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Central Huijin Investment plans to buy a 38% stake in New China Life Insurance

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Caijing reports that, “Central Huijin Investment Ltd., an arm of sovereign wealth fund China Investment Corp, will buy a 38% stake in New China Life Insurance Co. from the China Insurance Regulatory Commission (CIRC).

A person close to shareholders of New China Life, China’s fifth-largest insurer, told Caijing that the acquisition was approved by the State Council, China’s cabinet. The person added that the acquisition price will be set after Pricewaterhouse Coopers finishes its audit of New China Life’s 2008 accounts.

Central Huijin is a controlling shareholder in several Chinese financial institutions and is often called upon to restructure those in poor shape. The CIRC took 38 percent in New China Life following a 2007 investigation into alleged fund misuse at the insurer. It paid 2.7 billion yuan, or 5.99 yuan per share for its stake in the unlisted company.”

read more: Caijing

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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