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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.

Bailouts and Conflict of Interest

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China Helps Pakistan’s Foreign Reserves

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Despite Pakistan witnessing an increase in exports, the rapid increase in crude prices and lackluster financial inflows, have affected the country’s balance of payments position. Trying to avoid a full-scale currency crisis, Pakistan is also dealing with a fiscal budget deficit and a current account deficit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Russia-Japan Investment Fund to Back Wood Pellet Production in Russia

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The Russian Far East has a lot of timber, and for that wood pellets is a source of biofuel. A while back, the Russian Direct Investment Fund (RDIF) formed the Russia-Japan Investment Fund (RJIF) with the Japan Bank for International Cooperation (JBIC). RDIF and JBICIG Partners as part of RJIF, together with RFP Group and Japan’s Prospect Co., Ltd. have agreed to collaborate and consider potential investments in Russia’s biofuel industry. JBICIG Partners is a subsidiary of the Japan Bank for International Cooperation.

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RDIF Lures Asian Investors Toward Russian Surgical Robot Project

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The Russian Direct Investment Fund (RDIF) is partnering with a number of unnamed Asian co-investors to allocate capital toward a project to create and manufacture Russian surgical robots. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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