World important news by Rasheeda

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Oct 26

M & A wrap: Yahoo on the block?


Yahoo’s long-time advisers Goldman Sachs and Allen & Co are preparing to give potential buyers financial information, in a sign the troubled Internet giant is ready to put itself on the block, sources said. Australian coalminer New Hope Corp put itself up for auction after receiving several bid approaches, sending its market value surging 15 percent to almost A$5.1 billion. Executives at Research in Motion have refrained from buying the company’s shares for the longest period in at least six years; investors are wondering if RIM is skittish about its own prospects, Bloomberg reports. Investors unimpressed by Hewlett-Packard’s dysfunctional governance have sold off its shares, leaving the tech company vulnerable to a bid. And Larry Ellison’s acquisitive Oracle is a credible potential suitor. At least financially, a deal would stack up. A Breakingviews analysis suggests that even paying a 40-percent premium, Oracle could reap a hefty return.

Posted 7 months ago

16 notes

M, &, A, wrap, Yahoo, on, the, block,

Oct 13

UPDATE 1-Google-backed Xunlei pulls IPO


In June, Xunlei had filed for an initial public offering of up to $200 million and had seen pricing its American Depositary Shares at $14-$16 each.The company, which makes software to increase download speeds, had expected to list its shares on Nasdaq under the symbol “XNET.” Xunlei planned to use proceeds from the offering to invest in technology, infrastructure and product development and to acquire digital media content, according to its IPO prospectus.Sean Shenglong Zou, Xunlei’s co-founder, is the company’s biggest shareholder with a 27.5 percent stake, while Google owns 2.8 percent of the shares.

Posted 7 months ago

32 notes

UPDATE, 1Googlebacked, Xunlei, pulls, IPO,

Oct 11

UPDATE 2-Noble Group eyes Singapore listing of agri business


* Noble says listing subject to market conditions * Noble shares up 5.8 pct; broader Singapore market up 0.2 pct (Adds stock move, adviser) By Saeed Azhar and Eveline Danubrata SINGAPORE, Oct 5 (Reuters) - Singapore-listed commodities firm Noble Group is seeking to list its agriculture business, which accounts for a third of its earnings and may have a value of more than $5 billion. The company, which wants to list the business on the Singapore Exchange, said late Tuesday the process will be subject to market conditions. JPMorgan is advising Noble on the planned listing, two sources with knowledge of the deal said on Wednesday. JPMorgan and Noble declined to comment on who is advising the company or the size of the deal. Shares of Hong Kong-based Noble jumped as much as 5.8 percent on Wednesday, their biggest intra-day jump since Aug. 31. The broader Straits Times Index was 0.2 percent higher at 0341 GMT. Noble, which counts sovereign wealth funds China Investment Corp and Korean Investment Corp among its shareholders, has a market value of about $6 billion. Its shares have suffered this year from a selloff in companies that trade industrial commodities. “We believe a spinoff makes sense to further avoid the structural de-rating that has defined the commodities trading sector this year,” UBS analyst Andreas Bokkenheuser said in a note to clients. Nomura said the equity value of the business could be more than $5 billion and even at current valuations, it should have a value of $3.3 billion. “We believe it may be good for valuations, as agri-assets and traders/processors generally command a higher valuation as compared to non-agri portfolio,” it said in a note. Noble has a price-to-earnings ratio of around 8, below rival Olam’s 10.8, which benefits from a premium due to its focus on largely agriculture commodities. Noble’s agriculture business is primarily made up of soybean crushing in Argentina, Brazil and China, sugarcane mills in Brazil as well as other businesses such as cotton, coffee, cocoa and other grains. Noble shares have been hurt this year because the company trades a lot of cyclical commodities such as iron ore and aluminium. Its shares had fallen about 44 percent, more than the 21 percent drop in the Singapore market, based on Tuesday’s close.

Posted 7 months ago

4 notes

UPDATE, 2Noble, Group, eyes, Singapore, listing, of, agri, business,