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Chinese sovereign wealth fund interested in taking a stake in Fonterra, says Prime Minister Key

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The New Zealand Herald states, “Prime Minister John Key has revealed China’s US$200 billion ($349 billion) sovereign-wealth fund has signaled its interest in a stake in NZ dairy giant Fonterra if it changes its capital structure. China Investment Corp chief executive Lou Jiwei made the fund’s interest in Fonterra, and other New Zealand assets, clear in a meeting with Key at the Boao Forum for Asia two weeks ago.

But Key stressed it was up to Fonterra’s farmer shareholders to resolve the appropriate capital structure. Sources told the Herald Key’s preference would be for the NZ Superannuation Fund – rather than another nation’s wealth fund – to take a stake in Fonterra. The Prime Minister has made clear to Chinese investors that New Zealand would welcome increased investment particularly in greenfields or co-ventures. Key also met a representative from the Canadian suitor for Auckland International Airport whose successful bid for a 40 per cent stake was overturned when Labour Cabinet ministers changed the overseas investment rules.”

read more: New Zealand Herald

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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