Hyatt opens hotels in Ginza, Tokyo & Manila, Philippines
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Sanofi to acquire Bioverativ for US$ 11.6 billion
FOREIGN DIRECT INVESTMENTS AND MERGER & ACQUISITIONS
22- 27JANUARY 2018
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
Toyota to further invest US$ 373 mn in French car plant
DP World and NIIF Partner to invest up to US$ 3 billion in India
Bacardi to acquire PATRÓN Tequila for US$5.1 billion
Celgene Corporation to acquire Juno Therapeutics, Inc. for US$ 9 billion
Celgene Corporation, and Juno Therapeutics, Inc., announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Juno. Under the terms of the merger agreement, Celgene will pay $87 per share in cash, or a total of approximately $9 billion, net of cash and marketable securities acquired and Juno shares already owned by Celgene(approximately 9.7% of outstanding shares). The transaction was approved by the boards of directors of both companies.
Juno is a pioneer in the development of CAR (chimeric antigen receptor) T and TCR (T cell receptor) therapeutics with a broad, novel portfolio evaluating multiple targets and cancer indications. Adding to Celgene's lymphoma program, JCAR017 (lisocabtagene maraleucel; liso-cel) represents a potentially best-in-class CD19-directed CAR T currently in a pivotal program for relapsed and/or refractory diffuse large B-cell lymphoma (DLBCL). Regulatory approval for JCAR017 in the U.S. is expected in 2019 with potential global peak sales of approximately $3 billion.
"The acquisition of Juno builds on our shared vision to discover and develop transformative medicines for patients with incurable blood cancers," said Mark J. Alles, Celgene's Chief Executive Officer. "Juno's advanced cellular immunotherapy portfolio and research capabilities strengthen Celgene's global leadership in hematology and adds new drivers for growth beyond 2020."
"The people at Juno channel their passion for science and patients towards a common goal of finding cures by creating cell therapies that help people live longer, better lives," said Hans Bishop, Juno's President and Chief Executive Officer. "Continuing this work will take scientific prowess, manufacturing excellence and global reach. This union will provide all three."
The acquisition will also add a novel scientific platform and scalable manufacturing capabilities which will complement Celgene's leadership in hematology and oncology. In collaboration with Juno's team in Seattle, Celgene plans to expand its existing center of excellence for immuno-oncology translational medicine by leveraging Juno's research and development facility in Seattle, WA as well as Juno's manufacturing facility in Bothell, WA.
Read article on globalfdi.net
Oil and Natural Gas Corporation Ltd. and the President of India (President) have been engaged in discussions on a potential transaction for purchase by ONGC of the President's shareholding of 51.11% in Hindustan Petroleum Corporation Limited in furtherance of the budget announcement by the Government of India for creating an ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.
Standard Refining Company of India Limited was incorporated in 1952, and its name was changed to ESSO Standard Refining Company of India Limited (ESSO) in 1962. HPCL was formed in 1974 pursuant to the acquisition of shares in ESSO by Government of India and subsequent merger of ESSO and Lube India Limited. Thereafter, Government of India acquired shares of Caltex Oil Refining (India) Limited in 1976 and merged it with HPCL in 1978. Kosana’s Company was merged with HPCL in 1979. HPCL is currently a Central Public Sector Enterprise (CPSE) with majority shareholding (51.11%) by President of India The equity shares of HPCL are listed on the Bombay Stock Exchange and the National Stock Exchange.
With a turnover of Rs 2,13,489 Crore and profit after tax of Rs 6502 Crore during 2016-17 HPCL ranks at 384th in Fortune Global 500 and 48th in Platts 250 Global Energy Companies, HPCL, a CPSE, with Navratna Status has business portfolio spanning across the hydrocarbon value chain and has a strong presence in Refining and Marketing of petroleum products in the country. HPCL markets around 35.2 MMT of petroleum products with a market share of about 21% and is number one lube marketer in the country.
HPCL has its refineries at Mumbai and Visakhapatnam and a joint venture refinery at Bhatinda. HPCL owns the biggest Lube refinery in India and the second largest cross country product pipeline network of about 3500 km. HPCL has a vast marketing network spread across the length and breadth of the country with terminals, depots, LPG bottling plants, Lube blending plants, aviation fuel stations and around 15000 retail outlets. HPCL owns and operates LPG cavern at Visakhapatnam in joint venture with Total and have 16.96% equity stake in Mangalore Refining and Petrochemicals Ltd. HPCL also have other joint ventures in the areas of City Gas distribution, cross country pipelines, production and marketing of bitumen emulsions and bio fuels. HPCL is also setting up a state of the art greenfield Refinery cum Petrochemical Complex of 9MMTPA capacity in Rajasthan and is expanding its existing refinery.
ONGC acquires 51% stake of President of India in HPCL
for US$ 5.5 billion
DP World and India’s NIIF announce the creation of an investment platform to invest in ports, terminals, transportation and logistics businesses in India. The platform will invest up to US$ 3 billion of equity to acquire assets and develop projects in the sector.
The partnership follows the Memorandum of Understanding (MoU) signed in May 2017 and the visit to India of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, in February 2016. The platform will also look at opportunities beyond sea ports such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “DP World has been a part of India’s growth story for nearly two decades and we are delighted to continue our success by joining forces with a strong strategic partner, the National Investment and Infrastructure Fund (NIIF). We believe that our expertise in building best-in-class logistics infrastructure together with the NIIF’s local knowledge and government partnership is the right combination to take advantage of the significant growth opportunities in India. We are proud to partner with NIIF and share our expertise and experience in these areas and the global supply chain to provide cost effective logistics and warehousing solutions to India's growing economy and trade.”
