Connect with us

IPIC Launches Public Takeover Bid on 100% of CEPSA’s Share Capital

Published

on

The press release states, “the Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC), which currently owns 47.06% of CEPSA’s share capital, has announced today, through a significant event filed with the Spanish Securities Market Commission (CNMV), that it will launch a public takeover bid on the entire share capital of CEPSA. The offer price will be €28 per share, which assumes a €0.50 dividend that CEPSA will pay out prior to the settlement of the takeover bid (otherwise, the price would be adjusted so that the amount received by shareholders who accept the offer, adding up the price plus the dividend, would be €28.50 per share).

  • TOTAL has undertaken to tender all of the shares it owns in CEPSA in this offer, representing 48.83% of the share capital
  • The offer price has been set at €28 per share, plus a dividend of €0.50 which will be paid out to shareholders before the settlement of the bid
  • The transaction is conditional on obtaining all the required approvals and clearances from the Spanish Securities Market Commission (CNMV) and the competition authorities

As a result, the total deal would be valued at approximately €3,970 million if the offer were to be accepted by all shareholders. TOTAL has irrevocably undertaken to tender all of the shares it owns in this offer, equivalent to 48.83% of CEPSA’s share capital. These shares are held by TOTAL through its subsidiary Odival. The takeover bid, apart from requiring authorization from the Spanish Securities Market Commission, CNMV, must also obtain the necessary approvals and clearances from the competition authorities.”

Read more: CEPSA Press Release

SWFI First Read, June 22, 2018

Published

on

JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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

Continue Reading

DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

Published

on

The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

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

Continue Reading

Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

Published

on

In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.