Business Digest, October 23, 2012
Nexen dives as hopes dim for CNOOC deal
Oil and gas producer Nexen fell 11 per cent in early Toronto trading, the most in more than three years, on concern its US$15.1 billion purchase by CNOOC might not win government approvals after Canada rejected a bid for Progress Energy Resources by Malaysian state oil and gas firm Petronas just before the review deadline on Friday. Bloomberg
72 flats sold at HKR's Discovery Bay project
HKR International said buyers snapped up 72 units at its Amalfi project in Discovery Bay by last night. The dearest flat sold for HK$15,800 per square foot. The development comprises 164 units, from 655 sq ft to 3,264 sq ft. Sandy Li
Hutchison makes offer of concessions for bid
Hutchison Whampoa, controlled by billionaire Li Ka-shing, confirmed it made a new offer of concessions to European Union antitrust regulators probing its planned €1.3 billion (HK$13.16 billion) purchase of mobile-phone operator Orange Austria but would not give details. The European Commission extended its deadline to rule on the deal to December 21. Bloomberg
Fosun Pharma's IPO orders at low end
Shanghai Fosun Pharmaceutical may sell shares in Hong Kong near the low end of a marketed price range, three people with knowledge of the matter said. They said Fosun Pharma, which is traded in Shanghai, has received orders mostly in the low end of the HK$11.80-HK$13.68 price range. Bloomberg
Glorious Property denies loan plan
Glorious Property, a Shanghai-based developer, denied Chinese-language media reports it had planned to borrow HK$2 billion at an annual interest rate of 20 per cent. Chief executive Cheng Li Xiong said the company had never considered such a loan. Peggy Sito
Dongfeng Motor teams up with German firm
Dongfeng Motor, China's second-largest vehicle manufacturer by sales, is setting up a 50-50 joint venture with German parts maker Getrag on the mainland, with a combined investment capital of €120 million. The venture will focus on making transmissions and other car components, as well as assembly and research and development. Ray Chan