AUSTRALIA'S MURCHISON METALS LAUNCHES MERGER OFFER
Sydney (ANTARA News/Asia Pulse) - Murchison Metals Ltd (ASX:MMX) has launched a merger offer for the Midwest Corporation Ltd (ASX:MIS), which is already the target of a $A1.37 billion ($US1.31 billion) takeover bid from Chinese steel maker Sinosteel Corporation.
In a statement to the stock exchange, Midwest said the merger proposal aimed to create a dominant iron ore producer in the mid-west region of Western Australia.
Murchison has proposed a merger via a scheme of arrangement, offering one share and an option on issue for every 0.575 Midwest shares.
DENTSU TO SET UP ONLINE ADVERTISING AGENCY JV IN INDIA
Tokyo (ANTARA News/Asia Pulse) - Dentsu Inc. (TSE:4324) will co-establish an Internet advertising agency in India with a major local player in that field, becoming the first Japanese firm to create an ad agency in that country, where online advertising is growing rapidly.
Japan's largest ad agency will partner with Connecturf India Pvt. Ltd. to form a unit headquartered in Mumbai that will be capitalized at about Y30 million ($A303,168). Dentsu's local subsidiary is to take a 51% stake, with Connecturf to hold the remainder.
DAEWOO ENGINEERING WINS US$264 MLN ORDER FROM OMAN
sEOUL (ANTARA News/Asia Pulse) - Daewoo Engineering & Construction Co. (KSE:047040) said today it had won a 277 billion won (US$264 million) order from the Omani government to build a ship repair yard and dry dock complex in southeastern Oman.
The deal, signed with Oman's Ministry of National Economy, calls for Daewoo Engineering & Construction to complete the construction of the ship repair yard and dry dock complex by December 1, 2011, in Duqm, a port city about 450 kilometers southeast of the country's capital, Muscat, South Korea's biggest builder said in a regulatory filing.
INDIA'S SPICE TO INVEST UP TO US$300 MLN IN TWO TELECOM CIRCLES
New Delhi (ANTARA News/Asia Pulse) - Spice Communications (BSE:532863), in which Telekom Malaysia (KLSE:TLMM) holds 49 per cent stake, will invest up to US$300 million in its existing circles in Punjab and Karnataka, a senior official of the company said here.
"We have to augment capacity of our existing operations. In Punjab and Karnataka, we will invest US$200-300 million," Dilip Modi, group President for global operations, told reporters here on the sidelines of an Assocham conference here.
"As we get spectrum for the four circles we have license for, we will invest more, but that also will depend on the active infrastructure sharing we will be having," he said.
NBC UNIVERSAL TAKES 26 PCT STAKE IN INDIA'S NDTV FOR US$150 MLN
New Delhi (ANTARA News/Asia Pulse) - India's leading news and infotainment group NDTV (BSE:532529) on Saturday said NBC Universal has picked up 26 per cent stake in NDTV Network for US$150 million.
The two companies have successfully concluded a strategic partnership initiative for the NDTV Networks business, NDTV said in a statement.
As per the agreement, NBC Universal now has an effective indirect stake of 26 per cent in NDTV Networks Plc through the subscription of shares worth US$150 million, it added.
WOODSIDE ENERGY TO SEEK OIL, GAS IN EAST SEA
Seoul (ANTARA News/Asia Pulse) - Australia's Woodside Energy Ltd (ASX:WPL) has begun seeking oil and gas in the East (Japan) Sea with a South Korean company, the government said on Sunday.
The Ministry of Knowledge Economy said the energy company and the state-run Korea National Oil Corp. (KNOC) will jointly explore for resources in block zones 8 and 6-1.
It said that the search, which officially kicked off earlier, will be conducted by the deep water seismic survey ship CGG Veritas Duke that arrived in Pohang late last week.
ONE HUNDRED BRIDGES TO BE BUILT IN TURKMENISTAN
Ashgabat, Turkemenistan (ANTARA News/Asia Pulse) - One hundred bridges worth 1.15 trillion manat (US$$80.7 million) are scheduled to be built on Turkmenistan's motorways, transportation officials announced recently.
Among them, 77 bridges will be built along the Archman-Turkmenbashi stretch of the Ashgabat-Turkmenbashi motorway, and 23 bridges along the Annau-Mary stretch of the Ashgabat-Mary motorway.
According to a decree signed by the Turkmen president Gurbanguly Berdymukhammedov last week, the bridges should be commissioned by March 2010.
