AMERICAS
Brookfield Infrastructure and GIC agreed to acquire Genesee & Wyoming, an American short line railroad holding company, that owns or maintains an interest in 120 railroads throughout six countries, for $8.4bn in cash. The transaction will result in G&W becoming a privately held company. The price of $112 per share of G&W common stock represents a 39.5% premium to the unaffected per share price of $80.28 on March 8, 2019, the day prior to initial media speculation of a potential transaction.
“This is a rare opportunity to acquire a large-scale transport infrastructure business in North America,” said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. “G&W will be a significant addition to our global rail platform and will expand our presence in this sector to four continents. G&W provides critical transportation services to more than 3,000 customers, and its cash flows have proven to be highly resilient over many years. Brookfield Infrastructure is well suited to work with the company to continue to improve the business, given our significant experience owning and operating rail, ports and other large scale, transportation infrastructure businesses.”
Bank of America Merrill Lynch, Morgan Stanley, Addleshaw Goddard, Allens, Clark Hill, Macfarlanes, Simpson Thacher & Bartlett, Stikeman Elliott and Wachtell Lipton Rosen & Katz are advising Genesee & Wyoming. Citigroup, Gilbert + Tobin, McCarthy Tetrault, Sidley Austin, Steptoe & Johnson, White & Case and Torys are advising the buyers. Citigroup, Credit Suisse, RBC Capital Markets and Wells Fargo are providing debt financing. Sullivan & Cromwell is advising Morgan Stanley.
"We believe the addition of Reinhart and its complementary strengths will expand Performance Foodservice’s broadline presence, improve our network efficiency and help us achieve our long-term growth goals. This transaction provides us with a greater overall scale, a diverse customer base, including a solid base of independent customers, and builds upon our strong distribution platform. We believe these attributes along with attractive financial characteristics will enhance our ability to continue to deliver the service our customers need to succeed and create shareholder value." George Holm, PFG Chairman, President & Chief Executive Officer.
PFG was advised by Credit Suisse and Skadden Arps Slate Meagher & Flom. Reinhart was advised by Winston & Strawn, Neal Gerber & Eisenberg, and Arnold & Porter.
TPG Capital agreed to invest in Crunch Fitness, a chain of over 265 franchised fitness clubs located in the United States, Canada and most recently Australia. Financial terms were not disclosed.
“The investment from TPG is a testament to Crunch’s distinct brand, great facilities, and strong management and club teams. Under the leadership of Ben Midgley and Keith Worts, we’ve been able to create a fun, team-focused, and fitness-minded atmosphere that our members, team, and franchise partners embrace and enjoy,” said Jim Rowley, CEO of Crunch. “With the support of our new partners at TPG, we’re well-positioned to accelerate this offering. We look forward to working together to enhance our capabilities and expand Crunch’s footprint across the globe.”
Citigroup and Akin Gump Strauss Hauer & Feld are advising Crunch. Piper Jaffray and Kirkland & Ellis are advising TPG.
SGS to acquire a majority stake in Maine Pointe.
SGS, the world's leading inspection, verification, testing, and certification company, has agreed to acquire a majority stake in Maine Pointe, a supply chain and operations consulting firm. Financial terms were not disclosed.
“Maine Pointe adds another layer of competence to the group and significantly accelerates our inroads into more advanced consultancy services in Certification & Business Enhancement. The recent announcement of the disposal of PSC highlights the group strategy of focusing our capital allocation towards higher value-added services.” Frankie Ng, SGS CEO.
“The North American power grid requires significant investment in both new capacity and replacement units to keep pace with ever-increasing electrical demand. Given Pioneer’s strong market position and reputation for providing reliable custom-engineered power transformer solutions, we are confident that the Company will capitalize on these favorable industry tailwinds as a standalone entity. We are excited to partner with the management team and welcome Pioneer Transformers to the Mill Point family.” Dustin Smith, Mill Point Partner.
Lincoln International advised Pioneer Power Solutions.
"The idea of Scott and I working together is nothing new, we've been talking about it since the beginning of our friendship. I reached out to him when I saw an opportunity and, after many conversations, realized our visions were aligned. He's built a brilliant company full of iconic songs and artists. Who wouldn't want to be a part of that? By joining together, we will create more opportunities for artists than ever before, by giving them the support and tools to go after whatever dreams they wish to pursue." Scooter Braun Ithaca Holdings owner.
