UAE’s Aabar to raise minority buyout price

July 19, 2010 By Leave a Comment

(Reuters) – UAE government officials have told Aabar Investments (AABAR.AD) to raise its buyout offer to minority shareholders by over a third after the Abu Dhabi company angered investors with a lowball bid.

Aabar, controlled by government investment vehicle International Petroleum Investment Corp (IPIC), must increase the price to 1.95 dirhams per share from the 1.45 announced last week, the United Arab Emirates’ bourse watchdog said in a statement on Sunday, citing the ruling of a panel that included officials from the UAE economy ministry.

It said the new offer price is based on the average closing price of the share in the six months preceding the offer.

The announcement from the Emirates Securities & Commodities Authority (SCA) sent Aabar’s share price up 8.3 percent to 1.59 dirhams and drew renewed criticism from an investment community already angry that the initial offer was so low.

“The timing has been unfortunate. The suggestion that 1.45 would be the trade price would have caused investors to sell around that level,” says Zahed Chowdhury of Al Mal Capital.

“The fact there are no clear rules and regulations for such events didn’t help anybody.”

Another investor said trading in the investment firm, whose holdings include about 9 percent of German carmaker Daimler (DAIGn.DE) and 4.99 percent of Italian bank UniCredit (CRDI.MI), should have been halted after news on July 12 that the government panel would study the offer.

“Who will profit and who will lose and who will compensate (those) who had to sell last week between 1.42 and 1.45?” said Mohamed Ali Yasin, CEO of Shuaa Securities.

“I believe that the small investor got mostly hurt in this, and he is the one the regulator is trying to protect the most in this market, and that is not what happened here.”

In Sunday’s announcement, SCA also said the offer period should run from July 20 until August 5. The original period was July 12-August 1.

A shareholder meeting to approve delisting is scheduled for August 15. The statement also said the transaction should be complete by August 10.

DELISTING AFTER LESS THAN 5 YEARS

The delisting move was announced earlier this year and some investors had hoped for a much higher price.

It takes Aabar, one of the more transparent groups in the secretive world of sovereign funds since its IPO in late 2005, back into the shadows, and marks the first retreat of a local firm from the Abu Dhabi bourse.

Aabar is majority owned by IPIC, and has assets estimated at about $10 billion, including the stakes in Daimler and UniCredit, which are together worth about $7.8 billion based on Reuters data and closing share prices last week.

According to Abu Dhabi bourse data, IPIC holds 75.5 percent of Aabar.

PRICE STILL TOO LOW?

Valuation is tricky, and it is unclear exactly how many shares are in issue and how many are held by minorities, but investors say even the improved offer undervalues their holdings.

“It is difficult to come up with a valuation because there isn’t complete transparency in terms of the derivatives on Aabar’s balance sheet,” says Robert McKinnon, ASAS Capital chief investment officer.

(But) “The rest is typically fairly easy to value because it is a pretty much a holding company and so we can look at its net asset value, which is essentially the book value.

“The offer price is about 55 to 60 percent of this and the question a lot of people are asking is; Why there is such a discrepancy?”

McKinnon said he nevertheless expects minority shareholders to accept Aabar’s revised offer, although cheap compared to the company’s balance sheet, because of the current economic environment.

Aabar and IPIC were not immediately available for comment.

(Additional reporting by Stanley Carvalho in Abu Dhabi, Writing by Andrew Callus, Editing by Dinesh Nair)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-UAE watchdog asks for higher Aabar buyback price

July 19, 2010 By Leave a Comment

July 18 (Reuters) – Abu Dhabi state fund Aabar Investments (AABAR.AD) should raise the buyback price it pays minority shareholders to 1.95 dirhams per share from 1.45 previously, the United Arab Emirates’ bourse watchdog said on Sunday.

The move follows complaints from shareholders that the initial price was too low. Aabar shares jumped 9.7 percent to 1.59 dirhams in early trading on the Abu Dhabi bourse. On July 12, a committee including Emirates Securities & Commodities Authority (ESCA) and the ministry of the economy met with Aabar to come up with a proposal for its buyback plan.

