Saudi Aramco Selects Lead Underwriters for $100 Bln IPO
Oil giant Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters on the firm's planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion. The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.
Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake
Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui, Bloomberg reported. The sale process is already underway, Bloomberg reported, citing two people with direct knowledge of the matter. Rotterdam-based Louis Dreyfus and Brazil's Amaggi hold their stake in the terminal through a joint venture, Bloomberg said. The terminal provided much-needed capacity for the shipment of crops such as soybeans, of which Brazil is the world's largest exporter, the report said. Louis Dreyfus and Amaggi were not immediately available for comment.
Brazil's Log-In Seeks to Refinance $475 mln in Bank Loans
Log-In Logística Intermodal SA , one of Brazil's largest operators of cargo ships and port terminals, hired Moelis & Co. to advise on the refinancing of 1.9 billion reais ($475 million) worth of bank loans, three sources with direct knowledge of the situation said on Wednesday. The board of Rio de Janeiro-based Log In, which has more than 1,500 clients in South America's Mercosur trade bloc, this week approved the renegotiation of payment terms with creditors, said two of the sources, who requested anonymity. Bankers at Moelis began meetings with creditors, Itaú Unibanco Holding SA, Banco do Brasil SA, HSBC Holdings Plc and Banco Santander Brasil SA , on Wednesday, one of the sources said.
CMA CGM Seeking Funds for NOL Takeover
France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg. The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co. for loans to back an offer for NOL. CMA CGM is the third largest container company in the world and has 8.8 per cent of market share according to container analyst Alphaliner. NOL was started as Singapore’s national shipping line, and following a US$285 million merger in 1997 with American President Lines (APL), it has developed into a company with more than 6,000 staff across 80 countries.
Clarksons Appoint New Prospective Chairman
Leading shipping services group, Clarkson PLC, says that James Hughes-Hallett will join the Board as a Non-Executive Director with immediate effect and will take over as Chairman from 1 January 2015 when Bob Benton will retire from the Board. Clarksons explain that James Hughes-Hallett brings a wealth of experience in the world of shipping, transportation, offshore and global trade, having worked for the Swire group since 1976. He is currently chairman of John Swire & Sons Limited, a Non-Executive Director of Cathay Pacific Airways Ltd, Swire Pacific Ltd and Swire Properties Ltd. He is a Director of Steamships Trading Co Ltd and is Chairman of United States Cold Storage Inc.
