BG LAUNCHES HOSTILE US$13.3 BLN BID FOR AUSTRALIA'S ORIGIN
Melbourne (ANTARA News/Asia Pulse) - British giant BG Group plc has launched a hostile A$13.8 billion (US$13.13 billion) bid for gas explorer and energy retailer Origin Energy Ltd (ASX:ORG), which if successful will be one of the the biggest takeovers ever made in Australia.
BG is aggressively pursuing Origin, saying it will take its "full value" bid directly to the Sydney-based company's shareholders, after the target rejected its two earlier approaches.
BG's formal bid comes almost four few weeks after Origin rejected its unsolicited proposal of A$15.50 a share - which was revised up from an initial A$14.70 a share in April - and for which BG had hoped to receive board support.
MALAYSIA'S SPK-SENTOSA WINS ABU DHABI HOUSING PROJECT WORTH US$723.9 MLN
Kuala Lumpur (ANTARA News/Asia Pulse) - SPK-Sentosa Corporation Berhad (KLSE:1813) on Monday announced that it has won a contract worth AED2,655,197,816 (US$723.9 million) for a massive housing project in Abu Dhabi.
ALDAR Properties PJSC had on 22 June 2008 accepted a proposal from SPK-Sentosa's wholly-owned unit, Pembinaan SPK Sdn Bhd (PSPK), for the construction of 2,080 villas in the Al Falah Community Development in Abu Dhabi.
The work under the Al Falah project is expected to begin in September 2008 for completion within 36 months, SPK-Sentosa said in a statement.
INDIA'S ONGC PLACES US$514 MLN ORDER WITH BHEL, GE CONSORTIUM
New Delhi (ANTARA News/Asia Pulse) - ONGC Tripura Power Co, a unit of state-run Oil and Natural Gas Corp (BSE:500312), has awarded a Rs 22.07 billion (US$514.80 million) order to a consortium of Bharat Heavy Electricals Ltd (BSE:500103) and General Electric for the generation of 720 MW of power from natural gas produced by ONGC in the northeastern state of Tripura, a company statement said here.
The 360x2 MW combined cycle gas turbine power plant is being developed by OTPC at Palatana in south Tripura. ONGC has 50 per cent equity stake in OTPC, the balance being held by IL&FS and the Government of Tripura.
S KOREA'S DONGWON TO ACQUIRE STARKIST FOR US$350 MLN
Seoul (ANTARA News/Asia Pulse) - Dongwon Group, a South Korean food conglomerate, said today it will buy a 100 per cent stake in U.S. canned tuna company StarKist from Del Monte Foods Co. for US$350 million.
Dongwon will sign a contract for the transaction at a Seoul hotel on Thursday, a company official said.
StarKist accounts for about 38 per cent of the canned tuna market in the U.S. and generated sales of $600 million last year.
RIO TINTO WINS 85 PCT PRICE HIKE FOR IRON ORE IN DEAL WITH BAOSTEEL
Sydney (ANTARA News/Asia Pulse) - Rio Tinto Ltd (ASX:RIO) has secured an iron ore price increase of 85 per cent with Chinese steel maker Baosteel (SSE:600019).
The price includes a small freight premium and will apply to iron ore deliveries for the contract year from April 1, 2008. The price rise was at the bottom end of the expectations of analysts, who were anticipating an increase between 85 per cent and 95 per cent.
JAPAN'S KDDI ENTERING TELEGRAM MARKET TO CRACK NTT MONOPOLY
Tokyo (ANTARA News/Asia Pulse) - KDDI Corp. (TSE:9433) is teaming up with Nippon Express Co. (TSE:9062) to enter the telegram market in a bid to break the grip held by Nippon Telegraph and Telephone Corp. (TSE:9432), The Nikkei learned Monday.
KDDI will start offering a telegram service on July 1, setting up nine delivery centers nationwide, with the goal of grabbing a 20 per cent market share in three years.
The telegram market is estimated at about 60 billion yen (US$557 million), down about 40 per cent from a peak in fiscal 1996.
VIETNAM'S VINACOMIN TO BUY COAL FROM INDONESIA TO FUEL PLANT
Hanoi (ANTARA News/Asia Pulse) - The Vietnam National Coal and Mineral Industries Group (Vinacomin) has recently signed a framework contract to buy 3.5 million tonnes of coal from Indonesia's PT Berau company and Indonesia-based Maintime company of Hong Kong.
The group said the coal will be used for the Vinh Tan 1 thermal power plant, which is part of the Vinh Tan power complex designed to have a capacity of 4,400 MW in southern Binh Thuan province. Early June, Vinacomin officials met with representatives from the PT Berau, Oxbow Coal, Siam Cement Trading, Sojitz (TSE:2768) and Cincor Coal in Indonesia to inquire into opportunities to import coal.