“With a focus on their people and project excellence, OMNNI’s culture and guiding principles are a strong match to Westwood. We look forward to working together as a team to further our innovations and enhance our services to clients.” Bryan P. Powell, Westwood’s Land Division Senior Vice-President.
“This proposed transaction represents an opportunity for all of the combined shareholders to benefit from an exceptionally well integrated platform, capable of avoiding excessive industry fees and taxes creating significantly larger profit margins. Merging the revenue generating assets created by the LDS team, including the flagship CannaStrips™, with the scale oriented TransCanna team and their 196k sq ft vertically integrated, cannabis focused facility in central California equals, in our opinion, a California-based powerhouse,” Brad Eckenweiler, LDS CEO.
Bayer, Versant and Fujifilm Cellular Dynamics, a consortium of biotechnology companies, have invested $250m in Century Therapeutics, a biotechnology company. The proceeds will enable Century to advance multiple programs into the clinic for hematologic and solid malignancies.
“Versant believes that allogeneic reagents represent the next wave of innovation in cell therapy and created Century to engineer truly off-the-shelf products to treat both hematologic and solid tumors. Today’s financing marks an important milestone in our effort to enable cell therapies to treat a much broader array of cancer patients.” Carlo Rizzuto, Versant partner and Century director.
Milacron considers $300m Cimcool division sale.
Plastics equipment maker Milacron Holdings is considering a sale of its Cimcool unit, Bloomberg reported.
The company is working with an adviser to solicit offers for the business, which could fetch as much as $300m. A final decision hasn’t been made, and Milacron could elect to keep the company.
ICT Solutions Corp to get $250m equity investment from Warburg Pincus. (FS)
Broadband company Converge ICT Solutions is beefing up its war chest with a multibillion-peso investment from United States-based private equity firm Warburg Pincus.
Warburg Pincus, which has been increasing its exposure in the region, would invest about $250m in Converge ICT, led by Pampanga-based businessman Dennis Anthony H. Uy.
EMEA
Berry Global closed its $6.5bn acquisition of RPC Group.
Berry Global, a leading global supplier of a broad range of innovative rigid, flexible, and non-woven products closed its acquisition of RPC Group, a leading global design and engineering company in plastic products. Under the terms of the acquisition, each RPC shareholder received 793 pence per share ($1) in cash. The consideration represented a premium of 16% to the closing price of 683.6 pence ($0.867) per RPC Share on 7 September 2018 (being the last business day prior to the commencement of the offer Period), an increase of 11 pence ($0.14) to the Apollo offer of 782 pence ($0.99).
Commenting on the announcement, Jamie Pike, Chairman of RPC, said: "The Board of RPC is pleased to recommend Berry's cash offer for the Group which is at an 11p ($0.14) per share premium to the Apollo proposal and provides shareholders with significant value in cash for their shares. The combination of RPC and Berry would create a leading global plastics products design and engineering company and represents a strong strategic fit. Both companies are highly complementary in terms of product portfolio, customer base, polymer conversion technologies and geographic footprint."
Commenting on the announcement, Tom Salmon, Chief Executive and Chairman of Berry, said: "We are extremely excited to welcome the deep and experienced RPC team, along with their differentiated global platform, to the Berry organization. This transformational combination will create a strong global leader in plastic packaging and recycled solutions that enhances our organic and inorganic growth opportunities moving forward. We believe this transaction enhances the long-term outlook for our business and provides a unique value creation opportunity for our shareholders. We plan to leverage our combined know-how in material science, product development and manufacturing technologies across resin-based applications to integrate quickly and build a best-in-class organization for all stakeholders."
RPC Group was advised by Deutsche Bank, Clifford Chance, Jefferies & Co, Credit Suisse, Evercore, Rothschild & Co, Hogan Lovells, Slaughter & May and FTI Consulting. Berry Global was advised by Goldman Sachs, BMO Sponsor Finance, Bank of America Merrill Lynch, Barclays, Deutsche Bank, Godlman Sachs, JP Morgan, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, Ashurst and Freshfields Bruckhaus Deringer. Apollo Global Management was advised by BNP Paribas, Barclays, Citigroup, Deutsche Bank, HSBC, Jefferies & Co, Rabobank, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison, Sullivan & Cromwell and Maitland.
