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  • November 29, 2014
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  1. Value of Asian buyouts falls to 3-year low

    Posted Oct 03rd 2009, 12:00am by Naomi Rovnick

    ... Naomi Rovnick Protectionist sabre-rattling by the Chinese and Australian governments and companies feeling jittery about the world economy have caused takeover deals in Asia to drop ... involving Asian companies, the worst period by value for takeovers in the region since January to September 2006, according to Thomson Reuters. This came even though this year's statistics were ...

  2. Vote-rigging controversy: two courts, two judges and two starkly different verdicts

    Posted May 12th 2009, 12:00am by Naomi Rovnick

    ... Court's Madam Justice Susan Kwan Shuk-hing ruled the privatisation was fair, legal and above board. The Securities and Futures Commission derailed the takeover in February. It claimed Fortis regional director Inneo Lam Hau-wah had bought 500,000 PCCW shares before the takeover vote and doled them out to associates to try to force the buyout through. Madam Justice Kwan slammed ...

  3. Tough times not over yet as more investment bankers get the axe

    Posted May 20th 2009, 12:00am by Naomi Rovnick

    ... bankers who worked in its team advising companies on takeovers, initial public offerings and bond sales, which before cuts employed about 100 in the city. The Swiss bank has also transferred about ... and takeovers. But the fact banks are continuing to let staff go tells a different story. These are just the latest examples of job cuts in Hong Kong's financial sector, where thousands ...

  4. A nail in the coffin for share splitting

    Posted May 12th 2009, 12:00am by Naomi Rovnick

    ... as a little-known loophole in local votes on corporate takeovers, mergers and acquisitions. Under Hong Kong law, buyouts are conducted in one of two ways. The most common is a mandatory offer, which ... 'Judges do not usually rule on the merits of a takeover offer, and I would be surprised if they do so in the future,' said Paul Li, a financial services partner at Simmons & Simmons. ...

  5. Norsk Hydro withdraws offer for Asia Aluminum

    Posted Jun 24th 2009, 12:00am by Naomi Rovnick

    ... Naomi Rovnick Norwegian aluminium giant Norsk Hydro has dropped its rescue offer for troubled mainland firm Asia Aluminum Holdings after just five days. Norsk Hydro launched the putative takeover offer for Asia Aluminum last Friday. The mainland firm is in provisional liquidation and owes US$985 billion to its western lenders before interest payments. It is understood government ...

  6. Tengzhong to reach deal on Hummer purchase 'within days'

    Posted Oct 03rd 2009, 12:00am by Naomi Rovnick

    ... Naomi Rovnick Despite widespread fears the deal had hit the skids, Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its takeover of General Motors Corp's Hummer division within days. Banking representatives of Tengzhong and GM were at the United States car giant's Detroit headquarters this weekend putting the finishing touches to the deal, which ...

  7. Judge says splitting of shares not prohibited activity in Hong Kong

    Posted Apr 07th 2009, 12:00am by Naomi Rovnick

    ... director Inneo Lam Hau-wah had divided 500,000 of his PCCW shares among 495 employees and urged them to vote for the takeover. The judge found no evidence Mr Lam had done so. In court-sanctioned ... shares. SFC chief executive Martin Wheatley argued splitting shareholder votes to frustrate the results of a takeover meeting should not be allowed. He wants the Court of Appeal to clarify ...

  8. HK firms' bid for insurer may be hijacked

    Posted Nov 19th 2009, 12:00am by Amanda Lee, Naomi Rovnick

    ... protested against the takeover, claiming China Strategic and Primus would not safeguard their jobs and pension rights. A spokesman for Taiwan's opposition Democratic Progressive Party said: ...

  9. Three US banks lead race to underwrite AIA float

    Posted Jun 15th 2009, 12:00am by Naomi Rovnick

    ... year. Congress is investigating the takeover. Another politically out-of-favour institution, Switzerland's UBS, did not make it to the second round. AIA's flotation could ...

  10. SFC suffers new setback in bid to block PCCW

    Posted Apr 17th 2009, 12:00am by Naomi Rovnick

    ... this legal loophole allows speculators to exploit the city's rule on takeovers by doling out stock to accomplices. ...




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