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SWFI First Read, May 23, 2016

Bayer Bids for Monsanto

Leverkusen-based Bayer AG put out an unsolicited US$ 62 billion all-cash offer to acquire St. Louis-based Monsanto Co.

Altico Capital Closes on 2 Indian Residential Deals

Altico Capital, a non-banking finance company backed by Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners, closed two real estate deals in India. Altico Capital closed a Rs 80 crore deal with Mumbai-based Shree Sai Group for a residential development called “The Nest” in Andheri West. The other residential project, Arena I, is a Rs 50 crore transaction with Noida-based Lotus Greens group located in Noida.

Claude Sirois Promoted to President of Ivanhoé Cambridge Retail

Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), named of Claude Sirois as President, Ivanhoé Cambridge Retail. He was Executive Vice President, Shopping Centres, North America, Ivanhoé Cambridge. The retail division is the biggest business unit in Ivanhoé Cambridge.

CIBC Mellon President to Retire End of Year

The President and CEO of CIBC Mellon, Thomas S. Monahan, plans to retire at the end of 2016. A transition plan is being formed as no successor has been named yet. CIBC Mellon, is a 50:50 joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon. It was originally formed in 1996 between CIBC and Mellon Financial Corporation.

Total and Oil Search to Split Up Assets in InterOil

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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.

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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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