Permira agreed to acquire Cambrex Corporation, the leading small molecule company providing drug substance, drug product and analytical services across the entire drug lifecycle, for $2.4bn. Under the terms of the merger agreement, Cambrex shareholders will receive $60 in cash for each share of Cambrex common stock, which represents a 47.1% premium to the August 6 closing stock price.
“We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space. This agreement is a strong endorsement of our strategy and represents significant value for our shareholders,” commented Steve Klosk, President and CEO of Cambrex. “Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world-class services.”
Morgan Stanley and Kirkland & Ellis are advising Cambrex. RBC Capital Markets and Skadden Arps Slate Meagher & Flom are advising Permira.
Elliott Advisors, an American investment management firm, completed its $683m acquisition of Barnes & Noble, the largest retail bookseller in the United States. The $6.50 per share purchase price represented a 43% premium to the 10-day volume weighted average closing share price of Barnes & Noble’s common stock ended June 5, 2019. The deal was announced on June 7.
James Daunt, CEO of Barnes & Noble, said: “This is a very good day for bookselling. Barnes & Noble is the greatest of all bookstore names and will now benefit from the support of an owner committed to physical bookselling. With investment and concentration on the core principles of good bookselling, the prospects for this extraordinary company are bright. I look forward very much to working with the booksellers at Barnes & Noble, being already indebted to Len Riggio for his wisdom and grateful for the welcome and professionalism of the executive team during the acquisition process.”
Mill Rock-backed Venture Metals, which procures, processes and sells nonferrous metal for recycling and remelting purposes, acquired Versatile Processing Group, a leading industrial processor of nonferrous and other metals servicing the manufacturing, electric utility and metal recycling industries. Financial terms were not disclosed.
"We're delighted to partner with Mike Uhrick, Mark Chazanow and two talented teams to combine these highly complementary industry powerhouses," said Wayne Hale, Senior Partner of Mill Rock and Chairman of Venture Metals. "Our common vision is to establish the industry's leading provider of metal recycling solutions offering a full suite of services across geographies, end markets and metals, transforming metal into reusable resources using sustainable practices and advanced technologies."
Houlihan Lokey, Credit Suisse, Octant Partners and Milbank Tweed Hadley & McCloy advised Mill Rock. Deloitte and Locke Lord advised Venture. KeyBanc Capital Markets and Hunton Andrews Kurth advised VPG.
Avon Rubber, a British company that specializes in the engineering and manufacturing of respiratory protection equipment, acquired the ballistic-protection business of 3M, an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods, for $116m.
Commenting on the acquisition, Paul McDonald, Chief Executive Officer of Avon Rubber, said: "The acquisition of 3M's ballistic-protection business is an important strategic step for Avon Protection. The Business is a high-quality business, backed by proprietary technology, established contract platforms and well-invested manufacturing operations. The combination of the Business and Avon Protection will significantly strengthen our technology and our personal protection product offering to an enlarged customer base, thereby accelerating the long-term growth prospects for the Group."
Rothschild & Co and MHP are advising Avon Rubber. William & Blair is advising 3M.
Construction firm SNC-Lavalin Group said that a ruling by a Canadian court would allow it to proceed with the $2.4bn sale of its 10.01% stake in a Canadian toll road Highway 407 to Canada Pension Plan Investment Board. The deal was announced in April 2019.
Macquarie Group, Scotiabank, McCarthy Tetrault and Finsbury are advising the buyers. CIBC World Markets and RBC Capital Markets are advising SNC-Lavalin Group.
Applegreen, a convenience food and beverage retailer and operator of petrol forecourts and motorway service areas, agreed to acquire a 40% stake in Connecticut Service Plazas, which consists of 23 on-highway service plazas located in Connecticut across interstate 95, interstate 395 and route 15, three heavily trafficked routes between New York and Boston, for $38m.
Applegreen Chief Executive Bob Etchingham said: "This transaction represents a rare opportunity to acquire a high profile service plaza concession project in one of our core regions in the United States, significantly increasing our market presence in the North East and positioning the company for further growth in this key strategic market."
Goodbody, Shore Capital & Corporate and Drury Porter Novelli are advising Applegreen.
