Latest news with #ScottMurdoch
Yahoo
7 days ago
- Business
- Yahoo
CK Hutchison ports deal deadline likely to be extended as US-China tensions weigh, sources say
By Clare Jim, Scott Murdoch and Davide Barbuscia HONG KONG (Reuters) -CK Hutchison's plan to sell most of its $22.8 billion ports business is unlikely to be finalised anytime soon, with political brinkmanship set to continue, and sources saying that a Sunday deadline for exclusive talks was likely to be extended. The Hong Kong conglomerate's plan to sell the business, which would include two ports along the strategically important Panama Canal, to a consortium led by BlackRock and Italian billionaire Gianluigi Aponte's family-run shipping company MSC, has become politicised amid an escalating China-U.S. trade war. Negotiations for the deal, which covers 43 ports in 23 countries, are on an exclusive basis between CK Hutchison, controlled by Hong Kong tycoon Li Ka-shing, and the consortium for 145 days until Sunday, as per the terms announced in March. The deal talks, however, are unlikely to collapse if the two parties do not ink a pact by Sunday, with three people close to the ports-to-telecoms conglomerate saying the parties could extend the deadline to continue exclusive negotiations. The first part of the deal - definitive documentation to sell two port operations near the Panama Canal - was also not signed by an April 2 deadline set in the sales announcement. The people declined to be named due to the sensitivity of the matter. BlackRock declined to comment. CK Hutchison and MSC Mediterranean Shipping Company, which CK Hutchison said in May was the main investor in the consortium, did not respond to requests for comment. U.S. President Donald Trump hailed the deal as "reclaiming" the Panama Canal, after his administration previously called for the removal of what it said was Chinese ownership of the ports near the canal. But in April, China's top market regulator said that it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. Beijing's stance on the planned deal was made public after pro-China media launched a stinging criticism, saying China had significant national interests in the transaction and it would be a betrayal of the country. "I think at this moment it's not very optimistic that they can directly sell the ports to the consortium," said Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, which has clients holding CK Hutchison bonds. "The market has already digested the news, even if it announces next week that it won't sell anymore, I don't think it'll be a shock because the market understands it wouldn't have a large impact on its operations." DEAL RISKS CK Hutchison shares, which jumped 33% the following two days after the deal was announced in early March, erased all of the gains by mid-April. But since then it regained lost ground along with the rise in the broader Hong Kong market index. The outlook for the deal has been clouded further in recent days, with a separate source telling Reuters that Chinese ports operator China Cosco Shipping Corp (COSCO) was also looking to join the consortium to buy the ports business. COSCO is requesting veto rights or equivalent power in the entity that will take over 43 ports from CK Hutchison, Bloomberg News reported this week, citing people familiar with the matter. COSCO did not respond to a request for comment. The existing consortium would likely allow COSCO into the deal, said Cathy Seifert, an analyst at CFRA Research. "The bigger risk to the deal being consummated, in my opinion, is likely the Trump administration, which is likely to block a deal that would include China," said the New Jersey-based analyst who tracks BlackRock. Ballingal Investment Advisors strategist David Blennerhassett, who publishes on the independent online research platform Smartkarma, said the addition of COSCO in the consortium was likely to enrage Trump. "Trump, who has a handful of issues already on his plate, would be incandescent," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Automotive
- Yahoo
Nissan Motor eyes $4 billion in bond sales, term sheet shows
By Scott Murdoch SYDNEY (Reuters) -Japan's Nissan Motor is eyeing $4 billion worth of dollar and euro senior unsecured bond issuances, according to term sheet reviewed by Reuters. The car maker is looking at a five-, seven- and 10-year dollar bond deal to raise a minimum of at least $750 million in each tranche. Prospective investors have been told the five-year tranche would have a coupon in the mid-7% area, the seven-year tranche would be in the high 7% area while the longer-dated tranche would be in the low 8% area, the term sheet said. Nissan is also looking at a four and eight-year Euro issuance with a minimum size of 500 million euro ($588.40 million) in each tranche. Pricing guidance has been set at high-5% for the four-year and high-6% for eight-year bond, the term sheet said. Nissan said it also planned a 150 billion yen ($1.04 billion) six-year convertible bond. ($1 = 0.8498 euros) ($1 = 144.7900 yen) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Automotive
- Yahoo
Nissan Motor eyes $4 billion in bond sales, term sheet shows
