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SWFI First Read, October 26, 2015

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CPPIB and GIC Acquire Majority Stake in Brazilian Mall

The Canada Pension Plan Investment Board (CPPIB) and Singapore’s GIC Private Limited acquired a 66% interest in a São Paulo shopping mall from Rio de Janeiro-based mall operator Aliansce and another party for around US$ 90 million. Specifically, CPPIB and GIC are acquiring a 50% stake of Santana Parque for US$ 67 million from General Shopping, while together buying a 16% stake from Aliansce in Santana Parque for US$ 22 million. Veirano Advogados and Pinheiro Neto Advogados advised GIC and CPPIB on the transaction.

ECB Board Member Mersch Seeks a Single Platform for Processing Cash and Securities

At the October 2015 Sibos conference, European Central Bank (ECB) board member Yves Mersch stated the central bank is looking at having a single platform for the processing of cash and securities across the Eurosystem. Providers like Euroclear have been forming new ventures with financial institutions in order to assist firms in meeting collateral requirements.

US DOL Issues New Guidance as ESG

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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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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

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