Top Frontier Investment Holdings Inc. said Friday it acquired a 28% stake in San Miguel Corp. (PSE:SMCB), the Philippines' largest food and beverage conglomerate that has recently diversified into heavy industries, for around PHP64 billion. The acquisition was funded through a combination of equity and foreign borrowings.
Sydney, Nov 27, 2009 AEST (ABN Newswire) - All the key markets in Asia were hurt by the debt problem of Dubai today. Japan's key Nikkei stock index opened nearly 2 percent lower Friday while Hong Kong's Hang Seng Index declined about 3 per cent at opening with banks which are exposed to overseas assets tumbled massively.
The US dollar and euro both fell against yen today. The greenback weakened to the upper 84 yen range early Friday morning, down from the upper 86 yen level in Tokyo on Thursday. Some top European officials on Sunday will discuss in Nanjing with top officials from China's central bank and finance ministry about allowing Chinese yuan to rise against the euro. But analysts said the visitors are unlikely to win China's agreement on faster yuan appreciation.
Company News
Toshiba Corp. (TYO:6502) submitted a 4.5 billion euros bid for French nuclear company Areva's transmission and distribution (T&D) unit, said sources close to the Japanese firm. Three players including Toshiba, General Electric (NYSE:GE) and Alstom-Schneider have made binding offers for T&D. Both GE and Alstom-Schneider's bids are around 4 billion euros.
Tata Steel (BOM:500470) posted a second consecutive consolidated quarterly net loss. The company said its consolidated July-September net loss was 27.07 billion rupees, after minority interest and share of profit of associates, compared with a profit of 47.72 billion rupees a year earlier. But capacity utilisation increased to 75 percent in the September quarter, up from 53 percent in the June quarter. It is expected to be about 80 percent for the rest of the fiscal year to March 31, Tata Steel said.
It is speculated that Singapore Airlines Ltd. (SIN:C6L) is planning to inject CNY7 billion into China Eastern Airlines Corp (HKG:00670.HK)(SHA:600115). But today the Chinese carrier said it is not in talks with Singapore Airlines. Singapore Airlines and its parent, Temasek Holdings Pte. Ltd., failed in their bid to take 24% of China Eastern last year. Separately, China Securities Regulatory Commission (CSRC) will review the merger plan of two Shanghai-based airlines China Eastern Airlines and Shanghai Airlines (SHA:600591) next Monday.
Sinopec (HKG:0386)(SHA:600028) and PetroEcuador, Ecuador's state-run oil firm, will build a joint venture for developing the Oglan oilfield in Ecuador. Ecuador will hold 60 percent of the joint venture with the remaining by Sinopec.
Top Frontier Investment Holdings Inc. said Friday it acquired a 28% stake in San Miguel Corp. (PSE:SMCB), the Philippines' largest food and beverage conglomerate that has recently diversified into heavy industries, for around PHP64 billion. The acquisition was funded through a combination of equity and foreign borrowings.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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