SOUTH AUSTRALIA TO START BUILDING US$9.6 MLN DESALINATION PLANT
Adelaide (ANTARA News/Asia Pulse) - Construction work will begin on a $A10 million ($US9.58 million) pilot desalination plant for South Australia, Premier Mike Rann says.
The pilot plant will test water quality, filtration and pretreatment technology required for the major $A1.1 billion ($US1.05 billion) plant the government has slated to provide a quarter of Adelaide's water supply.
Premier Mike Rann said the pilot plant at Port Stanvac, south of Adelaide, on Gulf St Vincent, should be in operation by July and that the major project should be up and running by the summer of 2011-2012.
HSBC REAFFIRMS COMMITMENT TO PURCHASE OF KOREA EXCHANGE BANK
Seoul (ANTARA News/Asia Pulse) - British banking giant HSBC Holdings Plc said today it was committed to buying South Korea's fifth-largest lender Korea Exchange Bank (KEB) from Lone Star Funds, following a report that HSBC may pull out of the deal. "HSBC is committed to the acquisition, but we can't wait forever... We are hopeful that the government will take appropriate action," Simon Cooper, head of the South Korean unit of HSBC, said, adding that the bank's rationale for the takeover had not changed.
The Financial Times reported that HSBC was considering walking away from the US$6.2 billion purchase of KEB if the deal did not receive regulatory approval within weeks.
The report comes about a month after HSBC agreed with the U.S. buyout fund to extend a deadline to buy KEB by three months, until July 31.
WESTPAC, ST GEORGE BANK MOVE CLOSER TO MERGER
Melbourne (ANTARA News/Asia Pulse) - St George Bank Ltd (ASX:SGB) and the Westpac Banking Corporation (ASX:WBC) have taken a significant step forward in their merger plan after St George said its board would recommend the A$17 billion (US$16.275 billion) bid to shareholders.
The endorsement came after St George and Westpac signed an merger implementation deal that reflects the key commercial terms that have been agreed upon by both boards and under which the merger proposal will be put to a vote of St George shareholders.
"The St George board intends to recommend to its shareholders Westpac's offer of 1.31 Westpac shares for each St George share," St George chairman John Curtis said today in a statement.
Source:
Business in Asia Today - MAY 26, 2008
published by Asia Pulse
COPYRIGHT © 2008
Sydney (ANTARA News/Asia Pulse) - Murchison Metals Ltd (ASX:MMX) has launched a merger offer for the Midwest Corporation Ltd (ASX:MIS), which is already the target of a $A1.37 billion ($US1.31 billion) takeover bid from Chinese steel maker Sinosteel Corporation.
In a statement to the stock exchange, Midwest said the merger proposal aimed to create a dominant iron ore producer in the mid-west region of Western Australia.
Murchison has proposed a merger via a scheme of arrangement, offering one share and an option on issue for every 0.575 Midwest shares.
DENTSU TO SET UP ONLINE ADVERTISING AGENCY JV IN INDIA
Tokyo (ANTARA News/Asia Pulse) - Dentsu Inc. (TSE:4324) will co-establish an Internet advertising agency in India with a major local player in that field, becoming the first Japanese firm to create an ad agency in that country, where online advertising is growing rapidly.
Japan's largest ad agency will partner with Connecturf India Pvt. Ltd. to form a unit headquartered in Mumbai that will be capitalized at about Y30 million ($A303,168). Dentsu's local subsidiary is to take a 51% stake, with Connecturf to hold the remainder.
DAEWOO ENGINEERING WINS US$264 MLN ORDER FROM OMAN
sEOUL (ANTARA News/Asia Pulse) - Daewoo Engineering & Construction Co. (KSE:047040) said today it had won a 277 billion won (US$264 million) order from the Omani government to build a ship repair yard and dry dock complex in southeastern Oman.
The deal, signed with Oman's Ministry of National Economy, calls for Daewoo Engineering & Construction to complete the construction of the ship repair yard and dry dock complex by December 1, 2011, in Duqm, a port city about 450 kilometers southeast of the country's capital, Muscat, South Korea's biggest builder said in a regulatory filing.
INDIA'S SPICE TO INVEST UP TO US$300 MLN IN TWO TELECOM CIRCLES
New Delhi (ANTARA News/Asia Pulse) - Spice Communications (BSE:532863), in which Telekom Malaysia (KLSE:TLMM) holds 49 per cent stake, will invest up to US$300 million in its existing circles in Punjab and Karnataka, a senior official of the company said here.