DP World, a global port operator, agreed to acquire Topaz Energy and Marine, a leading international provider of critical marine logistics and solutions to the global energy industry, from Renaissance Services SAOG, Standard Chartered Private Equity and Affirma Capital for $1.1bn.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "We are pleased to announce the acquisition of Topaz, further strengthening DP World's position as a world-leading operator in maritime logistics services. In recent years, we have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships, and this acquisition complements the operations of our P&O Maritime Services, which maintains over 300 vessels globally."
Topaz Energy and Marine was advised by Rothschild & Co.
“Metalprint is one of the undisputed international leaders in the forging of brass and aluminum components. HIG is proud to be able to support management in an ambitious growth path to which we are confident that we can make a decisive contribution in terms of stimulating the internationalization .” Raffaele Legnani, HIG Capital Managing Director.
Metalprint was advised by UBI Banca and Bettoni Moliniari Tosatti. HIG Europe was advised by Fineurop Soditic, AECOM, King & Wood Mallesons, EY and Bain & Co.
Beijing’s ambassador to Switzerland said that the $43bn deal between ChemChina, a chemical and agrochemical company, and Syngenta, a seed and agrochemicals firm, was a mistake.
“If I had been the ambassador a year earlier, the takeover wouldn’t have taken place. It wasn’t a good deal for the Chinese side. It was for Switzerland: It got $40bn. If Switzerland wants Syngenta back, I would convince ChemChina to sell it. But is there anybody at all in Switzerland who wants Syngenta back?” Gen Wenbin, Chinese envoy.
Gen Wenbin said criticism in Switzerland’s media over such transactions had driven potential Chinese investors to look elsewhere.
Syngenta was advised by Dyal, Goldman Sachs, JP Morgan, Lakeside Capital Advisers, UBS, Bar & Karrer, Davis Polk & Wardwell. ChemChina was advised by China CITIC Bank, HSBC, Homburger and Simpson Thatcher & Bartlett.
“This combination will form a global champion, with fully integrated capabilities, shipping iron ore and coking coal and semi-finished product from Australia to its manufacturing plants and mills globally with the target of becoming one of the largest and most competitive fully integrated steel and mining producers in the world, from raw materials to high value finished goods.” Sanjeev Gupta, GFG Alliance Executive Chairman.
Searchlight, which already owns 26% of Latecoere’s share capital, made an offer of €3.85 ($4.4) per share, marking a premium of 34% to Latecoere’s closing price on Friday.
“The board of directors of the company will issue its reasoned opinion after the issuance of the report of the independent expert and the opinion of the employees’ representative bodies,” Latecoere said.
KJK Management advised fund has agreed to acquire Baltik Bicycle Trade, a leading e-bike and bicycle manufacturer in Nordics and CEE, from LitCapital, a dedicated private equity growth investor in the Baltics. Financial terms were not disclosed.
The goal of the investment was to finance the venture for development and manufacturing of electric bicycles in Lithuania.
“With continuous support from LitCapital and Asgaard the company focused on adopting LEAN principles by transforming its processes and culture and became one of the most efficient companies in the industry. It now is perfectly positioned to grow further to become an even more serious player in Europe’s cycling industry” Niels Peter Pretzmann, Baltik Vairas Chairman of the Board.
LitCapital was advised by Swedbank Investment Banking Lithuania and TGS Baltic.
Ctrip to acquire AVIA CENTER.
Ctrip, the largest online travel agent in both China and Asia, agreed to acquire AVIA CENTER, a Russian travel agency. Financial terms were not disclosed.
“We have been cooperating with Ctrip.com for more than 4 years. We have since established ourselves as a reliable partner, providing not only high-quality content from the Russian market but also a high level of service. We are sincerely glad that within the framework of significantly improving Russian-Chinese relations, we have managed to find a strategic partner in our business represented by such a large international travel partner- Ctrip. We are confident that all parties shall benefit from this partnership.” Sergey Bogachev AVIA CENTER Director General.
VGP and Allianz have created a 50:50 joint venture.
VGP, the Antwerp-based pan-European developer, manager and owner of logistics and semi-industrial real estate assets, and Allianz, a real estate investor, have created a 50:50 joint venture. Financial terms were not disclosed.
“We are delighted to further expand our partnership with Allianz Real Estate. Our group has grown significantly since the inception of the first joint venture in 2016 and the increased investment capacity, as well as enlarged footprint of the combined two joint ventures, fits really well with our expanded pan-European profile. Through the combination of the two, we can continue to recycle our invested capital and re-invest the disposal proceeds in the development and expansion of our portfolio.” Jan van Geet, VGP CEO.