It asked Aabar to raise the offer price and to change the period in which it is open to July 20-Aug. 5 from July 12-Aug. 1, the watchdog’s statement said. (Reporting by Andres Callus, Editing by Dinesh Nair)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Delhaize Group Obtains Approval to Squeeze-Out Minority Shareholders of its Greek Subsidiary Alfa Beta

July 16, 2010 By Leave a Comment

BRUSSELS, BELGIUM, Jul 15 (MARKET WIRE) —
Delhaize Group (Euronext Brussels: DELB – NYSE: DEG), the Belgian
international food retailer, announced today that its wholly-owned
subsidiary Delhaize “The Lion” Nederland B.V. (Delned) has received the
approval of the Hellenic Capital Market Commission to squeeze- out the
minority shareholders of its Greek subsidiary Alfa Beta Vassilopoulos S.A.
at a price of EUR 35.73 per common registered share.

On July 8, 2010, the Hellenic Capital Market Commission (CMC) approved the
squeeze-out of the minority shareholders in Alfa Beta Vassilopoulos S.A.
(Alfa Beta) at EUR 35.73 per share by Delhaize Group’s wholly owned
subsidiary Delhaize “The Lion” Nederland B.V. (Delned). The last date of
trading of Alfa Beta’ shares is fixed at the 30(th) of July 2010 and
settlement is planned for August 9, 2010. Today, Delhaize Group owns
through Delned approximately 90.87% of the total shares of Alfa Beta.
Upon reaching 95% of the voting rights in Alfa Beta, Delned intends to
initiate the process to delist Alfa Beta from the Athens Exchange.

On March 12, 2010, Delned launched a voluntary public offering for all
outstanding shares in Alfa Beta not held by it at EUR 35.73 per share in
cash. The information circular was approved by the CMC on April 8, 2010.
On June 4, 2010, Delned requested the CMC’s approval for the squeeze-out
which was obtained on July 8, 2010, as Delned holds more than 90% of the
total voting rights in Alfa Beta.

The results of Alfa Beta will be fully consolidated without minorities in
Delhaize Group’s results as from August 2010.

Please consult the website of the Athens Exchange (www.athex.gr) for
formal announcements of Delned and Alfa Beta regarding this voluntary
public offering and squeeze-out.

Alfa Beta is a Greek food retail company which was established in 1969.
At the end of the first quarter of 2010, Alfa Beta’s sales network
consisted of 218 stores (of which 169 company-operated, 39 affiliated
stores and 10 Cash-and-Carry stores). In 2009, Alfa Beta’s consolidated
revenues amounted to EUR 1 471 million and its consolidated operating
profit to EUR 59 million. At the end of 2009, Alfa Beta employed
approximately 9 500 people. Until its delisting, Alfa Beta will still be
listed on the Athens Exchange (BASIK), where it is listed since 1990.
Delhaize Group acquired approximately 51% of the capital of Alfa Beta in
1992. Today, Delhaize Group owns through its wholly-owned subsidiary
Delned approximately 90.87% of the total shares of Alfa Beta.

Delhaize Group is a Belgian food retailer present in six countries on
three continents. At the end of the first quarter of 2010, Delhaize
Group’s sales network consisted of 2 725 stores. In 2009, Delhaize Group
posted EUR 19.9 billion (USD 27.8 billion) in revenues and EUR 514
million (USD 717 million) in net profit (Group share). At the end of
2009, Delhaize Group employed approximately 138 000 people. Delhaize
Group’s stock is listed on Euronext Brussels (DELB) and the New York
Stock Exchange (DEG).

This press release is available in English, French and Dutch. You can also
find it on the website http://www.delhaizegroup.com. Questions can be
sent to investor@delhaizegroup.com.

>> Contacts

Guy Elewaut: + 32 2 412 29 48
Geert Verellen: + 32 2 412 83 62
Aurelie Bultynck: + 32 2 412 83 61
Amy Shue (U.S. investors): +1 704 633 8250 (ext.2529)
Barbera Hoppenbrouwers (media): + 32 2 412 86 69