By Scott Murdoch SYDNEY (Reuters) -Japan's Nissan Motor is eyeing $4 billion worth of dollar and euro senior unsecured bond issuances, according to term sheet reviewed by Reuters. The car maker is looking at a five-, seven- and 10-year dollar bond deal to raise a minimum of at least $750 million in each tranche. Prospective investors have been told the five-year tranche would have a coupon in the mid-7% area, the seven-year tranche would be in the high 7% area while the longer-dated tranche would be in the low 8% area, the term sheet said. Nissan is also looking at a four and eight-year Euro issuance with a minimum size of 500 million euro ($588.40 million) in each tranche. Pricing guidance has been set at high-5% for the four-year and high-6% for eight-year bond, the term sheet said. Nissan said it also planned a 150 billion yen ($1.04 billion) six-year convertible bond. ($1 = 0.8498 euros) ($1 = 144.7900 yen) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
30-06-2025
- Business
- Time of India
NTT seeks up to $864 million in data centre REIT's Singapore IPO, term sheet shows
By Scott Murdoch and Yantoultra Ngui SYDNEY/SINGAPORE: Japanese telecom giant NTT is seeking to raise roughly $864 million in a Singapore IPO for a data centre REIT if an overallotment option is included, according to a term sheet that marked the start of the bookbuilding process. NTT DC REIT's portfolio comprises six data centre assets located in the United States, Austria and Singapore, according to a preliminary prospectus filed on Friday. The value of the base offering is between $772 million and $812 million while the overallotment option would add another $51.5 million, the term sheet sheet showed. "We are not able to provide further details except for those officially announced by our company," NTT said in an emailed response to Reuters' request seeking comment on Monday. If the yield is priced at 7.5%, the overallotment would exercised. If fully exercised, NTT would be left with a 20% stake in the REIT. The REIT is being marketed at an indicative forecast distribution yield of 7% to 7.5% for July-March on an annualised basis and 7.29% to 7.80% for the next financial year. The REIT would have a market cap of up to $1.08 billion, the term sheet also showed. Bookbuilding is due to end on Friday with listing set for July 14. Cornerstone investors in the IPO include Singapore's sovereign wealth fund GIC with a $101 million investment, according to the term sheet. The Singapore Exchange has seen growing interest from companies seeking to list after it announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings. Hong Kong-listed China Medical System said last week it had applied for a secondary listing of its shares on the bourse. Other companies seeking to list in Singapore include the city-state's Foundation Healthcare Holdings. IPO proceeds raised on the Singapore Exchange surged more than five-fold to $331.6 million in the first half of this year from a year earlier, while the last listing of similar size was a $977 million IPO for Digital Core REIT in 2021, according to LSEG.
Yahoo
30-06-2025
- Business
- Yahoo
NTT seeks up to $864 million in data centre REIT's Singapore IPO, term sheet shows
By Scott Murdoch and Yantoultra Ngui SYDNEY/SINGAPORE (Reuters) -Japanese telecom giant NTT is seeking to raise roughly $864 million in a Singapore IPO for a data centre REIT if an overallotment option is included, according to a term sheet that marked the start of the bookbuilding process. NTT DC REIT's portfolio comprises six data centre assets located in the United States, Austria and Singapore, according to a preliminary prospectus filed on Friday. The value of the base offering is between $772 million and $812 million while the overallotment option would add another $51.5 million, the term sheet sheet showed. NTT did not immediately respond to a request for comment. If the yield is priced at 7.5%, the overallotment would exercised. If fully exercised, NTT would be left with a 20% stake in the REIT. The REIT is being marketed at an indicative forecast distribution yield of 7% to 7.5% for July-March on an annualised basis and 7.29% to 7.80% for the next financial year. The REIT would have a market cap of up to $1.08 billion, the term sheet also showed. Bookbuilding is due to end on Friday with listing set for July 14. Cornerstone investors in the IPO include Singapore's sovereign wealth fund GIC with a $101 million investment, according to the term sheet. The Singapore Exchange has seen growing interest from companies seeking to list after it announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings. Hong Kong-listed China Medical System said last week it had applied for a secondary listing of its shares on the bourse. Other companies seeking to list in Singapore include the city-state's Foundation Healthcare Holdings. IPO proceeds raised on the Singapore Exchange surged more than five-fold to $331.6 million in the first half of this year from a year earlier, while the last listing of similar size was a $977 million IPO for Digital Core REIT in 2021, according to LSEG. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