Private equity firm New State Capital Partners invested in Mako Steel, an acknowledged leader in the self-storage construction industry. Financial terms were not disclosed.
"The storage industry is booming for both residential and commercial use, and Mako Steel is best-in-class in terms of managing the entire process from engineering to contracting and construction management," said Dave Blechman, Founder and Senior Principal of New State Capital Partners. "Building strong partnerships is a cornerstone of our mission, and it was clear from our first meeting that Mako Steel's management team is actively committed to growth."
CoveView Advisors and Morgan Lewis & Bockius advised New State Capital Partners.
Private equity firm Arcline Investment Management acquired Pride Engineering, the global leader in the design and manufacture of precision-engineered tooling, equipment, and aftermarket parts that are mission-critical to the aluminum beverage packaging manufacturing process, from May River Capital. Financial terms were not disclosed.
Greg Pickert, President and CEO of Pride, said, "We are excited to partner with Arcline, which shares our passion for supporting our customers' vision of advancing the adoption of environmentally favorable packaging. Arcline's experience in software and technology enablement will be a great asset as we further develop the next generation of connected tooling for our customers. We look forward to playing a key role in the sustainable packaging industry as we invest in our next phase of growth."
Lincoln International advised Arcline Investment Management.
Bridges Fund Management invested in Jump City, one of the largest franchisees of Sky Zone trampoline parks, operating five locations in the New England region. Financial terms were not disclosed.
Elizabeth Burgess, a Partner at Bridges US Sustainable Growth Fund, says: “Bridges seeks to invest in ethical and passionate entrepreneurs who support their communities through healthy, sustainable business operations. Stella and her team are best-in-class operators that exemplify the type of leadership and business practices that we look to support and grow. We look forward to expanding an approach to business that not only provides a fun, safe and healthy form of entertainment but provides needed economic development and quality jobs in the regions where we operate and plan to expand.”
Europcar Mobility Group, the leader of car rental in Europe, acquired Fox Rent A Car, one of the largest independent players of the US car rental market. Financial terms were not disclosed.
For Caroline Parot, Chief Executive Officer of Europcar Mobility Group: “Following the acquisitions of Goldcar and Buchbinder in 2017, the acquisition of Fox Rent A Car, one of the largest independent players in the US car rental market, is the last key step in our transformational M&A program, which enabled us to become a truly global mobility service company."
FOX Entertainment, a division of Fox Corporation, acquired Bento Box Entertainment, an Emmy Award-winning production company. Financial terms were not disclosed.
“You can’t walk around the FOX lot without noticing a decades-long passion for animation. It is in the FOX DNA and has served legions of fans, partners and investors,” said Charlie Collier, Chief Executive Officer, FOX Entertainment. “As we grow FOX for the next generation, it only makes sense we would expand our animation capabilities by bringing on board the best in the business: Bento Box. The Bento-FOX combination brings FOX front-door access to the next wave of the genre’s creative leaders, while still maintaining Bento Box’s focus on all that makes them a terrific partner for outside producers. We’re thrilled to work with Scott, Joel, Brett and their amazing team to take all they’ve so capably built to new heights.”
defi SOLUTIONS and Sagent Auto, two leaders in auto lending technology and services, agreed to merge. Financial terms were not disclosed.
“This merger has been designed to bring the best of today and tomorrow, while also minimizing disruption to our clients’ businesses,” said Stephanie Alsbrooks Hanson, founder and vice-chair of defi SOLUTIONS. “I’m excited about the opportunities created by this merger for our teams, clients and the industry overall.”
Park Place Technologies, which provides a post-warranty alternative to storage, server and networking hardware maintenance for IT data centers, acquired Entuity, a global network performance monitoring software company with offices in Boston and London. Financial terms were not disclosed.
"It is exciting to see how this partnership will yield mutual benefits for both companies and their customers across the globe," said Stephen Woodard, President and CEO, Entuity. "Entuity's auto-discovery and inventory capabilities, live topology, event management and probable cause analysis strengthen Park Place's existing innovations and industry-leading solutions such as ParkView."
Private equity firm Growth Street Partners invested in Suralink, the leading provider of workflow software for the accounting industry. Financial terms were not disclosed.
