Asia Private Equity Weekly News, July 23, 2012

By Staff Reporter

Jul 23, 2012 08:47 AM EDT

News and developments in Asia private equity from Reuters News for the week ending July 20.


U.S. PRIVATE equity fund Carlyle Group has raised about $720 million from the sale of a stake in China's third-largest insurer, China Pacific Insurance (Group) Co Ltd , a source with direct knowledge of the deal said.

U.S. PRIVATE equity firm TPG Capital is considering partnering with a Hollywood media executive to bid for debt-laden Australian media company Nine Entertainment Co, sources said, in what could be a $3.1 billion buyout.

WARBURG PINCUS, a stakeholder of Titan Petrochemicals Group Ltd, has sued Titan and some of its executives in Hong Kong's High Court for misrepresentation and breaches of contract.

KKR & CO will launch a mutual fund aimed at individual investors, according to registration papers filed with the U.S. Securities and Exchange Commission.

AUSTRALIA'S TEN Network announced it would sell its outdoor advertising business Eye Corp for up to A$145 million to a company controlled by CHAMP Private Equity.


CHINA INVESTMENT Corp is pumping billions of dollars into private equity firms in a move meant to boost returns at the sovereign wealth fund, with an eye on taking a more active role on dealmaking.

ELECTRONICS MAKER Bang & Olufsen is taking on two little-known strategic investors as it looks to increase sales tenfold in China and catch up luxury rivals in the world's largest market.


INDONESIA'S CENTRAL bank will set ownership limits in local banks at a maximum 40 percent, but will allow exemptions that leave open the door for DBS Group's $7.2 billion bid for Bank Danamon.

CHINESE OIL trader Guangdong Zhenrong Energy Co has offered to take control of debt-laden shipping and oil storage firm Titan Petrochemicals Group, which is facing a liquidation suit from U.S. private equity firm Warburg Pincus.

CARLYLE HAS no plans for now to try and sell its stake in Taiwan's Ta Chong Bank again as the timing is not good in a tough global market.


GLOBAL PRIVATE equity funds, including Blackstone Group L.P. and KKR, have held early talks with Chinese authorities on a new wave of renminbi funds which could dramatically improve their chances to win deals in China, an executive involved in the discussions said.


JAPANESE GROUP Dai-ichi Life Insurance, Korea Life Insurance, and Canadian peer Manulife have submitted final round bids for parts of ING's Asian business, sources familiar with the matter told Reuters.

AUSTRALIA'S LARGEST poultry producer, privately held Ingham, with annual sales of A$2.1 billion ($2.14 billion), said investment bank Investec has been appointed to sell the business, a deal that could attract private equity interest.

AUSTRALIAN MEDIA group Seven West Media said it plans to tap shareholders to raise A$440 million ($450 million) in new shares to cut its heavy debt load as advertising markets weaken.

PRIVATE EQUITY firm Navis Capital Partners announced that it had sold its majority stake in Andromeda Sales and Distribution Pvt Ltd to financial services holding company Casa Capital Management Pvt, without providing financial details.

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