The aim of the new partnership is to further strengthen positioning in a niche market and to tap additional growth potential.
"SIGNON Austria shines with a business model that is resistant to the economic cycle, focusing on the growth segments of mobility and infrastructure while at the same time covering challenging future topics such as rail safety, predictive maintenance, dynamic pricing, artificial intelligence and autonomous driving. The visionary and highly professional team has earned itself an excellent reputation among its customers. We look forward to working together. SIGNON's excellent market position in the context of the ongoing digitization of business processes is the ideal basis for generating additional growth - we are now working together on this." Christian Futterlieb, VR Equitypartner Managing Director.
Procuritas Capital Investors VI to acquire a majority stake in Nature Planet. (FS)
Procuritas Capital Investors VI has acquired a majority stake in Nature Planet. Financial terms were not disclosed. Nature Planet has focused on building strong long-term relationships with its customers in the attractions industry, particularly focused on the zoo and aquarium segment. This has been achieved by high-quality products, CSR focus, high service levels and on-time deliveries.
“We are excited to team up with the founders of Nature Planet, Anne Dorthe Hjort and Michael Severin, and to support the Company in its next growth phase. The company is operating in an attractive niche and has a strong market position and solid reputation with its customers. This is the kind of company we like to join forces with“ Mattias Feiff, Partner at Procuritas.
Science Group was advised by Panmure Gordon and MHP Communications.
“The purchase of Confection by Design is strategically right and will complement Orkla Food Ingredients’ position as a supplier of inclusions and accessories to the bakery, chocolate and ice cream market.” Tor Osmundsen, NIC Group CEO.
WPP in exclusive talks to sell Kantar stake to Bain Capital. (FS)
WPP, a public relations company, is in exclusive talks to sell Kantar, a social media monitoring, advertising effectiveness, consumer and shopper behavior services provider, to Bain Capital, an investment firm.
WPP had shortlisted a series of US buyout funds to submit binding bids for a majority stake in Kantar including Apollo and Platinum, Reuters reported.
WPP said Kantar was valued at $4bn including debt. Bain’s proposal was subject to negotiation and it was not certain the talks would result in a deal.
Aston Martin's biggest investor considers acquiring another 3% stake. (FS)
The biggest investor in Aston Martin is considering buying another 3% stake in the company, offering to increase its holding after shares in the luxury carmaker crashed almost 50% since its listing nine months ago.
Strategic European Investment Group, part of the Italian private equity group Investindustrial, owns 31% of Aston Martin. It only wants to buy a maximum 3% stake but has to make an offer to all shareholders due to its already large holding.
The firm has secured agreements from existing shareholders such as a group of Kuwait-based investors to back the move. It is offering to pay £10 ($12.7) per share, the price at which the shares closed on Friday.
Germany’s DAX set to enter Bull Market. (FS)
Germany’s DAX Index is starting the second half of the year with a bang as the benchmark is set to enter a bull market.
The gauge rose as much as 1.8% in the first hour of trading on Monday, bringing the total gain to 22% since a closing low on Dec. 27.
LafargeHolcim to join race for BASF mortars unit. (FS)
LafargeHolcim has joined the bidding for BASF’s construction chemicals business, Bloomberg reported, as Chief Executive Officer Jan Jenisch seeks to diversify Europe’s largest cement maker.
The Swiss company is competing with several buyout firms, including Bain Capital and Cinven, that were chosen to proceed to the second round of bidding. Building-materials maker Standard Industries, which has partnered with Blackstone Group, was also shortlisted.
WPP considers selling 25% stake in Chime. (FS)
WPP is selling its 25% stake in sports-marketing agency Chime Communications to its partner as Chief Executive Officer Mark Read tries to simplify the world’s largest advertising company, the Sunday Times reported.
The advertising group is expected to sell the stake for £50m ($63.5m) to Providence Equity Partners. Providence and WPP took Chime private in 2015.
After losing Avianca, Efromovich eyes Alitalia.
German Efromovich, the ousted chairman of Colombian airline Avianca, is eyeing a comeback via Italy. Efromovich wants to buy a stake in the bankrupt Italian flag-carrier Alitalia, financial daily Il Sole 24 Ore reported.
Network Rail considers bidding for British Steel unit.
Network Rail is preparing an offer for British Steel’s rail service center unit, the Sunday Telegraph reported.
