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As of 8:10 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

cheung kong holdings ltd (CHEUF) Key Developments

Mitsubishi Corporation Establishes Aircraft Leasing Joint Venture with Cheung Kong

Mitsubishi Corporation has entered into an agreement with Cheung Kong (Holdings) Limited (CK) to newly establish a joint venture (JV) dedicated to aircraft leasing. CK will own 60% and MC Aviation Partners (MCAP) 40% of the JV. Based on the agreement, MCAP will transfer to the JV a seed portfolio of 15 aircraft, out of the approximately 100 aircraft that it owns or manages. The JV will open offices in Hong Kong and Ireland, two key hub stations in aircraft lease and financing. The JV will also enter into a servicing agreement with MCAP, who will introduce/evaluate/recommend deals for the JV to purchase/sale/remarket aircraft assets. The JV will also raise capital from a syndication of financial institutions.

APA And Others Interested In Pipeline From BG Group

APA Group (ASX:APA) is looking to acquire $4 billion pipeline of BG Group plc (LSE:BG.). Speaking four weeks before final bids are due on the BG pipeline, Len Bleasel, Chairman of APA Group, noted a lot of interest in the asset, which APA and several industry competitors, as well as financial players, have been eyeing. Bleasel said, "We've got a very good capital position, our balance sheet is in good shape, we're very well liked in the financial markets, in the debt markets and the equity markets, we've got a good rating - BBB and Baa2. We're in a good position if we need to spend money. And when we spend money it's an investment and that will add to the returns we'll be able to give to our security holders." APA is up against Cheung Kong (Holdings) Limited (SEHK:1), in the bidding for the 540-kilometre BG pipeline, for which final offers are due on November 28, 2014. A consortium involving AMP Capital Investors Limited, potentially with some offshore funds, and one pairing QIC Limited with IFM Investors, are also in the running. A sale is expected to be announced in early December 2014. Mick McCormack, Managing Director of APA, said that the valuation of any pipeline would depend on the sale structure and the degree of control involved. Australian Pipeline in a consortium with Japan-based Marubeni Corporation will bid for the assets.

Investors Reportedly To Acquire Terra Firma's Aircraft Leases

Macquarie Group Limited (ASX:MQG) is among parties that lodged a second-round bid for a $5 billion portfolio of aircraft leases being sold by Terra Firma Capital Partners Limited. Prospective buyers including Macquarie lobbed second-round bids late last month, sources said, and expectations are the auction could progress to a third and final round. Macquarie is up against a big line-up of rival suitors with Cheung Kong (Holdings) Limited (SEHK:1), SMBC Aviation Capital and ORIX Corporation (TSE:8591) among companies believed to have submitted a second round offer. Bidders are awaiting feedback from sell-side advisers Deutsche Bank and Goldman Sachs. The up-for-sale book is part of a larger aircraft portfolio which is being split up by Terra Firma. But it will take more than a potential Macquarie aircraft leasing deal to ensure 2014 is remembered as a decent year for merger and acquisition volumes in Australia.

Enbridge Pulls Out From Bidding For BG Assets

Enbridge Inc. (TSX:ENB) has pulled back from bidding consortium for BG Group plc’s (LSE:BG.) Queensland gas pipeline assets. The consortium is led by IFM Investors. According to the news report, it is understood that Enbridge has decided back off because the structure of the sale, in which BG is looking for bids of around $4, does not fit with the company’s strategy. BG is looking for investors for the pipeline. Backing out of Enbridge leaves IFM with only one partner in the process, QIC Limited, and the partners are still evaluating the opportunity. According to the report, Enbridge’s move follows the exit of another consortium led by Hastings Fund Management (USA) Inc., which pulled out the race earlier. It is believed the Hastings consortium, which included Borealis Infrastructure Trust and Germany’s Allianz SE (DB:ALV), dropped out for similar reasons to Enbridge and will focus instead on bidding for the Port of Melbourne. DataRoom reported earlier that Cheung Kong (Holdings) Limited (SEHK:1) and APA Group (ASX:APA) were also bidding for the pipeline. BG expects to finalize the sale within 2014. Goldman Sachs is advising BG on the sale.

SMBC Reportedly Bids For Aircraft Portfolio Of AWAS

Sumitomo Mitsui Financial Group, Inc. (TSE:8316 intends to increase its aircraft-leasing business. SMBC Aviation Capital, a joint venture between Sumitomo Mitsui and Sumitomo Corp., is among the bidders considering acquiring the $5-billion aircraft portfolio of AWAS Aviation Capital, according to people familiar with the deal. The second round of bids held by Terra Firma Capital Partners Limited is due September 18, 2014. ORIX Corporation (TSE:8591), Macquarie Group Limited (ASX:MQG), Hong Kong Aviation Capital Limited and Cheung Kong (Holdings) Limited (SEHK:1),according to the people, who spoke on condition of anonymity. Wall Street Journal added that Sumitomo Mitsui's spokesman declined to comment.

 

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