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Bloom Energy Blew Through Sovereign Wealth Money

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Sovereign funds were attracted to cleantech big time after 2008, but many got burned. After capital raising more than US$ 2 billion, Sunnyvale-based Bloom Energy Corporation has filed for a US$ 100 million initial public offering (IPO). Bloom Energy, the Silicon Valley fuel cell unicorn, raised mounds of capital courting sovereign funds such as the Kuwait Investment Authority, New Zealand Superannuation Fund and Alberta Heritage Fund (managed by Alberta Investment Management Company). Even the Canadian Pension Plan Investment Board (CPPIB) has exposure to Bloom Energy through convertible promissory notes.

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Tencent Contemplates A.S. Watson Investment

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Tencent Holdings Limited is contemplating a bid to acquire Temasek Holdings’s ownership stake in A.S. Watson, an Asian beauty and health retailer. Temasek Holdings has been trying to offload its 10% stake in A.S. Watson. The price tag could be around US$ 3 billion.

Alibaba Group Holding Limited has also expressed interest in the A.S. Watson investment.

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Canadian Pension Capital Eyes Inmarsat Takeover

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The board of Inmarsat plc received a non-binding US$ 3.3 billion takeover off from an investor group that includes Apax Partners, Warburg Pincus, and the Canada Pension Plan Investment Board (CPPIB). It is a cash offer of US$ 7.21 per company share for the entire issue. The Ontario Teachers Pension Plan also signaled to join the consortium, according to Inmarsat.

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Khazanah Nasional Could Close UK and Turkish Offices

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Malaysia’s Khazanah Nasional Berhad is contemplating shuttering its London office, not so much over issues with Brexit, but in a bid to save money on costs, as the wealth fund shifts its strategic focus. Khazanah is also scaling back its presence in Turkey, as the wealth fund does not need a significant presence there.

However, the wealth fund is keen on keeping offices in China and the United States, due to access to technology investments.

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