"As a rapidly growing and profitable business, we had no intention of raising capital until we met with Growth Street Partners," said Tim Ballantyne, CEO and co-founder of Suralink. "Growth Street's proven track record of helping founders from industry scale their vertical SaaS businesses really got the team excited about partnering to accelerate Suralink's growth, invest in its people and industry-leading product, and even consider add-on acquisitions to deliver even greater value to customers and partners."
Exiger, the global leader in technology-enabled regulatory, financial crime, risk and compliance solutions, acquired Convergent Solutions, a leading business specializing in the delivery of intelligence analysis, cybersecurity and national security solutions to the Federal Government. Financial terms were not disclosed.
"Exiger is excited to bring our leading technology solutions to the federal market," said Michael Cherkasky, co-founder and Executive Chairman of Exiger. "Our products, combined with Convergent's world-class employees, industry credentials and experience, can help solve the Federal Government's biggest challenges related to information management, vendor and personnel vetting, and mission-critical risk identification and mitigation."
SoftBank Vision Fund invested $200m in C2FO, the world’s largest market for working capital. The investment is designed to accelerate C2FO’s development of new markets to further improve access to working capital for companies globally not just large multinational corporations, but also small and medium-sized enterprises.
“We are very fortunate to have a team who, for years, has delivered industry-leading unit economics, extraordinary customer satisfaction, and strong global growth,” said Sandy Kemper, C2FO Founder and Chief Executive Officer. “Due to their work, we have now grown to match over $1.2tn of accounts receivable and accounts payable.”
Lido Advisors, a full service, independent, registered investment advisory firm, merged with Maryland-based Coliseum Wealth Management, an independent financial advisory firm. Financial terms were not disclosed.
Brad Hixson, Executive Vice President, Lido Advisors said, “We are eagerly looking forward to working with Scott and Jordenne to enhance Lido’s presence in the Mid-Atlantic Region. We consider this a major geographic expansion and are partnering with the best talent in the area. Scott’s commitment to client service and Jordenne’s operational excellence are the perfect fit for the Lido brand and client experience.”
DuPont ponders sale of biosciences unit for up to $20bn.
DuPont de Nemours, an American diversified conglomerate, is considering a $20bn sale of its biosciences unit. A sale would extend a dramatic overhaul of DuPont’s portfolio as it looks to salvage shareholder value in the face of slowing markets and the US-China trade war. The company is now working with advisers to evaluate options for the unit, including a potential sale or spinoff.
QEP Resources and Elliott Management signed a cooperation agreement. (FS)
QEP Resources, an independent crude oil and natural gas exploration and production company, and Elliott Management, an activist hedge fund, entered into a cooperation agreement. Funds affiliated with Elliott beneficially own approximately 4.9% of QEP’s common stock.
“In the last year, QEP has made strides in streamlining our business, reducing costs, strengthening our balance sheet, and selling non-core assets. Our Board and management team welcome the constructive perspectives of our shareholders and are committed to maximizing shareholder value. Through the formation of this new committee, we will continue building on the progress we have already made, and I look forward to the contributions of our new directors and the new committee as we take further steps to improve performance and build shareholder value,” said QEP’s Chief Executive Officer, Tim Cutt.
Viacom acquired licensing rights to Garfield.
Viacom, an American multinational media conglomerate company with interests primarily in film and television, acquired the entity that holds all global intellectual property rights to Garfield, an American comic strip created by Jim Davis. The acquisition is expected to close in the upcoming weeks. Financial terms were not disclosed.
Petrobras considers IPO of power plants.
Brazil's state-controlled oil company Petroleo Brasileiro is considering a divestment of a subsidiary consisting of 15 power plants, which could be listed in an IPO. Petrobras currently operates 20 power plants with 6,000MW in total capacity.
Adtalem considers a sale of Brazilian assets.
Adtalem Global Education, a leading network of schools, is considering a sale of its Brazilian assets for $505m.
Adtalem Global Education holds a 97.9% stake in Adtalem Brazil. The company runs 15 schools in Brazil under three brands, with nearly 82k students: Wyden Educational, Ibmec, and Damasio.
SoftBank acquires 8.1% stake in Banco Inter. (FS)
Japan’s SoftBank Group acquired a 8.1% stake in the Brazilian online lender Banco Inter through a share offering that concluded last week, according to a securities filing published on Tuesday.
