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Temasek Holdings Invests in NA Natural Gas Fuel Provider

The market adoption of natural gas as a source for vehicle fuel is growing rapidly in the world. Natural gas fueling services are positioned to propagate in the United States and Canada. In North America, Clean Energy Fuels Corporation is a major provider of natural gas fuel for transportation.

The company has operations in LNG and CNG vehicle fueling. Three investment entities, including Temasek Holdings have agreed to invest US$ 150 million in the company through the form of 7.5% convertible notes due in 2016. Notes will be convertible to shares of common stock at US$15.00 per share. The other major investor in this deal is RRJ Capital founded by Richard Ong. Earlier in April 2011, Temasek Holdings partnered with RRJ Capital on a deal to take a large controlling stake in Frac Tech Holdings.

Deal Investors:

  1. Springleaf Investments Pte. Ltd – Sovereign Wealth Enterprise of Temasek Holdings
  2. Lionfish Investments Pte Ltd – Subsidiary of Seatown Holdings International Pte. Ltd
  3. Greenwich Asset Holding Ltd – Subsidiary of RRJ Capital Master Fund I, L.P.

“This investment by Temasek, Seatown and RRJ demonstrates their confidence in the opportunity for fueling natural gas vehicles as well as in Clean Energy’s position as the leader in growing this market,” said Andrew J. Littlefair, President and CEO of Clean Energy. “Our development program for fueling station-building is expanding rapidly and we welcome the support provided by the funds.”

Source: Press Release

SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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