cautionary note regarding forward looking statements

Statements that are included or incorporated by reference in this press
release and other written and oral statements made from time to time by
Delhaize Group and its representatives, other than statements of
historical fact, which address activities, events and developments that
Delhaize Group expects or anticipates will or may occur in the future,
including, without limitation, statements about strategic options, future
strategies and the anticipated benefits of these strategies, and the
squeeze-out of the minority shareholders in Alfa-Beta discussed herein,
are “forward-looking statements” within the meaning of the U.S. federal
securities laws that are subject to risks and uncertainties. These
forward-looking statements generally can be identified as statements that
include phrases such as “projected”, “may”, “expect”, “anticipate”,
“intend”, “plan”, “will” or other similar words or phrases. Although such
statements are based on current information, actual outcomes and results
may differ materially from those projected depending upon a variety of
factors, including, but not limited to, changes in legislation or
regulation, the general economy or the markets of Delhaize Group, in
consumer spending, in inflation or currency exchange rates ; competitive
factors; adverse determination with respect to claims; inability to
timely develop, remodel, integrate or convert stores; and supply or
quality control problems with vendors. In particular there can be no
assurance as to the consummation or timing of the squeeze-out or the
realization of any synergies. Additional risks and uncertainties that
could cause actual results to differ materially from those stated or
implied by such forward-looking statements are described in Delhaize
Group’s most recent Annual Report on Form 20-F and other filings made by
Delhaize Group with the U.S. Securities and Exchange Commission, which
risk factors are incorporated herein by reference. Delhaize Group
disclaims any obligation to update developments of these risk factors or
to announce publicly any revision to any of the forward-looking
statements contained in this release, or to make corrections to reflect
future events or developments.

[HUG#1431714]

Press release in pdf format:

http://hugin.info/133961/R/1431714/378013.pdf

This announcement is
distributed by Thomson Reuters on behalf of Thomson Reuters clients. The
owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other
applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Delhaize Group via Thomson Reuters ONE

Copyright 2010, Market Wire, All rights reserved.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Delhaize Group: Delhaize Group Obtains Approval to Squeeze-Out Minority Shareholders of its Greek Subsidiary Alfa Beta

July 16, 2010 By Leave a Comment

BRUSSELS, Belgium – July 15, 2010 – Delhaize Group (Euronext Brussels: DELB – NYSE:
DEG), the Belgian international food retailer, announced today that its wholly-owned
subsidiary Delhaize “The Lion” Nederland B.V. (Delned) has received the approval of the
Hellenic Capital Market Commission to squeeze-out the minority shareholders of its Greek
subsidiary Alfa Beta Vassilopoulos S.A. at a price of EUR 35.73 per common registered
share.

On July 8, 2010, the Hellenic Capital Market Commission (CMC) approved the squeeze-out
of the minority shareholders in Alfa Beta Vassilopoulos S.A. (Alfa Beta) at EUR 35.73
per share by Delhaize Group’s wholly owned subsidiary Delhaize “The Lion” Nederland B.V.
(Delned). The last date of trading of Alfa Beta’ shares is fixed at the 30th of July
2010 and settlement is planned for August 9, 2010. Today, Delhaize Group owns through
Delned approximately 90.87% of the total shares of Alfa Beta. Upon reaching 95% of the
voting rights in Alfa Beta, Delned intends to initiate the process to delist Alfa Beta
from the Athens Exchange.

On March 12, 2010, Delned launched a voluntary public offering for all outstanding
shares in Alfa Beta not held by it at EUR 35.73 per share in cash. The information
circular was approved by the CMC on April 8, 2010. On June 4, 2010, Delned requested the
CMC’s approval for the squeeze-out which was obtained on July 8, 2010, as Delned holds
more than 90% of the total voting rights in Alfa Beta.

The results of Alfa Beta will be fully consolidated without minorities in Delhaize
Group’s results as from August 2010.

Please consult the website of the Athens Exchange (www.athex.gr) for formal
announcements of Delned and Alfa Beta regarding this voluntary public offering and
squeeze-out.

Alfa Beta is a Greek food retail company which was established in 1969. At the end of
the first quarter of 2010, Alfa Beta’s sales network consisted of 218 stores (of which
169 company-operated, 39 affiliated stores and 10 Cash-and-Carry stores). In 2009, Alfa
Beta’s consolidated revenues amounted to EUR 1 471 million and its consolidated
operating profit to EUR 59 million. At the end of 2009, Alfa Beta employed approximately
9 500 people. Until its delisting, Alfa Beta will still be listed on the Athens Exchange
(BASIK), where it is listed since 1990. Delhaize Group acquired approximately 51% of the
capital of Alfa Beta in 1992. Today, Delhaize Group owns through its wholly-owned
subsidiary Delned approximately 90.87% of the total shares of Alfa Beta.

Delhaize Group is a Belgian food retailer present in six countries on three continents.
At the end of the first quarter of 2010, Delhaize Group’s sales network consisted of 2
725 stores. In 2009, Delhaize Group posted EUR 19.9 billion (USD 27.8 billion) in
revenues and EUR 514 million (USD 717 million) in net profit (Group share). At the end
of 2009, Delhaize Group employed approximately 138 000 people. Delhaize Group’s stock is
listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG).

