Haitong will set up a fund for M&As
By Lydia Chen |
June 21, 2011, Tuesday
|
Print Edition
Print Edition
HAITONG Securities Co is expected to set up a 10 billion yuan (US$1.55 billion) fund to help domestic firms acquire overseas assets amid growing willingness among Chinese entrepreneurs to expand in foreign markets, media reports said yesterday.
The merger and acquisition fund, to be managed by Haitong's private equity unit, will raise 3 billion yuan initially and eventually reach its target of 10 billion yuan.
Reuters reported that Haitong has already committed 1 billion yuan to the fund, which is also backed by the Shanghai government.
Haitong's spokesman could not be reached for comment.
Caijing magazine said last week that Bright Food (Group) Co, which owns a 6 percent stake in Haitong, is considering setting up an overseas M&A fund with 10 billion yuan with the help of the Shanghai government and Shanghai International Group.
But Ge Junjie, deputy vice president of Bright Food, told Shanghai Daily he was unaware of the plan. Both the government's Shanghai Financial Service Office and Shanghai International Group declined to comment.
Bright has completed two overseas deals, including its stake purchase in New Zealand-based Synlait Milk Ltd.
Bright Food has tried and failed in four other overseas deals, including a buyout of Australia-based Tully Sugar, which failed partly due to insufficient funding.
Reuters cited unnamed sources as saying Bright Food is now interested in a stake in New Zealand beverage group Independent Liquor.
China's M&A market dropped 11.2 percent from April to US$12.13 billion in completed value last month, according to financial analysis firm China Venture.
The merger and acquisition fund, to be managed by Haitong's private equity unit, will raise 3 billion yuan initially and eventually reach its target of 10 billion yuan.
Reuters reported that Haitong has already committed 1 billion yuan to the fund, which is also backed by the Shanghai government.
Haitong's spokesman could not be reached for comment.
Caijing magazine said last week that Bright Food (Group) Co, which owns a 6 percent stake in Haitong, is considering setting up an overseas M&A fund with 10 billion yuan with the help of the Shanghai government and Shanghai International Group.
But Ge Junjie, deputy vice president of Bright Food, told Shanghai Daily he was unaware of the plan. Both the government's Shanghai Financial Service Office and Shanghai International Group declined to comment.
Bright has completed two overseas deals, including its stake purchase in New Zealand-based Synlait Milk Ltd.
Bright Food has tried and failed in four other overseas deals, including a buyout of Australia-based Tully Sugar, which failed partly due to insufficient funding.
Reuters cited unnamed sources as saying Bright Food is now interested in a stake in New Zealand beverage group Independent Liquor.
China's M&A market dropped 11.2 percent from April to US$12.13 billion in completed value last month, according to financial analysis firm China Venture.
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