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Friday SWFI News Roundup, November 7, 2014

Songbird Rejects QIA and Brookfield Takeover Offer

The Qatar Investment Authority (QIA) and Brookfield Property Partners have reached out to Songbird Estates, the 69.4% owner of Canary Wharf real estate development, in a bid for takeover. Songbird Estates is partially-owned by sovereign funds such as QIA and the China Investment Corporation. On Friday, Songbird Estates rejected the QIA-Brookfield proposal to pay £2.95 a share in cash – valuing the firm at £2.18 billion.

In the press release, Songbird Chairman David Pritchard stated, “This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets.”

HSBC Tower Deal Has Last Minute Offer

The Qatar Investment Authority (QIA) was moving in on its bid for HSBC Tower in Canary Wharf. Ping An, the Chinese life insurance company, made a last minute bid to outflank the QIA. However, the tower at 8 Canada Square will sell to whichever party is first to finalize the legal work on the purchase. Both the QIA and Ping An, beat out Norges Bank Investment Management (NBIM) and Gingko Tree, a unit of SAFE Investment Company. The deal is expected to close at the end of November. Korea’s National Pension Service (NPS) is looking to walk away with a handsome profit.

BNY Mellon Moves on LDI, Poaches Russell’s Raynor

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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