Tag Archives: stake

Warren Buffett cuts Munich Re stake to beneath 5 pct

FRANKFURT Warren Buffett has reduce his stake in German reinsurer Munich Re (MUVGn.DE) once more, following warning earlier this year that prospects for the reinsurance sector had turned gloomier.

Buffett cut his holding to 4.6 percent from 9.7 percent previously, a regulatory filing by Munich Re showed late on Friday.

Buffet’s organizations Berkshire Hathaway Inc. (BRKa.N) and National Indemnity Business had reduce their holding in Munich Re from around 12 percent in September.

In May, Buffet told Berkshire Hathaway shareholders that the reinsurance organization was “unlikely to be as very good as it was”.

(Reporting by Maria Sheahan Editing by James Dalgleish)

UPDATE 1-AIG offering up to $1 bln stake in Chinese insurer PICC P&C

HONG KONG American International Group (AIG.N) (AIG) is selling a stake in PICC House and Casualty Co Ltd (2328.HK) worth up to $ 1 billion to institutional investors by way of a block deal, cutting its shareholding in the Chinese state-owned insurer for the second time this year.

The U.S. insurer acquired a stake in PICC Home and Casualty as a cornerstone investor in 2003, ahead of the Chinese insurer’s flotation. The deal launched on Monday comes soon after AIG raised $ 500 million by selling down its PICC P&C stake in March.

The planned sale also comes as AIG faces pressure from billionaire activist investor Carl Icahn to split the business into 3..

AIG is providing amongst 355 million and 365 million PICC P&C shares in a variety of HK$ 16.08-HK$ 16.38 every, a term sheet of the deal showed. The simple provide is worth about $ 750 million, with a $ 250 million up-size option taking the total deal value to $ 1 billion, the terms showed.

The value range represents a discount of 4.three-6.1 percent to PICC Property’s last traded value.

AIG traces its roots to 1919 when Cornelius Vander Starr established a basic insurance coverage enterprise in Shanghai. Following the global economic crisis, AIG sold component of its Asian life insurance coverage enterprise AIA Group Ltd (1299.HK) by means of a $ 20.1 billion Hong Kong initial public offering (IPO) in 2010 to assist repay the U.S. government bail-out. More than a period of time, AIG fully exited from AIA.

But in 2013, AIG invested about $ 500 million in People Insurance Group of China Co Ltd (1339.HK) IPO, reaffirming its commitment to the Asia Pacific region. Prior to Monday’s sell-down, AIG held 1.two billion PICC P&C shares, or about 26.4 percent stake of the firm, generating it the Chinese insurer’s biggest shareholder.

An AIG spokesman declined to comment.

Citigroup (C.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are managing the sale, the terms showed.

(Reporting by Fiona Lau at IFR and Denny Thomas Further reporting by Umesh Desai and Lawrence White Editing by Gopakumar Warrier and Louise Heavens)

Icahn requires 12 pct stake in Pep Boys, sees fit for rival

BOSTON Billionaire investor Carl Icahn reported on Friday that he now owns 12.12 percent of auto parts business Pep Boys-Manny, Moe & Jack (PBY.N), which agreed to sell itself to Bridgestone (5108.T) in October, and mentioned its retail automotive parts segment would be a best match for rival Auto Plus.

Icahn began buying the shares in late November and now owns 6.55 million shares, generating him the second largest owner after Mario Gabelli’s Gabelli Funds, a regulatory filing shows.

In the filing, Icahn stated he thinks the company would “present an outstanding synergistic acquisition chance for Auto Plus,” a privately held organization he currently owns.

Icahn mentioned he plans to hold discussions with the firm and numerous parties that participated in its strategic option evaluation approach about prospective transactions involving the company’s retail segment.

The move comes significantly less than two months after Pep Boys agreed to sell itself to Bridgestone Corp for roughly $ 835 million, a move which would assist the Japanese tire organization expand its retail network by more than one particular third in the United States.

Pep Boys, which had place itself up for sale in June, has not benefited from the resurgent auto market to the extent that rivals AutoZone and Advance Auto Components have.

