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Mubadala May Divest From Some Legacy Chemical or Petrol Assets

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Now that Mubadala and the International Petroleum Investment Co. (IPIC) are integrated as one entity, the state-owned giant is continually reviewing its holdings and investments, especially in petrochemicals. Petrochemicals remain a significant portion of Mubadala’s investment portfolio. Some of these assets that were brought in from IPIC include Cosmo Oil Company, Limited, Nova Chemicals Corporation and Borealis AG. In April 2017, Nova Chemicals spent US$ 2.1 billion in cash to acquire an 88.46% stake in the Geismar Olefins plant in Louisiana from Tulsa, Oklohama-based pipeline operator Williams Partners LP. In addition, Nova Chemicals inked a long-term feedstock supply and transportation agreement with Williams Partners’ subsidiaries.

Divestitures, Mergers or Spin-offs

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Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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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

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