridha Wirakusumah then signed an agreement for the partnership with company executives from CATL and CMB International. "With CATL and CMB International as the main partners, we are looking for limited partners to invest in the green EV fund, to seize this EV value chain opportunity primarily in Indonesia," Ridha said. Indonesia is keen to develop its own EV and battery industries at home, after banning exports of nickel ore to ensure supply for investors since 2020. Earlier this year, CATL announced a $6 billion power battery project in Indonesia, in partnership with Indonesian companies.

☆ Saudi's SNB to hold Credit Suisse stake for at least two years, chairman says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Saudi National Bank's (1180.SE) investment in Credit Suisse (CSGN.S) is tactical rather than strategic, its chairman said on Wednesday, adding that the Saudi lender expects to hold its stake in the Swiss bank for at least two years. SNB announced in October that it was taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion) to take a stake of up to 9.9%. Chairman Ammar Al Khudairy, speaking to Al Arabiya TV, said majority government-owned SNB would not consider selling its stake in the Swiss lender in the short-term. When asked whether the bank would raise its stake above 9.9%, Khudairy said there was no plan to do so. He also said the Saudi lender did not seek a seat on the Credit Suisse board.

☆ Qatar Investment Authority plans to raise stake in Credit Suisse - FT
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd WiegmannNov 2 (Reuters) - The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), the Financial Times reported, citing people with knowledge of the talks. Credit Suisse declined to comment on the report, while Qatar Investment Authority did not immediately respond to a Reuters request. read moreLast week, Saudi Arabia-controlled SNB said it would invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank. ($1 = 0.9980 Swiss francs)Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ FT: Qatar's sovereign wealth fund plans to increase stake in Credit Suisse
▼ + stars: | 2022-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFT: Qatar's sovereign wealth fund plans to increase stake in Credit SuisseFinancial Times European banking correspondent Owen Walker discusses reports the Qatar Investment Authority is increasing its holdings in Credit Suisse, a move that will result in a quarter of the bank's shares being held by Middle Eastern investors.

☆ CZ, the CEO of Binance, has bet big on Musk's Twitter buyout with a $500 million investment, saying he is 'extremely supportive' of the freedom of speech
▼ + stars: | 2022-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Binance, the world's largest crypto exchange, invested $500 million in Musk's acquisition of Twitter. Binance CEO Changpeng Zhao said he backed Elon Musk's Twitter buyout to support free speech. As a business, we are helping to increase the freedom of money, and free speech comes before freedom of money, so we need to help maintain free speech," Zhao said. Zhao confirmed Binance's investment into Twitter on October 28 via a tweet, saying his intern had wired $500 million. Despite putting $500 million into Musk's deal, Zhao said he has little insight into what the Tesla CEO intends to do at Twitter.

☆ Saudi Credit Suisse deal is fair Buffett imitation
▼ + stars: | 2022-11-02 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Saudi National Bank (1180.SE) is continuing the tradition, ponying up about $1.4 billion for a 9.9% stake in troubled Credit Suisse (CSGN.S). By contrast, Saudi Arabia’s biggest bank is acquiring $1.2 billion of new Credit Suisse shares in a private placement and then participating in the bank’s imminent rights issue. Credit Suisse is targeting a 6% return on tangible equity in 2025, once Chief Executive Ulrich Körner has cut costs and shrank the investment bank. The Gulf bank has talked up the wider opportunities of partnering with Credit Suisse. That would cost SNB roughly 220 million Swiss francs, taking its total investment spend to around 1.4 billion Swiss francs.

☆ Twitter founder Jack Dorsey to remain invested in the company under Elon Musk
▼ + stars: | 2022-11-01 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN Business —Twitter co-founder and former CEO Jack Dorsey stepped down from the company’s board earlier this year, but he’s staying involved with the social platform following its takeover by Elon Musk. Almost immediately after taking over the company, Musk dissolved Twitter’s board of directors. Later that year, Musk defended Dorsey when he was facing pressure from an activist investor, saying on Twitter, “I support @Jack as Twitter CEO. Dorsey stepped down as Twitter CEO last November and left its board of directors in May. In April, after Musk agreed to buy the company, Dorsey pledged his support for the takeover.

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values the business at $14 billion, as the U.S. industrial firm pivots to supplying to a booming automation market. Emerson's shares edged up 1% in a weak broader market as the company also beat fourth-quarter earnings and revenue. The Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. Emerson said it plans to use proceeds from the deal to invest in automation-related businesses and spend around $2 billion on share repurchases in 2023. Centerview Partners LLC and Goldman Sachs are financial advisers to Emerson, while Barclays is the lead financial adviser to Blackstone.

☆ Blackstone to buy majority stake in Emerson's climate tech unit in $14 bln deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values it at $14 billion, the latest revamp by the U.S. industrial firm as it focuses on the booming automation market. Emerson's shares rose about 3.8% before the bell as the company also beat fourth-quarter earnings and revenue. Emerson, which will retain about 45% stake in the climate tech unit, said Blackstone and co-investors Abu Dhabi Investment Authority and GIC, would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing. read moreThe Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. The unit includes its Copeland compressor business and products and services across residential and commercial heating and cooling.