The offer is one of about ten bids expected to be submitted to the official receiver that took over British Steel last month after owner Greybull Capital couldn’t obtain a £30m ($38m) government bailout.
Carluccio’s, led by Mark Jones, serves up losses.
The Italian restaurant chain Carluccio’s took a hit of £20m ($25m) from a restructuring that saw it close 29 struggling sites last year.
The company, led by chief executive Mark Jones, said that sales fell by 4.3% to £137m ($174m) to the end of September last year, leading to a pre-tax loss of £24m ($30m). Carluccio reported a £108m ($137m) loss in 2017, mostly related to write-downs on the value of its stores and brands.
Carluccio’s, founded in 1999 by the late Antonio Carluccio, is one of a string of casual dining chains to have suffered from over-expansion and rising costs. Last year, it trimmed the number of its British restaurants from 103 to 74 through a voluntary company arrangement.
Four bidders for Green REIT buyout. (FS)
The sale of Green Reit, the €1.3bn ($1.47bn) valued quoted commercial property group, has been narrowed to four bidders, with interest from both Irish and international groups. Irish Life and the US property investment group Kennedy Wilson remain in the running for Green REIT, which put itself up for sale in April, citing a persistent gap between its share price and the value of its property portfolio.
The other parties linked to bidding for Green Reit include Canadian investment group Brookfield, which has wind farm and telecoms interests in Ireland. German funds, including Union Investment, part of the DZ Bank group, are believed to be interested in the property group as well.
ESB among final bidders for a wind farm off the Wicklow coast.
ESB is among the final bidders for a wind farm project off the Wicklow coast which could ultimately have a value of up to €2bn ($2.3bn), The Irish Times reported.
The Codling Bank wind farm is owned by a joint venture between Norwegian company Fred Olsen and a company linked to property developer Johnny Ronan. Mr. Ronan’s former business partner in Treasury Holdings also holds a one-third share of the holding company which controls half the project. Former secretary general at the Department of the Taoiseach, Paddy Teahon, is a director of the holding company.
ESB will face significant competition for the 1.1kMW project, which has not yet been constructed, from overseas players.
Gazprom to cut participation in construction assets.
Russian gas giant Gazprom will reduce its participation in non-core construction assets, CEO Alexei Miller said.
“This is not a core business for Gazprom. Even the interest that we currently have in it will be reduced soon. Gazprom is not creating a mega-contractor,” Miller said.
Dr. Martens owner - Permira to work with Goldman Sachs on strategic options. (FS)
Buyout firm Permira is working with Goldman Sachs Group and Robert W. Baird & Co. as it explores options for iconic British bootmaker Dr. Martens, Bloomberg reported.
Permira is in the early stages of considering options, including a sale or IPO of the business, according to the people. It is targeting an exit in 2020.
APAC
Applied Material, the leader in materials engineering solutions, has agreed to acquire Kokusai Electric, a leading company in providing high-productivity batch processing systems and services for memory, foundry and logic customers, for $2.2bn from KKR, a global investment firm.
“Kokusai Electric has a strong culture of innovation along with excellent customer relationships and serves fast-growing areas of the wafer fab equipment market. By bringing Kokusai Electric’s talented team into Applied, we believe we will accelerate innovation for customers and create significant value for our shareholders.” Gary Dickerson, Applied Materials president and CEO.
Applied Materials was advised by Goldman Sachs, Hogan Lovells and Cleary Gottlieb Steen & Hamilton.
The businesses have an established and robust service infrastructure, administering and safeguarding assets across seven highly-regulated European jurisdictions. Combined, the Apex Group’s service offering now spans fund administration, banking and depository solutions, a comprehensive middle office offering and a leading corporate services solution.
Peter Hughes, Founder & Chief Executive Officer, Apex Group, said: “The acquisition of the CPCS business and Throgmorton is an exciting milestone for the Apex Group. The addition of these entities signifies an inflection point for the business, moving us from one of the world’s largest fund administrators to the wider financial services market as a global provider delivering end-to-end solutions to funds, corporations and private clients.”
Link Administration Holdings was advised by Rothschild & Co. Genstar Capital and Apex Group were advised by Macquarie Group and Willkie Farr & Gallagher.
Tokio Marine Management, an insurance company, has agreed to acquire Accident and Health International Underwriting, Australia’s award-winning specialist accident, medical and corporate travel underwriting agency. Financial terms were not disclosed.
