Austria's OMV will divest its 45% stake in German oil refinery Bayernoil to Varo Energy for an undisclosed amount. Varo Energy is a partnership between Swiss oil trading firm Vitol and American private equity firm Carlyle Group.
Deals
UBS to sell Corporate Employee Financial Services to Montagu Private Equity
Investment bank UBS AG has put up for sale its administrative services arm for employee equity plans to simplify its operations. Corporate Employees Financial Services International will be sold to Montagu Private Equity.
Abraaj Capital says it wants to make one more investment in Turkey in 2014
Abraaj Capital Ltd said it intends to make one more investment in Turkey after it had acquired an 80% stake in a dairy maker this month, Bloomberg reported.
Brazil IT investments to increase 6pct in 2014 -study
Tech investment in Brazil is set to grow by 6% and investments for IT training will almost double in 2014, according to a recent survey among 1,000 decision makers in large and medium enterprises.
Chemicals maker BASF prepares bid for RWE's oil and gas exploration and production unit
BASF SE, the largest chemicals company in Germany, is working on a bid for RWE DEA AG. DEA is the oil and gas exploration and production (E&P) unit of German electric utilities company RWE AG.
Latest News
Solar Frontier, a wholly owned subsidiary of Japanese petroleum company Showa Shell Sekiyu, will be investing ¥13 billion ($125 million) to construct a solar panel plant in Japan's Miyagi prefecture.
Peabody Energy and Shenhua Group formed a joint venture firm, Sino-Pacific Coal Trading Corporation Pte Ltd, to provide Shenhua with coal from the platform of Peabody.
Lucio Tan, the chairman and chief executive of Philippine Airlines Inc (PAL) is expected to finalize the majority stake sale in the flag carrier next year with San Miguel Corp (SMC).
Korean Air, South Korea's flag carrier and largest airline, has put up for sale its shares in refiner S-Oil and 13 planes to raise KRW3.5 trillion. Proceeds from the deal will be used to pare its debt and provide aid to affiliate Hanjin Shipping Co.
Germany-based healthcare and agricultural products company Bayer said it will be buying Norway-based Algeta, its partner in developing a prostate cancer therapy, in a deal worth $2.9 billion, Bloomberg reported.
Fosun International, controlled by Chinese tycoon Guo Guangchang, is seeking to acquire apartments, hotels and offices in New York as well as in other US cities after its purchase of lower Manhattan landmark 1 Chase Manhattan Plaza.
LIG Insurance Co. has put up for sale a controlling stake of 20.96% in the South Korean non-life insurer to compensate investors for losses sustained after buying debt issued by its affiliate. It has hired Goldman Sachs Group to advise on the sale.
Kuwait-based holding company Noor Financial Investment Company has decided to sell of its entire stake in Pakistan-based Meezan Bank Limited (MEBL) to Vision Financial Limited for $190 million, according to a notice issued on Wednesday.
Philippine-based conglomerate GT Capital Holdings Inc bought more than 40% of car dealership Toyota Manila Bay Corp (TMBC) in a deal valued at PHP502.25 million.
