Two funds managed by Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and two Danish pension funds will between them buy 26 percent in Danish state-owned oil and gas group DONG Energy for 11 billion Danish crowns ($2.00 billion) and plan an IPO for the firm, Reuters reported.
Egyptian private equity firm Citadel Capital will resume operations on Sunday, Reuters reported. The firm said, while its operations in other countries have continued as usual, that unrest in Egypt may have a short-term impact on its investment and divestiture plans, Reuters wrote.
After narrowing its losses in the third quarter, Egyptian private equity firm Citadel Capital will aim to improve the management of its portfolio companies, Reuters reported. The firm, based in Cairo, manages $4 billion in assets across the Middle East and Africa. It saw a net loss of 29.5 million Egyptian pounds ($5.1 million) in the third quarter of 2010, an improvement over the 94.8 million pounds it lost during the second quarter, Reuters said.
Shares in Citadel Capital, the Egyptian private equity firm, rose in early trading the day after the firm suggested that it could launch an IPO for one or two of its portfolio companies. The IPOs would be in the region of $175 million to $250 million and could happen in the next year to two years. Citadel, founded in 2004, controls investments worth $8.3 billion.
Private equity firm Leonard Green & Partners, which is considering a takeover of BJ's Wholesale Club Inc., has entered into a confidentiality agreement with the retailer, Reuters reported. BJ’s Wholesale announced in February that it was exploring the possibility of a sale. BJ's is the third-largest U.S. wholesale club retailer behind Costco Wholesale Corp. and Sam's Club, which is a unit of Wal-Mart Stores Inc., Reuters reported.
A Korean judge ordered Lone Star’s former head of Seoul operations, Paul Yoo, to be arrested, saying he was a flight risk, Reuters reported. The arrest is the latest incident in the drama of Lone Star’s attempts to sell its majority stake in Korea Exchange Bank. The buyout firm planned to sell KEB to Hana Financial Group in a $4.1 billion, but the deal has been halted by charges that Lone Star manipulated stock prices in the run-up to its acquisition, Reuters wrote.
Eleven bidders have expressed interest in buying part of South Korea’s Woori Finance Holdings, Reuters reports. Woori is not releasing the names of potential investors that would vie for as much as 57% of the financial services firm - a stake worth around $6 billion, Reuters said. Other media reports have said that potential suitors could include The Carlyle Group and Vogo Fund.
Hana Financial Group is in talks to acquire Lone Star Funds’ stake in Korea Exchange Bank for $4.1 billion, Reuters reported. Hana, which is South Korea's fourth-largest financial services group by assets, confirmed the discussions with the Dallas, Texas-based firm. Australia & New Zealand Banking Group Ltd. is also interested in Korea Exchange Bank.
Vietnam’s Vietcombank has approached private equity funds and sovereign wealth funds as it attempts to raise $500 million, Reuters reported. The government of Vietnam had appointed Credit Suisse Group as an adviser to sell a 20 percent stake in Vietcombank and invited first round bids by May 23, Reuters wrote. The government owns 90.7 percent of Vietcombank.
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