LG CHEM SIGNS DEAL TO BUY KOLON POLYMER FACILITY FOR US$86.8 MLN
Seoul (ANTARA News/Asia Pulse) - LG Chem Ltd. (KSE:051910), South Korea's largest chemical maker, said today it has signed a formal contract to buy a facility to produce super-absorbent polymers from Kolon Industries Co. (KSE:002020) for some 90 billion won (US$86.8 million).
Super-absorbent polymers, which can absorb many times their own weight in liquid, are used in personal disposable hygiene products such as baby diapers and feminine napkins.
With the acquisition, LG Chem aims to expand sales of the material to 1.5 trillion won by 2015 from the current 100 billion won, the company said in a statement.
The facility has an annual production capacity of 70,000 tons of super-absorbent polymers.
PERTAMINA SET TO CONTROL 54.28 PCT OF INDONESIA'S LUBE OIL MARKET
Jakarta (ANTARA News/Asia Pulse) - State-owned oil and gas company PT Pertamina is set to control a 54.28 per cent share of the total market of 700,000 kiloliters of lubricant oil in the country this year.
Pertamina hopes to sell 380,000 kiloliters of lubricant oil this year and earn Rp400 billion (US$43.2 million) in profit, a company official told the newspaper Investor Daily.
Pertamina's share of the market value, however, is expected to reach only Rp5 trillion or 41.7 per cent of lubricant oil market value of Rp12 trillion, marketing manager Hasto Wibowo said.
TAIWAN'S MAY JOBLESS RATE LOWEST IN EIGHT YEARS
Taipei (ANTARA News/Asia Pulse) - Taiwan's unemployment rate in May fell by 0.03 percentage point year on year to 3.84 per cent, compared with that of the same month last year, marking the lowest rate for May since 2001, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Monday.
"Compared with the same month last year, 150,000 more people were employed, representing 1.49 per cent growth," said Huang Jiann-jong, deputy director of the Bureau of Census under the DGBAS.
Huang said the 3.84 per cent jobless rate in May was a sign of an expanding labor market.
Source:
Business in Asia Today - JUNE 24, 2008
published by Asia Pulse
COPYRIGHT © 2008
Melbourne (ANTARA News/Asia Pulse) - British giant BG Group plc has launched a hostile A$13.8 billion (US$13.13 billion) bid for gas explorer and energy retailer Origin Energy Ltd (ASX:ORG), which if successful will be one of the the biggest takeovers ever made in Australia.
BG is aggressively pursuing Origin, saying it will take its "full value" bid directly to the Sydney-based company's shareholders, after the target rejected its two earlier approaches.
BG's formal bid comes almost four few weeks after Origin rejected its unsolicited proposal of A$15.50 a share - which was revised up from an initial A$14.70 a share in April - and for which BG had hoped to receive board support.
MALAYSIA'S SPK-SENTOSA WINS ABU DHABI HOUSING PROJECT WORTH US$723.9 MLN
Kuala Lumpur (ANTARA News/Asia Pulse) - SPK-Sentosa Corporation Berhad (KLSE:1813) on Monday announced that it has won a contract worth AED2,655,197,816 (US$723.9 million) for a massive housing project in Abu Dhabi.
ALDAR Properties PJSC had on 22 June 2008 accepted a proposal from SPK-Sentosa's wholly-owned unit, Pembinaan SPK Sdn Bhd (PSPK), for the construction of 2,080 villas in the Al Falah Community Development in Abu Dhabi.
The work under the Al Falah project is expected to begin in September 2008 for completion within 36 months, SPK-Sentosa said in a statement.
INDIA'S ONGC PLACES US$514 MLN ORDER WITH BHEL, GE CONSORTIUM
New Delhi (ANTARA News/Asia Pulse) - ONGC Tripura Power Co, a unit of state-run Oil and Natural Gas Corp (BSE:500312), has awarded a Rs 22.07 billion (US$514.80 million) order to a consortium of Bharat Heavy Electricals Ltd (BSE:500103) and General Electric for the generation of 720 MW of power from natural gas produced by ONGC in the northeastern state of Tripura, a company statement said here.
The 360x2 MW combined cycle gas turbine power plant is being developed by OTPC at Palatana in south Tripura. ONGC has 50 per cent equity stake in OTPC, the balance being held by IL&FS and the Government of Tripura.
