■PROPERTY
Group eyes British Land
An Asian-backed consortium is eyeing a takeover of property giant British Land in a deal that could be worth up to £10 billion (US$16.6 billion), the Daily Telegraph reported yesterday. The consortium, thought to include Indian steel magnate Lakshmi Mittal and the Abu Dhabi ruling family, has approached Credit Suisse to prepare a possible bid that would include funds to cover Land’s debt, the Daily Telegraph said. The paper said the plans were at an early stage and that the consortium had not approached British Land.
■FINANCE
Man Group sells final stake
British hedge fund Man Group said yesterday it had sold its remaining stake in broker MF Global to Japanese bank Nomura for US$112 million. “The transaction is the final step in Man Group’s complete disposal of MF Global shares following its IPO [initial public offering] in July 2007,” Man Group said in a statement. The stake represents 18.6 percent of MF Global, a spokesman for Man Group said.
■STEEL
ThyssenKrupp posts loss
German steelmaker ThyssenKrupp yesterday reported a third-quarter net loss of 630 million euros (US$900 million) as the global recession cut into demand for steel. The Duesseldorf-based company, Germany’s largest steel producer, said the loss comes after a profit of 613 million euros in the same period last fiscal year. Sales for the quarter fell to 789 million euros from 2.5 billion euros a year ago, a 68 percent decline. The company said it expected a pretax loss for the full fiscal year “in the upper three-digit million euro range” because of a significant drop in sales and orders.
■BANKING
PRC bank to raise funds
China Merchants Bank (招商銀行) said yesterday it planned to raise up to 18 billion yuan (US$2.6 billion) via a rights issue in Shanghai and Hong Kong, aimed at strengthening its capital base. The bank plans to offer up to 3.8 billion new shares to existing shareholders, it said in a filing to the Shanghai Stock Exchange. The rights offering still needs the go-ahead from regulators and approval from its shareholders, it said.
■RETAIL
Isetan to add China outlets
Japanese department store chain Isetan Mitsukoshi Holdings Ltd plans to open five new outlets in China by 2014 to double its network in the country, media reports said yesterday. Isetan, which already has five stores in four Chinese cities, is in talks with real estate firms and partners to open new outlets in Shanghai and other coastal cities, the Nikkei Shimbun and other newspapers reported. It plans to open a store in Shanghai as early as 2011, with about 30,000m² in floor space, the Yomiuri Shimbun said.
■MINING
Felix OKs Yanzhou takeover
Australian miner Felix Resources Ltd on Thursday approved a A$3.32 billion (US$2.8 billion) takeover bid from China’s Yanzhou Coal Mining (兗州煤業), making the deal the largest takeover of an Australian company by a Chinese firm. The deal requires the approval of foreign investment regulators and the Australian government. “The Yanzhou offer allows shareholders to benefit from the certainty of cash consideration which fully values Felix, without taking on the risks associated with Felix’s next phase of growth,” Felix chairman Travers Duncan said in a statement.
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