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Bpifrance Acquires APE’s Stake in PSA Group

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The Agence des Participations de l’Etat (APE), a French government holdings entity overseeing around 70 firms, sold its 12.7% ownership stake in automobile manufacturer PSA Group (also known as Groupe PSA) to Bpifrance for €1.92 billion (US$ 2.1 billion). This represents a €1.12 billion capital gain for APE.

Paris-based PSA Group makes cars and other vehicles under brands such as Citroën, DS Automobiles and Peugeot. Both state entities reiterated the French government would retain two board seats on PSA Group. The actual transaction plans to occur on May 20, 2017 during PSA Group’s annual shareholder meeting. PSA Group is also waiting for approval to acquire Opel from General Motors.

Dongfeng Motor (Hong Kong) International Co., Limited and Établissements Peugeot Frères, the Peugeot family holding company, remain key shareholders in PSA Group.

On March 14, 2017, PSA launched a €600 million bond issue with a 7-year maturity. The bond issue was helped by BNP Paribas, CA CIB, Commerzbank, HSBC, Natixis, Santander, Société Générale, BBVA, CM CIC, Citi and NatWest Markets.

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HSBC and CIC Hold Talks on Bilateral Investment Fund

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Taking a page from the Goldman Sachs cooperative fund deal, banking giant HSBC and the China Investment Corporation (CIC) are in talks to form a £1 billion fund to invest in U.K. companies that have linkages to the Chinese economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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