Banco Inter raised BRL1.3bn ($329m) in a primary share offering to fund its expansion, pricing its units, comprised by one common share and two preferred shares.
Gaw Capital acquires Hollywood & Highland for $325m. (FS)
Gaw Capital, a leading private equity firm, in partnership with DJM acquired Hollywood & Highland, one of America’s busiest and most acclaimed shopping centers, for $325m.
“We are delighted to be partnering with DJM to acquire this iconic asset in Hollywood. Hollywood & Highland has enormous potential given its fantastic location at the gateway to new Hollywood,” Goodwin Gaw, Gaw Capital Partners Chairman, and Managing Principal.
Ibotta announces series D financing round at $1bn valuation.
Ibotta, the leading mobile rewards platform in the United States, announced a series D financing round at $1bn valuation. The funding will enable Ibotta to continue leading innovation within the payments industry through the company's turnkey and rewarded payments solution.
"While we've reached the point of critical mass awareness when it comes to paying with our phones, there's still one piece missing on the path to true adoption: rewards," said Bryan Leach, Founder and CEO of Ibotta. "Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100tn global payments market. The excitement of cash rewards will be the flash point in changing consumer behavior and driving adoption of new forms of mobile payments worldwide."
Macquarie Group agreed to acquire Currenta, a chemical park operator, from Bayer, a global enterprise with core competencies in the life science fields of health care and nutrition, and LANXESS, a leading specialty chemicals company, for $3.9bn. Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen and is currently a joint venture of Bayer (60%) and LANXESS (40%).
“We are delighted to announce that in MIRA, the world’s leading infrastructure asset manager, we have found the right partner to drive the successful development of Currenta while leveraging its international expertise,” said Dr. Hartmut Klusik, member of the Board of Management and Labor Director of Bayer.
The US Federal Trade Commission cleared the $4bn acquisition of BTG, an international specialist healthcare company, by Boston Scientific Corporation, a manufacturer of medical devices used in interventional medical specialties. The deal was announced in November 2018.
Deutsche Bank, Goldman Sachs, JP Morgan, Rothschild & Co, Allen & Overy and FTI Consulting are advising BTG. Barclays, Arnold & Porter Kaye Scholer, Shearman & Sterling and Travers Smith are advising Boston Scientific. Simpson Thacher & Bartlett is advising the debt providers.
Private equity firm Bridges Fund Management acquired énergie Fitness, the leading UK low-cost gym franchise business with over 100 sites across the UK & Ireland. Financial terms were not disclosed.
Neil King, CEO of énergie Fitness, said: “Bridges was an obvious choice to support us in the next phase of our growth. The team has substantial experience of successful roll-outs in the sector, which will be very valuable to us as we think about how to improve our member offering and find more great sites. We also share the same passion for improving our members’ health outcomes. We’re excited that we have the opportunity to work together.”
Clearwater advised énergie Fitness. Lincoln International and Burges Salmon advised Bridges. RMFunds provided financing.
EQT Partners acquired Ellab, a leading global supplier of thermal validation solutions and services, from IK Investment Partners. The management will partner with EQT and retain a minority stake in the company. Financial terms were not disclosed.
Peter Krogh, CEO of Ellab, said: “We are proud of Ellab’s accomplishments over the past decades and with the recent expansion of our product portfolio and as-a-service offering we believe that we can be an even more valuable partner to our customers in the future. EQT shares our strong company values and we believe that their global reach and sector expertise makes them an ideal partner and will place Ellab in an excellent position for continuing our momentum and further bolster the commitment to our customers.”
DESSIGN Group, a German diversified holding company, sold Jäger Health Group, a leading OTC healthcare marketing agency, and Aposphäre, a provider of educational training to pharmacists, to IQVIA, a global supplier of healthcare services. Financial terms were not disclosed.
Martin Dess, founder and owner DESSIGN, said: “We are very happy to find a new home for Jäger Health Group and Aposphäre, we are excited for the companies’ future growth journey under the new ownership of IQVIA."
The Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, acquired a 10% minority stake in VTTI, a fast-growing independent provider of energy storage worldwide. Financial terms were not disclosed.