The acquisition of AHI reflects the Tokio Marine Group’s efforts to further expand its operations in the Oceania region, and this business will align with TMMA’s strategy to grow selected specialty lines of business in the region.
“We are pleased to welcome AHI to the Tokio Marine Group. With AHI’s expertise underwriting accident, medical and corporate travel products and Tokio Marine’s financial strength and global reach, this acquisition presents attractive opportunities for the group to grow and expand these lines of business across the Oceania region and beyond.” Shigekazu (Sean) Ueno, TMMA Chief Executive Officer.
Mr Arthid Nanthawithaya, SCB Chief Executive Officer and Chairman of Executive Committee, said, “The bancassurance business remains a key long-term strategic priority for us. The establishment of this partnership with FWD will help create significant long-term value for our customers, shareholders, employees, and other key stakeholders, bringing together the unique strengths of both SCB and FWD. In addition, FWD, as a leading regional insurer with best-in-class customer propositions, strong digital capabilities, and a highly experienced management team, shares our long-term growth aspirations for the life insurance business in Thailand and the value of customer-centricity, which underscore our commitment to clients and this partnership.”
Robinsons Land Corporation and Gonkongwei Brothers Foundation, two real estate companies, have agreed to create a joint venture.
Authorized capital stock of the joint venture company shall be P5bn ($98m). The joint venture company shall be managed by a Board of Directors composed of five directors. The proposed joint venture is not expected to have any adverse effect on the business, financial condition and operations of RLC.
Lenders of Asian Colour Coated Ispat, an Indian company which manufactures metal and iron products, approved the INR15bn ($216m) acquisition offer from JSW Steel, one of India's leading integrated steel manufacturers. JSW made its offer in May. The lenders include firms such as SBI, Bank of Baroda and IDBI Bank.
Bravura Solutions, a supplier of superannuation, pension, life insurance, investment, wrap, private wealth and funds administration software, withdrew its bid to buy GBST, which provides custom technology solutions for the financial service sector, for A$200m ($140m). The companies were in deal talks since April 2019. The offered purchase price represented a premium of 49% to GBST's stock price.
Australian PE firm PEP sets up a company to buy Campbell's international business. (FS)
Pacific Equity Partners has set up a new company as part of its plans to buy the international business of US food company Campbell Soup, The Australian Financial Review reported.
The Australian private equity firm is getting ready to bid for Campbell Soup’s international brand portfolio, including local cookie brand Arnott’s, with a valuation of A$3bn ($2.10bn).
NBCC is not interested in Jaypee Infra acquisition.
Although the distressed home buyers of Jaypee Infratech are urging the government to intervene in the resolution process of the bankrupt realty firm in support of NBCC's bid, the public sector construction major is no more interested in acquiring JIL and its stalled projects.
After the latest round of voting, whereby NBCC's bid was rejected as the banks led by IDBI Bank voted against it, the management in the state-run company is not enthusiastic about moving ahead on that front as there is no "possible chance of unanimity among the home buyers and the banks."
Hinduja-Etihad consortium considering Jet Airways IBC bid.
A consortium of diversified conglomerate Hinduja Group & Etihad Airways is all set to join the race for Jet Airways and bid for the debt-ridden grounded carrier under the Insolvency and Bankruptcy Code, Moneycontrol reported.
The Tata Group is currently exploring the possibility of a potential bid but hasn't taken a final call yet. Qatar Airways is also in exploratory mode and may join the fray if it finds a suitable domestic partner.
Khatiwada reveals turnaround plan for debt-ridden Nepal Airlines.
Finance Minister Yuba Raj Khatiwada informed Parliament that the government had a turnaround plan for debt-ridden Nepal Airlines that includes capital restructuring and inducting a strategic partner.
Responding to questions from parliamentarians in the House of Representatives on behalf of Prime Minister KP Sharma Oli, who also holds the tourism portfolio, Khatiwada said, “We are worried about the future of Nepal Airlines. The corporation’s worrisome legacy is long, and it did not start with the present government. But we cannot evade our responsibility.”
French firm Naval Group studies takeover of Hanjin Subic.
French firm Naval Group is conducting a study for a possible takeover of the shipyard facility of Hanjin Heavy Industries and Construction Philippines in Subic.
Earlier, Rodolfo said the Naval Group was among the three international groups that promised to come up with studies and business proposals for Hanjin’s facility in Subic. The two others are Dutch shipbuilder Damen Shipyards Group and an American firm.
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