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Poste Italiane IPO Attracts Sovereign Wealth

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The Italian government raised €3.4 billion (US$ 3.8 billion) in its initial public offering (IPO) for Poste Italiane SpA, a postal company that has business lines in finance and insurance. This is Italy’s largest IPO since 1990 and largest state sell-off since 2005. The symbolic move could suggest that Italian Prime Minister Matteo Renzi is keen on opening up Italy’s economy to overseas institutional investors. Renzi is on a quest to modernize Italy, while cutting the country’s heavy debt load. The final price was set for €6.75 per share. The IPO values the postal giant at €8.8 billion (US$ 9.9 billion). The IPO offered a 34.7% stake of Poste Italiane. Italy’s Department of the Treasury will remain the largest shareholder of Poste Italiane, holding more than 60%. The IPO increases a level of public accountability and transparency for the postal institution.

IPO Details and Sovereign Wealth Funds

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SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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