H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “We are delighted to be entering into this strategic investment opportunity in VTTI, alongside Vitol and IFM GIF, which will further complement the development of ADNOC’s integrated global trading platform while also delivering a solid financial return. VTTI’s diverse portfolio of storage assets across key target markets such as Asia, Africa and Europe, provides us with direct access to our customers around the world, a key building block to accelerating ADNOC’s transformation into a more integrated and commercially-minded global energy player.”
Diageo, a British multinational alcoholic beverages company, acquired a majority stake in Seedlip, the world’s first distilled non-alcoholic spirits brand. Financial terms were not disclosed.
Ben Branson, Founder of Seedlip, said: “We want to change the way the world drinks and today’s news is another big step forward to achieving this. Distill Ventures’ and Diageo’s shared belief in our vision has enabled us to build a business that’s ready for scale and I’m excited to continue working with Diageo to lead this movement.”
According to EU antitrust regulators, Polish oil refiner PKN Orlen’s bid for rival Lotos may reduce competition in Poland and neighboring countries and push up prices. The concerns led the regulators to open a full-scale investigation into the deal.
State-run PKN wants to buy at least a 53% of Lotos, in which the government holds a 53.19% stake. The companies own the only two refineries in Poland and are also present in the Czech Republic, Estonia, Latvia, Lithuania and Slovakia.
Elevator Ventures & UNIQA Ventures invested in kompany, the leading RegTech platform for Global Business Verification and Business KYC. Financial terms were not disclosed.
"We have followed kompany’s success story for quite some time – we at UNIQA Ventures are convinced that now is the right time for outstanding RegTech startups to benefit from the digitalization of heavily regulated industries like banking and insurance," says Andreas Nemeth, CEO of UNIQA Ventures.
Corteva, a leading pure-play agriculture company, agreed to invest in Evogene's agriculture biologicals subsidiary, Lavie Bio. Financial terms were not disclosed.
Susanne Wasson, Crop Protection Business Platform President for Corteva Agriscience said, "This transaction demonstrates Corteva's ongoing commitment to bringing to market new and differentiated technologies for our customers. We are pleased to collaborate with Lavie Bio – a leader in the field of agriculture biologicals – as we continue to focus on accelerating commercialization of customer-centered innovation in this high-growth sector."
VEON, a multinational telecommunication services company headquartered in Amsterdam, completed its $587m acquisition of a stake in Global Telecom Holding, an international telecommunications company operating mobile networks in several nations.
VEON’s Chief Executive Officer Ursula Burns commented: “These are significant transactions for both VEON and GTH, designed to benefit all stakeholders. A successful take-up of the Mandatory Tender Offer, followed by the delisting of GTH and subsequent asset transfers, will simplify the VEON Group structure while increasing its stake in operating companies in Pakistan, Algeria and Bangladesh.”
Sofina, a Belgian holding company, invested in Drylock Technologies, a family-owned hygiene manufacturer. Financial terms were not disclosed.
Bart Van Malderen, CEO Drylock Technologies, said: “In the past seven years we have been growing and building Drylock at an incredible fast pace. As such we have commissioned four plants from scratch, acquired five others in Russia, Italy, North America and Brazil, whilst leading product innovations with proprietary technology such as the fluffless and channel technology. Today we have a platform that allows us to continuously and rapidly further expand our business and I am pleased to welcome Sofina in supporting the further roll-out of our business plan.”
Mubadala to invest $25bn in SoftBank Vision Fund II. (FS)
Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, is considering an investment of $25bn in SoftBank Group's Vision Fund II.
SoftBank announced it had gathered some $108bn for Vision Fund II. It had signed memoranda of understanding with 12 investors, including the sovereign wealth fund of Kazakhstan, Microsoft, and Japan’s three megabanks, as well as existing Vision Fund backers Apple and Foxconn.
Saudi Aramco valuation dispute continues.
According to a Reuters report Saudi Crown Prince Mohammed Bin Salman is insisting on a $2tn valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5tn. With Aramco talking again to banks about an initial public offering, its board is meeting later this week and will probably hold a discussion about the company’s value.
Prince Mohammed put a $2tn valuation on the state company in early 2016 when he first proposed a share sale to diversify Saudi Arabia’s economy beyond oil.
