Temasek to buy stake in Danish engineering firm for $2 bil

Temasek to buy stake in Danish engineering firm for $2 bil

By: 
Reuters
13/03/19, 06:49 pm

(Mar 13): Singapore state investor Temasek Holdings agreed to buy about 30% of Denmark's Haldor Topsoe A/S, the companies said, in a transaction that a source said values the engineering firm at around US$1.5 billion ($2 billion).

As part of the deal, Temasek will subscribe to secondary shares issued by the Topsoe family, which currently owns 100% of the company through Haldor Topsoe Holding A/S, said a person with direct knowledge of the deal.

Haldor Topsoe, which confirmed the deal but did not disclose a price, said Temasek's global reach and connections in Asia and other emerging markets would bring value to the company.

Haldor Topsoe is one of the world's leading industrial catalyst producers. It employs about 2,300 people and logged revenue of about US$760 million in 2017.

Temasek was shortlisted for exclusive talks and finalised a deal with Haldor Topsoe this week, beating global financial sponsors who were competing for the stake, said the person, who declined to be identified as the talks are private.

The owners of the Danish firm began seeking a financial minority investor last year to accelerate growth, with a long-term intention to list it.

SEB and Citi are acting as financial advisors and Kromann Reumert is acting as legal advisor to Haldor Topsoe Holding A/S, the Danish holding company said.

Nomura is acting as exclusive financial advisor and Plesner is acting as legal advisor to Temasek, Haldor Topsoe said.

For the year ended March 2018, Temasek reported a record-high annual portfolio value and said it aimed to temper its pace of investment amid rising trade tension between the United States and China.

Ex-remisier Ng denies being coached; RHB trader Alex Chew admits to telling the whole truth only in third statement

SINGAPORE (Apr 23): In Day Six of the trial of John Soh Chee Wen, the defence wrapped up their cross examination of the prosecution’s first witness, former OCBC Securities remisier Ng Kit Kiat. Ng had on Monday admitted to having performed trades without third-party authorisation. The trades performed without third-party authorisation included those based on orders given by a certain Ang Cheau Hoon Alice and Kent Eng Peng Huat, both of whom are remisiers at UOB Kay Hian, for accounts held by Ang's husband Poh Sian Hong as well as Eng's wife Yew Yong Mei. When asked by Soh’s defenc....
Read More >>

Singapore's pre-election cabinet change sets Heng up for top job

(Apr 23): Singapore’s Finance Minister Heng Swee Keat was promoted to deputy prime minister on Tuesday, a move that further positions him to succeed Prime Minister Lee Hsien Loong. Heng will become Lee’s deputy on May 1 while retaining the finance post, the prime minister’s office said in an emailed statement. He will also continue chairing the Future Economy Council and National Research Foundation. The sole cabinet promotion bolsters the odds that 57-year-old Heng will be the ruling People’s Action Party’s choice for prime minister after the general elections, which may come ....
Read More >>

OUE dumps stake in Nuvest Capital with no profit or loss

SINGAPORE (Apr 22): OUE announced it had sold its 33% stake in Nuvest Capital for US$1 million ($1.36 million). The buyer was Aje Kumar Saigal who owns the other 67% of Nuvest Capital. OUE acquired its 33% stake in Nuvest Capital in 2015 for US$1 million, so it has neither made a gain nor a loss. But in 2014, OUE invested US$200 million in Nuvest Real Return Fund which is managed by Nuvest Capital. Last Nov, OUE’s executive chairman had told analysts that the company plans to redeem the fund soon as it had not been profitable. In its FY2014 annual report, OUE's investment in t....
Read More >>