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Group Led by bcIMC and Macquarie to Acquire Cleco

An institutional investor group led by British Columbia Investment Management Corporation (bcIMC) and Macquarie Infrastructure and Real Assets are acquiring Pineville-based Cleco Corporation, a public utility holding company. Cleco owns the regulated asset, Cleco Power LLC. There are other investors in the group such as John Hancock Financial. Institutional investors are attracted to public utilities with stable cash flows.

This transaction values Cleco at US$ 4.7 billion including assumed debt. The group is buying Cleco at US$ 55.37 per share, acquiring all outstanding shares in cash.

Community Relations

After the deal, Cleco Power will remain independently operated by local management and run out of Pineville, Louisiana. To placate the local community, the investor group is planning to form a charitable foundation for community support and hire local leaders to the board.

UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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