WINE AND SPIRITS
Heineken to buy Distell
Heineken NV agreed to buy South African wine and spirits maker Distell Group Holdings NV for 2.2 billion euros (US$2.52 billion), creating a new regional group to compete with larger rival Anheuser-Busch InBev SA and spirits giant Diageo PLC. The Dutch brewer made an offer of 180 rand a share that has been recommended by Distell’s board, according to a statement yesterday. Heineken is also looking to buy a majority stake in the owner of Namibia Breweries Ltd, a regional partner, the brewer said. The move forms a Heineken majority-owned entity with a total valuation of about 4 billion euros, the company said.
FOOD
Deal boosts French delivery
Deliveroo PLC is partnering with French frozen food specialist Picard Groupe SAS to offer express deliveries countrywide, marking its third deal with a major food provider in the country. The latest alliance is part of Deliveroo’s global effort to expand its rapid grocery delivery business, and take part in the booming quick-commerce sector. Groceries now represent 7 percent of the total value of transactions made on the Deliveroo app, according to a statement from the company yesterday. Picard topped a recent OC&C annual survey of France’s most favored retail brands this year, and is well-established in the country with 1,050 shops.
PROPERTY
Sunac sells stake for cash
Sunac China Holdings Ltd (融創中國控股) raised about US$953 million through the sale of new shares as well as a stake in its property management unit, the latest Chinese developer to seek funds amid an industry-wide liquidity crunch. Sunac said in a statement on Sunday that it sold 335 million shares at HK$15.18 each, raising about US$653 million. Another US$300 million came from a sale of 158 million shares in its property management arm Sunac Services Holdings Ltd (融創服務控股), via a subsidiary. Sun Hongbin (孫宏斌), the controlling shareholder of Sunac and the chairman of the board, also provided US$450 million from his own funds in the form of a loan with no interest.
REAL ESTATE
Singapore home sales grow
Sales of private homes in Singapore rebounded after two months of consecutive declines, with demand spurred by long-term investors and those seeking upgrades, even as virus restrictions limit viewings. Purchases of new private apartments climbed about 9 percent to 909 units last month, Urban Redevelopment Authority figures showed yesterday. That is higher than the 834 units sold in September. There is still appetite for Singapore’s private homes as buyers look to upgrade from public apartments, which have seen prices surpassing a peak in 2013, said Christine Sun (孫燕清), senior vice president of research and analytics at OrangeTee & Tie (橙易產業).
TECHNOLOGY
Cyber review for HK IPOs
China might require a cybersecurity review for data-holding companies planning to go public in Hong Kong, if it is decided that the listing would potentially affect its national security. The draft rule, published by China’s cyberspace regulator on Sunday, did not specify how the regulators would define a listing that endangers security. Firms holding data of more than 1 million users must undergo cybersecurity approval when seeking listings in other nations, the Cyberspace Administration of China said in the statement.
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a
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