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South Korea and Qatar Develop Investment Taskforce

Finance Minister Bahk Jae Wan

Finance Minister Bahk Jae Wan

In Seoul, the Korean Ministry of Land, Transport and Maritime Affairs signed a memorandum of understanding (MOU) with Qatar Holding LLC to outline the creation of a joint infrastructure cooperation taskforce. Qatar has extensive natural gas reserves, while South Korea has a number of conglomerates that are significant in the engineering and shipbuilding sectors. Korean firms are keen on winning more foreign construction projects.

The meetings are planned to occur two times year to discuss prospective investment projects. If a project has merit, the government of South Korea will allocate funds from its global infrastructure fund to be invested alongside the Qatar Investment Authority.

On October 20, 2012, Samsung Engineering Co., Ltd, the biggest engineering firm in Korea was awarded the Yanbu refinery expansion project from Luberef (Saudi Aramco Lubricating Oil Refining Company). It was a US$ 871 million deal. Luberef is a joint venture between Saudi Aramco (owns 70%) and Jadwa Industrial Investment Company (owns 30%).

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.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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