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.
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.
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.
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).
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.
UNSTABLE? Downplaying geopolitical concerns, Mark Liu said that Taiwan can help usher in a bright, new era for the chip industry with its tech and manufacturing skills There are probably not many people who believe that Taiwan is unstable because of geopolitical factors, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman Mark Liu (劉德音) said yesterday in Taipei in response to comments by Intel’s top executive. Intel CEO Pat Gelsinger on Wednesday told the Fortune Brainstorm Tech summit in California that the US government should support a sustainable semiconductor supply chain in the US, in part because “Taiwan is not a stable place.” With China sending 27 military warplanes into Taiwan’s air defense identification zone on Sunday, Gelsinger asked: Does that “make you more comfortable or less if you’re now
‘OUT IN FRONT’: The new investment is part of MediaTek’s bid to expand revenue by 15 percent over the next three years from an estimated US$17 billion this year MediaTek Inc (聯發科) is to continue investing in the development of low-power technologies to maintain its leading position in the industry over the next 10 years, the Hsinchu-based chip designer said yesterday. This year, it would allocate US$3.3 billion to the research and development of technologies related to high-performance computing, low power and advanced chip packaging, MediaTek said. The investment is part of the chip designer’s efforts to enhance its technological capabilities and boost revenue. MediaTek aims to expand revenue by about 15 percent over the next three years from an estimated US$17 billion this year. “We are definitely out in front of
Toyota Motor Corp is to launch an all-electric small sedan in China late next year, having turned to local partner BYD Co (比亞迪) for key technology to finally make an affordable yet roomy runaround, four sources said. Two of the four people with knowledge of the matter described the car as an electric holy grail for Toyota, which has struggled for years to come up with a small electric vehicle (EV) that is competitive on cost in China and does not compromise on comfort. The sources said the breakthrough was chiefly down to BYD’s less bulky lithium-iron-phosphate (LFP) Blade batteries and its
Danish wind turbine maker Vestas A/S yesterday said it has invested NT$9 billion (US$324.64 million) in its local supply chain to supply components for its 9.5 megawatt (MW) V174 turbine. The project has helped created 1,500 jobs, including 150 jobs by Vestas itself, Vestas country manager Alex Robertson said. The turbine is to be used in four offshore wind farm projects for a total of 123 wind turbine generators, or 1.2 gigawatts (GW) of total capacity, he said. “This is localization like I’ve never seen before,” Robertson told a media briefing in Taipei. Vestas highlighted 10 Taiwanese supply chain partners that are