☆ Twitter shares to be suspended on NYSE as Musk nears takeover
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Twitter Inc (TWTR.N) shares will be suspended from trading on Friday, the New York Stock Exchange's website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal for the social media platform. Musk, the world's richest person, visited Twitter's headquarters in San Francisco on Wednesday and hinted he was the company's top boss after updating his profile bio to "Chief Twit". The company's stock closed at $53.35 on the NYSE on Wednesday. They were up about 1% at $53.90 in extended trading, slightly below Musk's offer price. Reporting by Mrinmay Dey in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk visits Twitter headquarters ahead of deal close deadline
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Billionaire Elon Musk said on Wednesday he was entering Twitter Inc's (TWTR.N) San Francisco office, days ahead of a court-ordered deadline to close his $44 billion deal for the social media platform. said the caption to a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands. loadingTwitter confirmed Musk would visit the San Francisco office this week, but declined to comment further. The Tesla Inc (TSLA.O) CEO notified co-investors who committed to help fund the Twitter deal that he plans to close it by Friday, Reuters reported on Tuesday. Twitter shares were up about 1% at $53.31, just about $1 below Musk's offer price.

☆ Oman's sovereign wealth fund eyes tech investments in UK
▼ + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

RIYADH, Oct 26 (Reuters) - Oman's sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom's technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking at unlisted technology firms in the UK and expanding them. The UK's economy is experiencing a cost-of-living crisis as Rushi Sunak became its third prime minister in two months on Tuesday. The fund is focused on alternative energy technology, logistics and messenger-RNA technology used in some COVID-19 vaccines. Reporting by Hadeel Al Sayegh in Riyadh; Writing by Hadeel Al Sayegh and Yousef Saba in Dubai; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Musk informs co-investors he plans to close Twitter deal by Friday-source
▼ + stars: | 2022-10-25 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to provide $13 billion of debt financing to support the deal. The closure of the deal will put to rest months of speculation that the erratic entrepreneur would abandon the takeover.

☆ Musk informs co-investors he plans to close Twitter deal by Friday, person familiar says
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Elon Musk has notified co-investors who committed to help fund his $44 billion acquisition of Twitter Inc (TWTR.N) that he plans to close his buyout of the social media firm by Friday, according to a person familiar with the matter. The move is the clearest sign yet that Musk plans to comply with a Delaware court judge's deadline to complete the transaction by Friday. Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp (BAC.N), have committed to provide $13 billion of debt financing to support the deal.

☆ UAE sovereign wealth fund ADIA to launch new data lab
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 18 (Reuters) - The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates (UAE), plans to open an advanced data research centre, an independent entity within the fund with goals not linked to investment applications. ADIA Lab will formally launch on Dec. 2 and is part of moves across the government to promote digitalisation and advanced technological applications. It will be headed by Simon Horst as director, who was previously at Berkeley Lab and at the U.S. Department of Energy. The UAE is trying to diversify its economy away from hydrocarbons and investing in increasing the contribution of digital innovation and advanced technology to overall economic growth. It is also seeking to attract high skilled professionals globally in these and other data science-led sectors.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.

☆ Credit Suisse approached Middle Eastern fund for capital injection - source
▼ + stars: | 2022-10-17 | by ( Paritosh Bansal | ) www.reuters.com time to read: +1 min

NEW YORK, Oct 17 (Reuters) - Credit Suisse Group AG (CSGN.S) has approached at least one Middle Eastern sovereign wealth fund for a capital injection, according to a source familiar with the situation, as the Swiss bank looks at ways to restructure its operations. Credit Suisse's approach indicates that the sale of assets alone may be insufficient to cover the costs of an imminent overhaul. Register now for FREE unlimited access to Reuters.com RegisterA spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. Bloomberg reported separately that Abu Dhabi and Saudi Arabia were weighing, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses. Qatar's sovereign wealth fund, the Qatar Investment Authority, is also one of the largest investors in Credit Suisse.

☆ Blackstone converts Indian property to safe haven
▼ + stars: | 2022-10-06 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Oct 6 (Reuters Breakingviews) - A global downturn could boost demand for Indian real estate. The investor-cum-landlord led by Steve Schwarzman has played a big role in developing a local market for real estate investment trusts. Now it’s preparing to float a collection of glitzy shopping malls in what would be only the country’s fourth publicly traded REIT. Indian real estate trusts outperform U.S. peersFollow @ugalani on Twitter(The author is a Reuters Breakingviews columnist. On Sept. 27, Blackstone raised $325 million from selling an 8.1% stake in Embassy Office Parks REIT, per IFR.

☆ Indonesia Investment Authority names the four areas it's paying attention to
▼ + stars: | 2022-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia Investment Authority names the four areas it's paying attention toRidha Wirakusumah, CEO of Indonesia's sovereign wealth fund, says it's focusing on infrastructure, health care, digitalization and energy.

As market volatility persists amid Europe's energy crisis and worsening economic forecasts, companies are holding off on their plans to go public. Register now for FREE unlimited access to Reuters.com Register"One transaction alone cannot re-open the floodgates of IPO executions. This requires more predictable macro and reduced equity market volatility," said Antoine de Guillenchmidt, co-head of EMEA Equity Capital Markets at Goldman Sachs. Going forward, as interest rates continue to rise and companies look for financially efficient ways of refinancing their balance sheets, equity capital markets are likely to see a surge in convertible bond activity. "We will see many more convertibles and mandatory convertible instruments because some issuers don't have many alternatives, and investors are still very keen," said Andreas Bernstorff, head of equity capital markets at BNP Paribas.

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