This press release is available in English, French and Dutch. You can also find it on
the website http://www.delhaizegroup.com http://www.delhaizegroup.com/ . Questions can
be sent to investor@delhaizegroup.com mailto:investor@delhaizegroup.com .

» Contacts

Guy Elewaut: + 32 2 412 29 48
Geert Verellen: + 32 2 412 83 62
Aurélie Bultynck: + 32 2 412 83 61
Amy Shue (U.S. investors): +1 704 633 8250 (ext.2529)
Barbera Hoppenbrouwers (media): + 32 2 412 86 69

cautionary note regarding forward looking statements

Statements that are included or incorporated by reference in this press release and
other written and oral statements made from time to time by Delhaize Group and its
representatives, other than statements of historical fact, which address activities,
events and developments that Delhaize Group expects or anticipates will or may occur in
the future, including, without limitation, statements about strategic options, future
strategies and the anticipated benefits of these strategies, and the squeeze-out of the
minority shareholders in Alfa-Beta discussed herein, are “forward-looking statements”
within the meaning of the U.S. federal securities laws that are subject to risks and
uncertainties. These forward-looking statements generally can be identified as
statements that include phrases such as “projected”, “may”, “expect”, “anticipate”,
“intend”, “plan”, “will” or other similar words or phrases. Although such statements are
based on current information, actual outcomes and results may differ materially from
those projected depending upon a variety of factors, including, but not limited to,
changes in legislation or regulation, the general economy or the markets of Delhaize
Group, in consumer spending, in inflation or currency exchange rates ; competitive
factors; adverse determination with respect to claims; inability to timely develop,
remodel, integrate or convert stores; and supply or quality control problems with
vendors. In particular there can be no assurance as to the consummation or timing of the
squeeze-out or the realization of any synergies. Additional risks and uncertainties that
could cause actual results to differ materially from those stated or implied by such
forward-looking statements are described in Delhaize Group’s most recent Annual Report
on Form 20-F and other filings made by Delhaize Group with the U.S. Securities and
Exchange Commission, which risk factors are incorporated herein by reference. Delhaize
Group disclaims any obligation to update developments of these risk factors or to
announce publicly any revision to any of the forward-looking statements contained in
this release, or to make corrections to reflect future events or developments.

HUG#1431714

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Alcon Independent Director Committee Announces Creation and Funding of Litigation Trust

July 9, 2010 By Leave a Comment

HUENENBERG, Switzerland–(Business Wire)–
The Alcon Independent Director Committee (the “IDC”) announced today the
creation and funding of the Alcon Litigation Trust (the “Trust”), an irrevocable
trust established under New York law pursuant to a resolution of the Alcon board
of directors. The current members of the IDC are the initial trustees of the
Trust.

The Trust, which has been funded with $50 million, is intended to provide the
financial means to commence, defend or maintain litigation relating to any
transaction between Alcon and a majority shareholder, including the transaction
contemplated by the merger proposal announced by Novartis AG (“Novartis”) on
January 4, 2010. The Trust has been created to ensure the protection of the
interests of Alcon and its minority shareholders in connection with any such
transaction. For example, without the Trust, once Novartis becomes Alcon`s
majority shareholder, it could attempt to cause Alcon to withhold funds from the
IDC and thereby frustrate the IDC`s ability to effectively protect the minority
shareholders through a litigation strategy.

Thomas G. Plaskett, Chairman of the IDC, said, “Novartis` merger proposal is not
only grossly inadequate to the minority shareholders of Alcon, which include its
valuable employees, but also creates considerable legal uncertainty that could
very likely result in significant litigation costs and delays in achieving
merger synergies for both companies in the absence of a negotiated transaction.
Given Novartis` actions and statements to date, we unfortunately can ill-afford
to assume that Novartis will voluntarily honor the fair process contemplated by
Alcon`s organizational documents, Swiss law and established principles of good
corporate governance. Therefore, we felt that it is necessary to take this step
now to help ensure that the fair process is observed once Novartis completes the
acquisition of Nestlé`s stake in Alcon.”