Glovo in early talks with Uber, Deliveroo.
Glovo, an on-demand courier service that purchases, picks up, and delivers products ordered through its mobile app, has reportedly drawn preliminary interest from Uber Technologies and Deliveroo in recent months as the online food delivery industry undergoes a wave of consolidation. While suitors have shown preliminary interest, Glovo isn’t actively looking for a buyer.
CNP Assurances and Cattolica line up to bid for the majority of UBI's insurance business. (FS)
Reuters reported that France’s CNP Assurances and Italy’s Cattolica Assicurazioni are among a series of European bidders looking to submit binding offers for a majority stake in the insurance arm of Italian lender UBI Banca.
Italy’s fifth-largest bank is looking to sell roughly 60-70% of the unit which focuses on life insurance and includes stakes in a series of joint venture platforms with the likes of British insurer Aviva.
Brayleys expands with acquisition of four Honda dealerships.
Hertfordshire based dealer group, Brayleys, acquired four Honda outlets through the acquisition of Thames Honda, for an undisclosed sum. The purchase marks the first organic growth for Brayleys since Dubai-based AW Rostamani Group became its majority shareholder at the end of 2018.
Commenting on the acquisition of Thames Honda, Managing Director Paul Brayley said: “For over 13 years Thames Honda has developed into a successful Honda retailer serving customers across the South East and North West London territories. The company has built up a good reputation and shares Brayleys’ philosophy of putting customers and staff at the heart of the business."
Three Hills Capital Partners announced a €192m secondary transaction. (FS)
Three Hills Capital Partners announced the establishment of two new funds, Three Hills Capital Solutions I and Three Hills Capital Solutions II, in a €192m ($215m) GP-led secondary transaction. The new funds, managed by THCP, will acquire a total of seven companies from Three Hills and Three Hills Decalia.
Mauro Moretti, Founder and Managing Partner at THCP, commented, “We are delighted to have completed this transaction, which demonstrates our commitment to maximizing value creation in our investments. The transaction provides THCP with both fresh capital and additional time to continue working with the seven portfolio companies, with the aim to deliver additional growth and returns for our investors. It is a great pleasure to partner with the outstanding team at Idinvest, a leading European institutional investor, while also offering a highly attractive option to our existing investor base. This new relationship demonstrates the appeal of our franchise to institutional investors, who represent a growing proportion of our LP base”.
Klarna to raise $460m in equity. (FS)
Swedish payments provider Klarna announced a new round of equity funding, adding $460m at a post-money valuation of $5.5bn. The new funding will be used to help Klarna continue to grow its presence in the US payments market, the company said in a press release.
The new funding for Klarna is led by Dragoneer Investment Group, and includes participation by Commonwealth Bank of Australia, HMI Capital, Merian Chrysalis Investment Company and more.
Transurban, a road operator company that manages and develops urban toll road networks in Australia and North America, acquired the remaining shares in Sydney's M5 West motorway for $317m.
AMP looking to sell its banking arm.
AMP, a financial services company in Australia and New Zealand providing superannuation and investment products, insurance, financial advice and banking products including home loans and savings accounts, is considering selling its banking arm. The unit could fetch as much as $2bn.
Bakrieland and China Construction explore a $350m partnership.
PT Bakrieland Development, a theme park company, and China Construction, a real estate developer, are exploring a $350m partnership to develop residential and commercial areas in Jakarta. Details of the potential deal were not disclosed.
Charter Hall acquires a stake in Chifley Towers from GIC. (FS)
Charter Hall, a leading Australian property group, acquires an undisclosed stake in a $1.2bn valued Sydney office skyscraper Chifley Tower from GIC.
“We have used our diversified funds platform to bring two of our wholesale funds/partnerships together to form a joint venture with GIC to own one of Australia’s pre-eminent premium grade office towers situated on arguably the best prime CBD site in Sydney,” David Harrison, Charter Hall managing director and CEO.
Fonterra is exploring divestment of 18.8% stake in Beingmate.
Fonterra, the leading dairy exporter, is considering the sale of its 18.8% stake in Beingmate Baby & Child Food, a Chinese infant formula maker.
Fonterra would be selling the stake in the stock market as it was not able to find a suitable buyer for the ill-performing asset.
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