Julius Baer to pay HK$6.83b for BofA unit
Swiss private bank Julius Baer is buying Bank of America-Merrill Lynch’s wealth management unit outside the US for about 860 million Swiss francs (HK$6.83 billion). The deal will boost the Swiss bank’s assets under management by 40 per cent. Julius Baer also plans to raise 1.19 billion Swiss francs through a rights share issue. Lulu Chen
Swire Properties parent in bid to offload shares
John Swire & Sons (HK), the parent of listed Swire Properties, offered to sell 234 million shares in the developer at HK$21.46 to HK$21.94 each – a discount of 8 to 10 per cent to yesterday’s market closing price of HK$23.85 — to raise HK$5.02 billion to HK$5.13 billion, according to a term sheet sent to institutional investors. It has an option to sell an extra 54 million shares if demand exceeds those on offer. Eric Ng
Datang units to build coal-fired power plant
Hong Kong and Shanghai-listed Datang International Power Generation and sister firm Datang Huayin Electric Power, both units of state-owned China Datang Group, have agreed to invest 8.6 billion yuan (HK$10.53 billion) to build a 2,000 megawatt coal-fired power plant in Leizhou, Guangdong. Eric Ng