The Trust`s property is held solely for the benefit of Alcon`s minority
shareholders and may only be expended to the extent determined by the trustees
to be in the best interests of Alcon and its minority shareholders. Of the $50
million comprising the Trust`s property, no more than $10 million may be used
for fees, expenses or liabilities that are not mandatory court costs such as the
advancement of judicial costs or the posting of a bond or other security by a
party seeking injunctive relief. As the principal purpose of any bond or other
security required by a court is to serve as compensation to an enjoined party in
the event that such party incurs losses as a result of any granted injunctive
relief that is ultimately overturned, the vast majority of the Trust`s property
will ultimately be either disbursed to Novartis or returned to Alcon upon
termination of the Trust.

The Trust will terminate, among other circumstances, if a majority of the group
comprising the trustees and the other non-conflicted members of the IDC as of
such time recommend a transaction between Alcon and Novartis in accordance with
the processes set forth in Alcon`s organizational documents. The Trust will also
terminate if a court of competent jurisdiction, in a final, non-appealable,
binding order or decision, holds either that the transaction contemplated by
Novartis` merger proposal is legal, valid and effective or that Novartis`
removal of the current IDC members from the Alcon Board of Directors is legal,
valid and effective.

Please refer to the complete trust agreement for all terms and conditions
governing the Trust, which the IDC has posted on its website:
www.transactioninfo.com/alcon. The IDC has also posted a series of questions and
answers about the Trust.

Greenhill & Co., Sullivan & Cromwell LLP and Pestalozzi, Zurich, are continuing
to act as financial and legal advisors to the IDC.

About Alcon

Alcon, Inc. is the world`s leading eye care company, with sales of approximately
$6.5 billion in 2009. Alcon, which has been dedicated to the ophthalmic industry
for 65 years, researches, develops, manufactures and markets pharmaceuticals,
surgical equipment and devices, contacts lens solutions and other vision care
products that treat diseases, disorders and other conditions of the eye. Alcon
operates in 75 countries and sells products in 180 markets. For more information
on Alcon, Inc., visit the Company`s website at www.alcon.com.

Caution Concerning Forward-Looking Statements. This press release may contain
forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Any forward-looking statements reflect
the views of the IDC as of the date of this press release with respect to future
events and are based on assumptions and subject to risks and uncertainties.
Given these uncertainties, you should not place undue reliance on these
forward-looking statements. There can be no guarantee that Novartis or Alcon
will achieve any particular future financial results or future growth rates or
that Novartis or Alcon will be able to realize any potential synergies,
strategic benefits or opportunities as a result of the consummation of the
Novartis purchase or the proposed merger. Also, there can be no guarantee that
the IDC will obtain any particular result. Except to the extent required under
the federal securities laws and the rules and regulations promulgated by the
Securities and Exchange Commission, we undertake no obligation to publicly
update or revise any of these forward-looking statements, whether to reflect new
information or future events or circumstances or otherwise.

Media Inquiries:
Brunswick Group
Steve Lipin/Lauren Levin-Epstein, 212-333-3810
or
Investor Inquiries:
Mackenzie Partners
Bob Marese/Larry Dennedy, 800-322-2885

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-MTS, Comstar boards approve merger, shares up

June 26, 2010 By Leave a Comment

MOSCOW, June 25 (Reuters) – The boards of Russia’s top mobile operator MTS (MBT.N) and its Comstar (CMSTq.L) fixed line unit on Friday recommended a merger between the two in an up to $1.03 billion bid to cut costs and offer more services.

MTS, which currently holds 62 percent in Comstar, has offered to buy another 9 percent from minority shareholders at 220 roubles ($7.08) per share, implying an 8 percent premium from Thursday’s close of $6.55 in the London-listed GDRs.

Those who do not take up the offer will then be able to swap each of their shares in Comstar for 0.825 of a shares in MTS, the two companies said in a joint statement.

Shares in MTS (MTSI.MM) were up 2.3 percent at 241.94 roubles and shares in Comstar (CMST.MM) were up 2 percent by 0800 GMT, outperforming a flat broad market index MICEX .

The deal — which will create the largest integrated telecommunications provider in Russia and the CIS — is expected to be completed in the second quarter of 2011.

The parameters were in line with figures reported earlier by Kommersant business daily. [ID:nLDE65O03J]

Any MTS or Comstar shareholders who vote against the deal will be able to sell their shares back to the company concerned, at 245.19 and 212.85 roubles respectively, as per Russian law.

“In the event of full election of the cash alternatives, through the VTO and the sale of shares back to Comstar, the implied transaction value could be up to $1,030 million,” the statement said.