"We have to augment capacity of our existing operations. In Punjab and Karnataka, we will invest US$200-300 million," Dilip Modi, group President for global operations, told reporters here on the sidelines of an Assocham conference here.
"As we get spectrum for the four circles we have license for, we will invest more, but that also will depend on the active infrastructure sharing we will be having," he said.
NBC UNIVERSAL TAKES 26 PCT STAKE IN INDIA'S NDTV FOR US$150 MLN
New Delhi (ANTARA News/Asia Pulse) - India's leading news and infotainment group NDTV (BSE:532529) on Saturday said NBC Universal has picked up 26 per cent stake in NDTV Network for US$150 million.
The two companies have successfully concluded a strategic partnership initiative for the NDTV Networks business, NDTV said in a statement.
As per the agreement, NBC Universal now has an effective indirect stake of 26 per cent in NDTV Networks Plc through the subscription of shares worth US$150 million, it added.
WOODSIDE ENERGY TO SEEK OIL, GAS IN EAST SEA
Seoul (ANTARA News/Asia Pulse) - Australia's Woodside Energy Ltd (ASX:WPL) has begun seeking oil and gas in the East (Japan) Sea with a South Korean company, the government said on Sunday.
The Ministry of Knowledge Economy said the energy company and the state-run Korea National Oil Corp. (KNOC) will jointly explore for resources in block zones 8 and 6-1.
It said that the search, which officially kicked off earlier, will be conducted by the deep water seismic survey ship CGG Veritas Duke that arrived in Pohang late last week.
ONE HUNDRED BRIDGES TO BE BUILT IN TURKMENISTAN
Ashgabat, Turkemenistan (ANTARA News/Asia Pulse) - One hundred bridges worth 1.15 trillion manat (US$$80.7 million) are scheduled to be built on Turkmenistan's motorways, transportation officials announced recently.
Among them, 77 bridges will be built along the Archman-Turkmenbashi stretch of the Ashgabat-Turkmenbashi motorway, and 23 bridges along the Annau-Mary stretch of the Ashgabat-Mary motorway.
According to a decree signed by the Turkmen president Gurbanguly Berdymukhammedov last week, the bridges should be commissioned by March 2010.
SOUTH AUSTRALIA TO START BUILDING US$9.6 MLN DESALINATION PLANT
Adelaide (ANTARA News/Asia Pulse) - Construction work will begin on a $A10 million ($US9.58 million) pilot desalination plant for South Australia, Premier Mike Rann says.
The pilot plant will test water quality, filtration and pretreatment technology required for the major $A1.1 billion ($US1.05 billion) plant the government has slated to provide a quarter of Adelaide's water supply.
Premier Mike Rann said the pilot plant at Port Stanvac, south of Adelaide, on Gulf St Vincent, should be in operation by July and that the major project should be up and running by the summer of 2011-2012.
HSBC REAFFIRMS COMMITMENT TO PURCHASE OF KOREA EXCHANGE BANK
Seoul (ANTARA News/Asia Pulse) - British banking giant HSBC Holdings Plc said today it was committed to buying South Korea's fifth-largest lender Korea Exchange Bank (KEB) from Lone Star Funds, following a report that HSBC may pull out of the deal. "HSBC is committed to the acquisition, but we can't wait forever... We are hopeful that the government will take appropriate action," Simon Cooper, head of the South Korean unit of HSBC, said, adding that the bank's rationale for the takeover had not changed.
The Financial Times reported that HSBC was considering walking away from the US$6.2 billion purchase of KEB if the deal did not receive regulatory approval within weeks.
The report comes about a month after HSBC agreed with the U.S. buyout fund to extend a deadline to buy KEB by three months, until July 31.
WESTPAC, ST GEORGE BANK MOVE CLOSER TO MERGER
Melbourne (ANTARA News/Asia Pulse) - St George Bank Ltd (ASX:SGB) and the Westpac Banking Corporation (ASX:WBC) have taken a significant step forward in their merger plan after St George said its board would recommend the A$17 billion (US$16.275 billion) bid to shareholders.
The endorsement came after St George and Westpac signed an merger implementation deal that reflects the key commercial terms that have been agreed upon by both boards and under which the merger proposal will be put to a vote of St George shareholders.
"The St George board intends to recommend to its shareholders Westpac's offer of 1.31 Westpac shares for each St George share," St George chairman John Curtis said today in a statement.
Source:
Business in Asia Today - MAY 26, 2008
published by Asia Pulse
COPYRIGHT © 2008
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