Sun, May 07, 2017 - Page 14 News List

World Business Quick Take

Agencies

PRODUCE

Dole Food seeks US$400m

Fruit and vegetable producer Dole Food Co is seeking to raise about US$400 million in its third initial public offering, a person familiar with the matter said. Dole’s 94-year-old chairman and 100 percent owner, David Murdock, is bringing the company to market for the third time in its 166-year history. The company raised US$446.4 million the last time it went public in 2009, according to data compiled by Bloomberg. Morgan Stanley, Bank of America Corp and Deutsche Bank AG are leading the offering, according to a filing with the US Securities and Exchange Commission last month.

RESTAURANT

Chuck E. Cheese talks sale

The owner of Chuck E. Cheese is in talks with investment firm Ares Management LP over a sale that could value the children’s pizza and arcade chain at about US$2 billion, people with knowledge of the matter said. Ares is negotiating with owner Apollo Global Management LLC over the precise valuation, the people said, adding that Bain Capital, Hellman & Friedman and Warburg Pincus dropped out of the bidding process over pricing. Apollo hired Deutsche Bank AG and Credit Suisse Group AG to run an auction process for the company, with the US$2 billion valuation equating to about nine times its earnings before interest, taxes, depreciation and amortization, they said.

FINANCE

Brexit may stall London

Development of London’s financial center will “stall” owing to Brexit, but is unlikely to “totally reverse,” Goldman Sachs chief executive officer Lloyd Blankfein said in an interview on Friday. “It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain, and I know there isn’t certainty at the moment,” he told the BBC. “I don’t think it will totally reverse.” The British government is to soon start negotiations to set the terms of its EU departure.

BANKING

India appoints new CEOs

India appointed new chief executive officers at seven state-controlled lenders, including Punjab National Bank and Bank of India. Sunil Mehta has been appointed managing director and chief executive officer of New Delhi-based Punjab National Bank, and Dinabandhu Mohapatra is to assume charge as managing director and chief executive officer of Bank of India, a statement dated on Friday said. Indian Prime Minister Narendra Modi’s government announced the appointments on the same day it empowered the Reserve Bank of India to clean up as much as US$180 billion of soured loans on their balance sheets, which have been choking credit and weighing on growth.

CANADA

Airport might be for sale

The government is considering the sale of at least a minority stake in Toronto Pearson International Airport that values the nation’s busiest airport at about C$5 billion (US$3.7 billion), people familiar with the matter said. The stake sale, just one of many options laid out in a report to government prepared by Credit Suisse Group AG, would free up billions of dollars for new infrastructure projects, the people said. Selling the airports would cut costs for travelers and create opportunities for more shops and services, C.D. Howe Institute estimates said.

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