“The merger will enable the full integration of the Comstar and MTS customer bases and the provision of bundled service offerings across Russia, which we believe will further enhance our combined competitive position,” MTS Chief Executive Mikhail Shamolin said in a statement.

“In particular, the merger is expected to streamline common business processes and further optimise operating and capital expenditure.”

Analysts at Troika reiterated their “buy” recommendation on both stocks, saying the deal would be “value accretive”. (Reporting by Dmitry Sergeyev and Toni Vorobyova; Editing by David Holmes) ($1=31.06 Rouble)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 2-Carlsberg raises China brewer stake for $380 mln

June 11, 2010 By Leave a Comment

COPENHAGEN, June 10 (Reuters) – Danish brewer Carlsberg (CARLb.CO) has agreed to raise its stake in China’s Chongqing Brewery Co Ltd (“CBC”) to nearly 30 percent for about 2.1 billion crowns ($378.7 million) to further its Asian expansion.

Carlsberg said on Thursday it would increase its stake in CBC to 29.71 percent from 17.46 percent.

The purchase price for the 12.25 percent stake in CBC is 40.22 yuan per share, or about 2.39 billion yuan, Carlsberg A/S said in a statement.

“The transaction is conditional upon a number of steps and approvals by authorities and minority shareholders,” it said.

CBC operates 15 breweries in China and produced about 10 million hectolitres of beer in 2009, Carlsberg said.

Carlsberg, the world’s fourth-biggest brewer, sold more than 135 million hectolitres of beer last year, which is about 40 billion bottles of beer annually, the company said.

CBC is market leader in the Chongqing province and operates in the surrounding provinces of Sichuan, Guizhou, Guangxi and Hunan and in the eastern Chinese provinces of Anhui, Zhejiang and Jiangsu, Carlsberg said.

Nomura International has acted as financial advisor to Carlsberg, Carlsberg said.

Shares in Carlsberg closed at 483.10 crowns on Wednesday. Trade on the Copenhagen bourse resumes at 0700 GMT. ($1=5.546 Danish Crown) (Reporting by John Acher; editing by Simon Jessop)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Scenarios: Bid frenzy around Australia’s Macarthur Coal

April 10, 2010 By Leave a Comment

(Reuters) – Australia’s Macarthur Coal (MCC.AX), the world’s leading exporter of cleaner, pulverized coal used in steelmaking, is a company in demand.

Deals

The miner has this week rejected two bids of nearly $3.5 billion, and is seeking to go ahead with an alternative plan to make an acquisition of its own.

Macarthur has spurned a $3.45 billion offer from New Hope (NHC.AX) and an earlier $3.3 billion offer from Peabody Energy (BTU.N), the world’s largest private-sector coal producer.

Instead, Macarthur is pursuing an agreed deal under which it would take over smaller Gloucester Coal (GCL.AX) and hand a 25 percent stake in itself to commodity trader Noble Group (NOBG.SI).

Time is short. Macarthur shareholders are due to vote on Monday on the Gloucester/Noble deal.

Key to the outcome are Macarthur’s three big shareholders — China’s CITIC Resources Holdings (1205.HK) and steel giants ArcelorMittal SA (ISPA.AS) and South Korea’s POSCO (005490.KS) — who hold a combined 47.3 percent.

What’s next in this complex, fast-paced takeover battle?

A BETTER OFFER

Quietly, this may be what Macarthur is hoping for. While it has said Monday’s vote will go ahead, it added that it could delay the meeting if there were “material change to circumstances.”

That could leave the door ajar for potential suitors — from Peabody to New Hope, or others such as Xstrata (XTA.L) — to come up with a knockout punch.

“Macarthur is saying ‘come up with a real offer,” said Tom Elliot, managing director at hedge fund MM&E Capital said. “They are signaling the current offers are not enough. The market is expecting A$16. What’s on the table is far from it.”

The Australia Financial Review, in an unsourced report, said coal giant Xstrata (XTA.L) had approached ArcelorMittal and POSCO about a possible bid.

With Asia’s insatiable hunger for resources, more bidders could yet come in for Macarthur and its prized coal reserves.

Analysts reckon Macarthur’s minority shareholders would probably agree to an offer closer to A$16 a share. Peabody has offered A$14.

MACARTHUR PUSHES AHEAD WITH GLOUCESTER VOTE

A clear possibility if potential suitors refuse to blink.

