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Temasek Holdings Maintains Confidence in AgBank

Chinese state media reports that Temasek Holdings has no intention of reducing its position in the Agricultural Bank of China. Temasek Holdings, Kuwait Investment Authority, Qatar Investment Authority, and other governmental investors were cornerstone investors in Agricultural Bank of China’s $21 billion initial public offering. The bank is China’s third largest lender and they made a net profit of 45.8 billion yuan in the first half of 2010. Profits are rising for this bank by the growth in fee & commission income and widening net interest margin.

Temasek Holdings recently sold large stakes in the Bank of China Ltd and China Construction Bank Corp. Temasek Holdings wanted to manage exposure to the Chinese banking system, especially after Moody’s cautioned of a potential ratings downgrade for Chinese banks.

Bank Stats

Period Net Interest Income (USD Millions)
3/31/2011 10,770.25
12/31/2010 10,338.71
9/30/2010 9,312.98
6/30/2010 8,576.40

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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