Saudi buys stake in Twitter
Prince Alwaleed bin Talal, the largest individual investor in Citigroup Inc, and his Kingdom Holding Co, have invested US$300 million to buy a “strategic stake” in microblogging service Twitter Inc. “The investment was the result of several months of negotiations,” Kingdom Holding said in a statement to the Saudi bourse yesterday. Alwaleed’s investments include stakes in General Motors Co, News Corp and Apple Inc. The prince, a nephew of Saudi Arabian King Abdullah, was ranked the richest Arab businessman this year by Arabian Business magazine with assets valued at US$21.3 billion.
Macau casino probe ends
Macau casino operator Sands China Ltd, controlled by billionaire Sheldon Adelson’s Las Vegas Sands Corp, said that Hong Kong’s Securities and Futures Commission had decided to take no action after ending a probe into possible breaches of finance regulations. The company said the securities watchdog notified it on Thursday that the probe was over. The notice was posted on the Hong Kong stock exchange Web site late on Sunday. Sands China said in March that the commission was investigating “alleged breaches” of financial regulations and had asked for “certain documents.”
Investors back Exchange
Options traders have pushed bullish bets on Hong Kong Exchanges & Clearing Ltd to the highest level since June speculation that the bourse owner would rally as more Chinese companies sold shares to the public. This month’s fastest-growing bets pay if shares rise 24 percent to HK$155 by September. Investors are betting the stock will rebound from a 29 percent drop this year as looser Chinese monetary policy spurs gains in Hong Kong-listed shares, according to Mizuho Asset Management Co’s Masahiko Ejiri.
Eldorado to buy Goldfields
Eldorado Gold Corp agreed to buy European Goldfields Ltd for about C$2.5 billion (US$2.4 billion) in shares and cash to add reserves in Europe, in the Canadian company’s biggest acquisition. The offer values European Goldfields at the equivalent of C$13.08 a share, the Vancouver-based company said yesterday in a statement, 10 percent more than the company’s closing price on Dec. 5. The acquisition will add a mine and projects in Greece, Romania and Turkey and help more than double annual output by 2015, Eldorado said. The deal “adds more growth at lower cash costs,” Brad Humphrey, a mining analyst at Raymond James Ltd, said by telephone from Toronto yesterday.
Goldman tops M&A deals
Goldman Sachs Group Inc is poised to win the top spot among advisers on both global takeovers and equity offerings for the first time in five years. The global -mergers-and-acquisitions team, led since May by Gene Sykes in Los Angeles and London-based Yoel Zaoui, climbed to No. 1 on deals announced this year after trailing Morgan Stanley in 2009 and last year, according to data compiled by Bloomberg. The bank also dominated equity, equity-linked and rights offerings. Lloyd Blankfein, a former head of fixed-income trading who became chairman and chief executive officer in 2006, has sought to repair the firm’s reputation after the US Securities and Exchange Commission and a US Senate subcommittee accused the company of misleading buyers of mortgage-linked investments.