“Macarthur must have a tacit understanding with its key shareholders for the vote unless a much sweeter offer comes through,” said one analyst, who did not want to be named as his firm is involved in the deal.

Less than A$20 a share would crystallize a loss for ArcelorMittal and POSCO, who bought into Macarthur at the 2008 market peak, so they are unlikely to sell at current levels, even if they were to get other benefits from a deal.

SHAREHOLDERS VOTE, REJECT GLOUCESTER DEAL

Unlikely. If any of the big shareholders appears to be backing away, Macarthur can quickly call off the vote and try to attract a higher offer. The assumption is that it has done its homework.

(Editing by Ian Geoghegan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Severstal exec says mulls sale of Europe ops-paper

March 29, 2010 By Leave a Comment

* Has launched process to sell Italian, French operations

Stocks | Mergers & Acquisitions

* Sees Europe 2010 steel demand up 20 pct

MILAN, March 29 (Reuters) – Russia’s largest steel company Severstal (CHMF.MM) plans to sell its European activities, including in Italy, if it is offered an adequate price, a top executive told an Italian newspaper on Sunday.

In an interview in business daily Il Sole 24 Ore, Severstal’s second-raking executive Sergei Kuznetsov said the recent buy-out of minority shareholders in Italian unit Lucchini gives it a freer hand in the sale process. [ID:nLDE6231FT]

“I can confirm that there is a process underway and it does not just involve Italy but also France. It involves the sale of all the European activities,” said Kuznetsov, who is responsible for American and European activities.

“But it depends on the offers. If they are strong we will sell, otherwise no,” he said.

Severstal has received strong interest from various financial and industrial investors, he said without giving names. Kuznetsov said the company wants to sell 100 percent.

The newspaper said Deutsche Bank has been hired to sell Lucchini.

Kuznetsov said Severstal intends to focus on Asia and North America, where it can make bigger returns and where there are more growth opportunities than in Europe, he said.

Earlier this month, Severstal bought 20.2 percent of Lucchini from family shareholders who had kept a stake after the sale of a majority in 2005.

“The Lucchini activity is going very well. We are at 85 percent capacity (use), which is the maximum in Italy,” he said.

Lucchini’s main plant is in Piombino, which has an annual production of 2.5 million tonnes of steel.

Prospects for the steel industry in 2010 have improved sharply from the “difficult” 2009, he said.

“Prices are going up and this year demand will start growing again. It is estimated steel consumption in Europe will increase by 20 percent,” he said.

In early March in a results conference call, Severstal owner Alexei Mordashov did not say whether the group planned to sell or close any operations. [ID:nLDE6271IQ].

(Writing by Nigel Tutt; Editing by Paul Tait)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Nam Tai Electronics, Inc. Updates Corporate Developments

April 18, 2009 By Leave a Comment

HONG KONG, April 16 /PRNewswire-FirstCall/ — Nam Tai Electronics, Inc. (“Nam
Tai” or the “Company”) (NYSE: NTE) today announced the following corporate
updates:

1. Changes of PRC headquarters and Investor relations contact

Nam Tai closed its Macao office on April 1, 2009. Accordingly, the Company’s
PRC headquarters and investor relations contact information has been changed
with immediate effect as follows:

PRC headquarters:
Address: Gushu Industrial Estate, Xixiang,
Baoan, Shenzhen, People’s Republic of China
Tel No.: (86 755) 2749 0666
Fax No.: (86 755) 2747 1549

Investor relations contact:
Contact person: Mr. Anthony Chan, Vice Chief Financial Officer
Address: Unit 5811-12, 58/F, The Center
99 Queen’s Road Central, Central, Hong Kong
Tel No.: (852) 2341 0273
Fax No.: (852) 2263 1223
Email address: The Investor relations email address remains as
shareholder@namtai.com

2. Results of the conditional cash offer to privatize NTEEP

The results of the Company’s previously announced conditional cash offer to
privatize Nam Tai Electronic and Electrical Products Limited (“NTEEP”), which is
listed on Hong Kong Stock Exchange are as follows:

As of April 6, 2009, the Company had received valid acceptances in respect of
195,899,531 shares of NTEEP held by NTEEP’s minority shareholders,
representing approximately 88.46% of the public float shares of NTEEP. Since
the Company was not able to acquire 90% of NTEEP’s public float shares, the
condition of the offer was not satisfied and therefore the proposed
privatization of NTEEP was unsuccessful. As a result, NTEEP will continue to
maintain its listing status on the Hong Kong Stock Exchange. For details of
the results, please refer to the relevant announcements which may be accessed
through NTEEP’s website at http://www.namtaieep.com.