At age 79, Icahn, whose net worth is place at roughly $ 21 billion by Forbes, is nevertheless playing an active function in American boardrooms, possessing most not too long ago urged insurer American International Group to split itself into 3 pieces in late October. Final year he pressured eBay to break up.

Pep Boys was founded in 1921 by four buddies who pooled collectively $ 800 to open an auto components shop in Philadelphia.

(Reporting by Svea Herbst-Bayliss Editing by Sandra Maler)

UPDATE 1-BTG Pactual to sell Brazil hospital stake to GIC, source says

(Recasts with agreement to sell stake to GIC)

By Tatiana Bautzer and Guillermo Parra-Bernal

SAO PAULO Nov 29 Grupo BTG Pactual SA has agreed to sell its 12 % stake in Rede D’Or São Luiz SA, Brazil’s biggest hospital chain, to Singapore’s sovereign wealth fund GIC Pte Ltd for virtually two.five billion reais ($ 633 million), a supply directly involved in the deal mentioned on Sunday.

An announcement could take spot early on Monday, mentioned the source, who requested anonymity in order to speak freely about the deal.

Executives at the São Paulo-primarily based bank had been negotiating exiting Rede D’Or because August, despite the fact that the arrest last week of BTG Pactual’s chairman, André Esteves, sped up talks, two other sources said.

Esteves was arrested as component of “Operation Auto Wash,” a probe into links in between ruling coalition politicians and firm executives who allegedly traded contracts at state firms for bribes and campaign donations.

He was detained on suspicion of obstructing a bribery investigation centered on Brazil’s state-controlled oil and gas company Petrobras, an allegation his lawyer, Antonio Carlos de Almeida Castro, has denied.

GIC paid 3.3 billion reais for a 16 percent stake of Rede D’Or in May possibly. The other partners in Rede D’Or are Brazil’s Moll family, which founded Rede D’Or in 1977, and Carlyle Group LP.

Carlyle purchased a four % stake in Rede D’Or from BTG in April, as properly as a 4 % stake from the Moll family. BTG had been discussing because August a divestment of an additional four % in Rede D’Or with Carlyle, the two sources stated.

According to one particular of these two sources, the Molls showed no interest in increasing their stake, and GIC not too long ago emerged as the preferred candidate.

BTG Pactual declined comment, as did representatives for Carlyle and GIC. Media officials for the billionaire Moll loved ones could not be reached for comment.

The Molls and BTG Pactual became partners at the finish of 2010.

Bloomberg News reported on Sunday, citing a person with expertise of the matter, that partners at BTG Pactual are in talks to acquire Esteves’ 28.eight % controlling stake in the bank right after his arrest.

($ 1 = 3.8446 Brazilian reais) (Editing by Leslie Adler)

UPDATE 1-Billionaire Blavatnik requires passive stake in Dorsey’s Square

(Adds background)

The stake in Jack Dorsey-led Square was reported as of Nov. 24. (1.usa.gov/1N8qUuJ)

Blavatnik, a Ukranian-born American citizen, has amassed a portfolio of assets ranging from tech and media startups to power companies by way of his holding business Access Industries.

But he is very best known for his bet on chemical substances maker LyondellBasell Industries Inc, which has risen more than 200 percent considering that it emerged from bankruptcy 5 years ago.

Blavatnik is also the owner of Warner Music Group and holds a stake in common handbag maker Tory Burch LLC.

Shares of Square, run by Twitter Inc Chief Executive Jack Dorsey, soared as considerably as 64 % in their market debut last week even as its IPO was priced at a steep discount.

A number of tech IPOs have performed poorly over the previous year, and mutual fund investors including Fidelity Investments have been marking down the worth of their private tech holdings.

Square, founded in 2009, has built buzz and a substantial customer base with a credit card reader that can turn a mobile device into a payment terminal.

But the company faces intense competitors in the payments market place, with Apple Inc launching its Apple Spend service, Amazon.com Inc exploring in-store payments, and startups such as Stripe Inc entering the fray. (Reporting by Sai Sachin R in Bengaluru Editing by Anil D’Silva)

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