S KOREA'S DONGWON TO ACQUIRE STARKIST FOR US$350 MLN
Seoul (ANTARA News/Asia Pulse) - Dongwon Group, a South Korean food conglomerate, said today it will buy a 100 per cent stake in U.S. canned tuna company StarKist from Del Monte Foods Co. for US$350 million.
Dongwon will sign a contract for the transaction at a Seoul hotel on Thursday, a company official said.
StarKist accounts for about 38 per cent of the canned tuna market in the U.S. and generated sales of $600 million last year.
RIO TINTO WINS 85 PCT PRICE HIKE FOR IRON ORE IN DEAL WITH BAOSTEEL
Sydney (ANTARA News/Asia Pulse) - Rio Tinto Ltd (ASX:RIO) has secured an iron ore price increase of 85 per cent with Chinese steel maker Baosteel (SSE:600019).
The price includes a small freight premium and will apply to iron ore deliveries for the contract year from April 1, 2008. The price rise was at the bottom end of the expectations of analysts, who were anticipating an increase between 85 per cent and 95 per cent.
JAPAN'S KDDI ENTERING TELEGRAM MARKET TO CRACK NTT MONOPOLY
Tokyo (ANTARA News/Asia Pulse) - KDDI Corp. (TSE:9433) is teaming up with Nippon Express Co. (TSE:9062) to enter the telegram market in a bid to break the grip held by Nippon Telegraph and Telephone Corp. (TSE:9432), The Nikkei learned Monday.
KDDI will start offering a telegram service on July 1, setting up nine delivery centers nationwide, with the goal of grabbing a 20 per cent market share in three years.
The telegram market is estimated at about 60 billion yen (US$557 million), down about 40 per cent from a peak in fiscal 1996.
VIETNAM'S VINACOMIN TO BUY COAL FROM INDONESIA TO FUEL PLANT
Hanoi (ANTARA News/Asia Pulse) - The Vietnam National Coal and Mineral Industries Group (Vinacomin) has recently signed a framework contract to buy 3.5 million tonnes of coal from Indonesia's PT Berau company and Indonesia-based Maintime company of Hong Kong.
The group said the coal will be used for the Vinh Tan 1 thermal power plant, which is part of the Vinh Tan power complex designed to have a capacity of 4,400 MW in southern Binh Thuan province. Early June, Vinacomin officials met with representatives from the PT Berau, Oxbow Coal, Siam Cement Trading, Sojitz (TSE:2768) and Cincor Coal in Indonesia to inquire into opportunities to import coal.
LG CHEM SIGNS DEAL TO BUY KOLON POLYMER FACILITY FOR US$86.8 MLN
Seoul (ANTARA News/Asia Pulse) - LG Chem Ltd. (KSE:051910), South Korea's largest chemical maker, said today it has signed a formal contract to buy a facility to produce super-absorbent polymers from Kolon Industries Co. (KSE:002020) for some 90 billion won (US$86.8 million).
Super-absorbent polymers, which can absorb many times their own weight in liquid, are used in personal disposable hygiene products such as baby diapers and feminine napkins.
With the acquisition, LG Chem aims to expand sales of the material to 1.5 trillion won by 2015 from the current 100 billion won, the company said in a statement.
The facility has an annual production capacity of 70,000 tons of super-absorbent polymers.
PERTAMINA SET TO CONTROL 54.28 PCT OF INDONESIA'S LUBE OIL MARKET
Jakarta (ANTARA News/Asia Pulse) - State-owned oil and gas company PT Pertamina is set to control a 54.28 per cent share of the total market of 700,000 kiloliters of lubricant oil in the country this year.
Pertamina hopes to sell 380,000 kiloliters of lubricant oil this year and earn Rp400 billion (US$43.2 million) in profit, a company official told the newspaper Investor Daily.
Pertamina's share of the market value, however, is expected to reach only Rp5 trillion or 41.7 per cent of lubricant oil market value of Rp12 trillion, marketing manager Hasto Wibowo said.
TAIWAN'S MAY JOBLESS RATE LOWEST IN EIGHT YEARS
Taipei (ANTARA News/Asia Pulse) - Taiwan's unemployment rate in May fell by 0.03 percentage point year on year to 3.84 per cent, compared with that of the same month last year, marking the lowest rate for May since 2001, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Monday.
"Compared with the same month last year, 150,000 more people were employed, representing 1.49 per cent growth," said Huang Jiann-jong, deputy director of the Bureau of Census under the DGBAS.
Huang said the 3.84 per cent jobless rate in May was a sign of an expanding labor market.
Source:
Business in Asia Today - JUNE 24, 2008
published by Asia Pulse
COPYRIGHT © 2008
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