3. Change of Independent Auditor

The Company solicited proposals from accounting firms and conducted an
evaluation process in connection with the selection of the Company’s
independent auditor for the year ending December 31, 2009.

Following this process, on April 15, 2009, the Company’s Board of Directors,
upon recommendation of the Audit Committee, determined to replace Deloitte
Touche Tohmatsu as independent auditor for the Company’s year ending December
31, 2009 and appointed Moore Stephens to serve as the Company’s independent
auditor for 2009.

4. Schedule for Release of Results for First Quarter of 2009

The Company announced that it will release its unaudited first quarter results
for the period ended March 31, 2009 on Monday, May 11, 2009 at 8:00 a.m.
Eastern Time.

5. Update on Delivery of Form 20-F and Mailing of Proxy Materials for 2009
Shareholders’ Meeting

The Company has reconsidered its plan (as announced on March 13, 2009) to mail
a paper copy of its 2008 Annual Report on Form 20-F at the time it sends to
shareholders entitled vote at its upcoming 2009 Annual Meeting of Shareholders
the formal Notice and the Proxy Statement for that meeting. Nam Tai no longer
plans to include a paper copy of its 2008 Annual Report on Form 20-F with its
Notice and the Proxy Statement for its 2009 Annual Meeting of Shareholders.
Since the filing of its Annual Report on Form 20-F for the year ended December
31, 2008 with the SEC on March 13, 2009, that Report has been available from
the Company’s website at http://www.namtai.com/annual/08form20f.pdf. Nam Tai
will continue to deliver within a reasonable time after request a paper copy
of its 2008 Annual Report, including its complete audited financial
statements, free of charge, to any shareholder upon request. To request a
paper copy, please contact the Company by e-mail at shareholder@namtai.com or
by written request to Unit 5811-12, 58/F, The Center, 99 Queen’s Road Central,
Central, Hong Kong, Re: 2008 Annual Report on Form 20-F.

The Company anticipates mailing on or about May 4, 2009 its proxy materials
for its 2009 Annual Meeting of Shareholders scheduled for Friday, June 5, 2009
at the Pan Pacific Vancouver Hotel, 300-999 Canada Place, Vancouver BC, V6C
3B5, Canada.

ABOUT NAM TAI ELECTRONICS, INC.

We are an electronics manufacturing and design services provider to a select
group of the world’s leading OEMs of telecommunications and consumer
electronic products. Through our electronics manufacturing services
operations, we manufacture electronic components and subassemblies, including
LCD panels, LCD modules, RF modules, DAB modules, FPC subassemblies and image
sensors modules and PCBAs for headsets containing Bluetooth(1) wireless
technology. These components are used in numerous electronic products,
including mobile phones, laptop computers, digital cameras, electronic toys,
handheld video game devices, and entertainment devices. We also manufacture
finished products, including mobile phone accessories, home entertainment
products and educational products. We assist our OEM customers in the design
and development of their products and furnish full turnkey manufacturing
services that utilize advanced manufacturing processes and production
technologies.

Nam Tai’s business operations are conducted by its subsidiary, Nam Tai
Electronic and Electrical Products Limited (“NTEEP”), a Hong Kong Stock
Exchange-listed company in which Nam Tai currently owns slightly less than 75
percent of NTEEP’s outstanding share capital. In addition to reports that Nam
Tai files with the SEC, which may be accessed through the SEC’s EDGAR database
at http://www.sec.gov, interested investors may review the website of The
Stock Exchange of Hong Kong at www.hkex.com.hk to obtain information that
NTEEP is required to file under applicable rules of the Hong Kong Stock
Exchange. The stock code of NTEEP in The Stock Exchange of Hong Kong is 2633.
Investors are reminded to exercise caution when assessing such information and
not to deal with the shares of Nam Tai based solely upon reliance on such
information.

(1) The Bluetooth(R) word mark and logos are owned by the Bluetooth SIG, Inc.
and any use of such marks by Nam Tai is under license.

SOURCE Nam Tai Electronics, Inc.

Investor relations: Anthony Chan of Nam Tai, +852-2341-0273, or Fax,
+852-2263-1223, shareholder@namtai.com

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