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Goldman Sachs Wins Allied Irish Bank Restructuring Mandate

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Ireland’s Ministry of Finance has hired Goldman Sachs Group to advise on a potential capital restructuring for Allied Irish Banks (AIB). AIB was bailed out and nationalized in 2010, receiving nearly €21 billion. It was one of the most expensive banking bailouts in world history. Anglo Irish Bank was more costly, requiring a €34 billion bailout. The Irish government controls 99.8% of AIB’s equity. In December 2014, Goldman Sachs was chosen after a small competitive process. Goldman Sachs will be advising the Irish government on the optimum capital structure for the state-controlled bank, to make sure it is sufficiently capitalized and maximize value for the taxpayer.

“Given the significant progress made by AIB in 2014 and the expectations for 2015 my officials are engaged in discussions with the bank’s management team to explore how best to reconfigure the bank’s capital structure to make it fit for purpose and agree a roadmap that will see the bank begin to return cash to the State,” said Irish Finance Minister Michael Noonan, according to a news release.

Votorantim Energia and CPPIB Expand JV via CESP Transaction

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Votorantim Energia and Canada Pension Plan Investment Board (CPPIB) disclosed that a consortium formed by their joint venture has acquired the controlling stake in Brazilian hydro generation company Companhia Energética de São Paulo (CESP), acquiring 80.2% of its common shares and 13.7% of its class B preferred shares. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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