In the ultimate David and Goliath story, the China Petroleum & Chemical Corp., Sinopec, Asia's largest refiner and one of China's biggest state-owned firms, dropped its hostile bid to take over the much smaller, privately-held China Gas Holdings after a contentious struggle lasting nearly a year, according to major media stories.
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U.S. Private Equity Investor FLAG Capital to Expand Asian Footprint with Squadron Capital Acquisition
The U.S. private equity investor FLAG Capital Management announced today that it will acquire Hong Kong-based Squadron Capital, which manages $1.5 million in assets, PRNewswire reported. Its acquisition of the private equity firm will give FLAG a presence in Asia, increasing its total assets under management to $6 billion.
Earthquake in Southern Spain Linked to Farmers' Drilling: Study in Nature Geoscience Finds
A study examining the causes of the 2011 earthquake in Spain's agricultural city of Lorca, shows that years of drilling and pumping water from an underground reservoir may have triggered the 5.1 magnitude event. The May 11, 2011 quake was Spain's worst in 50 years, claiming nine lives and costing the country billions of euros in damage.
Walmart Stake in Indian Supermarket Chain Probed for Violating Direct Foreign Investment Regs
An Indian lawmaker has filed a complaint with the government claiming that Walmart illegally invested in a local supermarket chain in violation of rules restricting direct foreign investment in the retail industry. Regulators have begun an informal inquiry into the matter, according to an article in Friday's New York Times.
360buy, China's Largest Online Retailer, Launches International Shopping Site
Watch out Amazon and Tmall! Starting today, China's largest online retailer, 360buy.com, is launching its international shopping site to sell directly to overseas buyers, Reuters reported.
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After months of negotiations, the German retailer Douglas Holding, which is known throughout Europe for its perfumeries, jewelry and book stores, is well on the road to going private. The Wall Street Journal reported on Monday that the company's founding family has joined private equity firm Advent International in a takeover offer.
Greek's ancient Port of Piraeus is half-owned by the Chinese-owned giant Cosco, which has tripled the volume of cargo traffic there since 2010. The trade-off is in workers' salaries and employment protections.
The London-based HouseTrip, which allows users to rent out their homes while they're away, raised $40 million in its third-round of funding, from Europe's three largest venture capital firms.
Reuters reported today that big private equity firms will bid for Ingham Enterprises, Australasia's largest poultry producer, according to confidential sources.
The New York Times reported that an "ambitious three-step plan" to side-step the economy's looming "Fiscal Cliff" on Jan. 1 has garnered bipartisan support according to lawmakers and aids.
San Francisco-based venture capital firm Valar Ventures Management led a $10.47 million round of financing in the up-and-coming Brazilian furniture e-commerce store, Oppa, according to securities filings obtained by The New York Times. It is the firm's first venture into Brazil.
Last week the Indian government announced that it was increasing the limits for foreign investment in insurance joint ventures, and opening the pension system to foreigners.
The U.S.-based Carlyle Group sold all of its remaining shares in India's HDFC for $831 million on Thursday night, making it the country's fourth larges equity deal for the year, Reuters repored.
Reuters) - A polarized Washington that cannot find a way around the looming "fiscal cliff" is compounding economic uncertainty, freezing business investment and threatening growth, the IMF's No. 2 official and its top-ranking American said on Monday.
