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Amyris Hits Milestone, Raises Money from Temasek

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On December 24th, Emeryville-based Amyris Inc., a renewable products company, announced an agreement to sell senior convertible promissory notes in a private placement to Singapore’s sovereign wealth fund Temasek Holdings for US$ 25 million. The chemical and fuels company also sold an additional US$ 3 million to investors associated with Wolverine Asset Management (WAM), an alternative asset management firm that specializes in convertible arbitrage. WAM is headquartered in Chicago, Illinois.

The closing of the placement, which is expected around January 15 of 2014, is the second in a two round convertible note placement. Amyris announced in September that stockholders approved an offer up to US$ 110 million in senior convertible notes in two tranches, according to a press release issued by Amyris. The first closed on October 16. Temasek was part of a group of investors included in US$ 51.8 million issuance.

The latest issuance arose after Amyris completed “certain milestones” relating to “production metrics associate with Amyris’ production facility located in Brotas, Brazil, and completion of agreements related to Amyris’s fuels joint venture with Total,” Amyris said in a statement.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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