DP World and NIIF Partner to Create Platform for Investments in Ports, Transportation and Logistics Sector
Refer.com, Inc. shakes-up both the SaaS and small business world by announcing its acquisition of Referral Key, Inc. – the world's largest online referral network. Boston based Referral Key is home to nearly 5 million professionals and businesses who come together to connect and help grow each other's businesses by referring prospective clients to one another.
Refer.com CEO, Tom Gay, described the opportunity, "At its core, it's simple… Referrals are the primary source of new business for millions of professionals and SMBs worldwide. Refer.com SaaS products and services already deliver tremendous value to our diverse worldwide customer base. Today we welcome Referral Key members from over 200 countries into our family and we're focused on bringing our tools to this expansive, growing Referral Key audience to help members reach their sales goals."
Lewis A. Weinstein, founder and CEO of Referral Key added, "These are exciting times. Refer's compelling product offerings for small business professionals combined with Referral Key's millions of referral-minded individuals is a natural fit and will drive significant value for our members."
Refer.com President Brandon Barnum continued, "We will continue to ramp up our data-driven innovation and now Referral Key's incredible numbers will supercharge our ability to bring even more value to our clients. We've already analyzed mountains of data, captured nearly 100K survey responses and gathered years' worth of qualitative feedback; we know Referral Key members are clamoring for the services and products Refer has pioneered."
Refer.com Acquires Referral Key
IBM and Salesforce the global leader in CRM, announced an expansion of their strategic partnership, bringing together IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to enable companies to connect with their customers and collaborate more effectively with deeper insights.
As a part of this extended strategic partnership, IBM will build newIBM WatsonQuip Live Apps, bringing the power of Watson and Quip together. These interactive custom-built applications will be embedded directly into any Quip document to increase the effectiveness of sales teams across the lifecycle of an opportunity. With Quip's document creation and editing platform, customers are able to bring relevant content, for any project, into a centralized document, removing the need to toggle between multiple windows and apps to get work done.
Building on the first IBM and Service Cloud integration, the companies will bring together the power of IBM Watson and Service Cloud Einstein to deliver new AI-driven recommendations for next best actions. Now, with AI driven predictive analytics, companies will be able to create personalized, customer-triggered interactions based on the latest call or messaging chat they had, to help build stronger connections with their customers.
IBM and Salesforce Strengthen Strategic Partnership
Compass Diversified Holdings Acquires Foam Fabricators
Compass Diversified Holdings, an owner of leading middle market businesses, announced that on January 18, 2018, it entered into a definitive agreement to acquire Foam Fabricators, Inc. ("Foam Fabricators") from its owner Warren "Budd" Florkiewicz for a purchase price of $247.5 million (excluding working capital and certain other adjustments upon closing). The acquisition is expected to close within the next 45 days, subject to customary closing conditions. Wells Fargo Securities served as exclusive financial advisor to Foam Fabricators.
Headquartered in Scottsdale, AZ, Foam Fabricators is a leading designer and manufacturer of custom molded protective foam solutions and OEM components made from expanded polymers such as expanded polystyrene (EPS) and expanded polypropylene (EPP). Founded in 1957, the company operates 13 state-of-the-art molding and fabricating facilities across North America. Foam Fabricators provides products to a variety of end-markets, including appliances and electronics, pharmaceuticals, health and wellness, automotive, building products and others. For the trailing twelve months ended November 30, 2017, the company reported net revenue of approximately $126 million and EBITDA of approximately $30 million. CODI expects to fund the purchase price through a draw on its revolving credit facility.
"We are pleased to start the year with an attractive platform acquisition, growing our family of niche leading businesses to ten," said Alan Offenberg, CEO of Compass Diversified Holdings. "This platform acquisition will be immediately accretive and will enable us to continue growing our cash flow and provide attractive and stable distributions."
Elias Sabo, CODI's CEO-elect, stated, "Foam Fabricators possesses the key characteristics that we look for in all our subsidiaries: a strong management team; a diversified customer base; strong free cash flow; and attractive growth prospects. We look forward to working with them to capitalize on the growing demand in many of their end-markets."
Toyota announces new investment in TMMF
Toyota Motor Europe, announced that it will invest a further $373Mn in its Toyota Motor Manufacturing France (TMMF) car plant in Valenciennes (France), bringing total cumulative investment to €1.4B.
In the coming months, the facility will be progressively upgraded with new equipment, technologies and systems, to prepare the future introduction of the Toyota New Global Architecture (TNGA).
TMMF will in a first step convert 300 temporary contracts into permanent contracts to support the preparation works, and foresees another 400 permanent jobs when full capacity is reached.
We remain focused on strengthening the global competitiveness of our European plants. The roll-out of TNGA manufacturing capability is part of this plan. The upgrade of TMMF is a sign of confidence in our employees and suppliers, and their focus on superior quality and greater efficiency. We also appreciate French state and local authorities support.
Didier Leroy, EVP of Toyota Motor Corporation and Chairman of Toyota Motor Europe
This announcement is a good sign for our continuous expansion in France and in Europe. In 2017, Yaris- labelled “Made in France” in 2012 - was again the most produced single model in France. I am fully convinced that this decision will reinforce Yaris’ position as the core of Toyota’s Brand in Europe.
Dr van Zyl, CEO of Toyota Motor Europe
This investment highlights the trust of the Toyota Group in all our efforts to produce superior quality cars for our customers. The flexibility agreement signed in 2017 with our local unions contributed to this investment decision. This investment puts us in a position to eventually achieve our aim of 300,000 units/ year in the future.
Luciano Biondo, CEO of TMMF
The investment programme is being supported by incentives from the French State and Local Authorities (Hauts-de-France Region and Valenciennes) for training, innovation and further enhancements of the plant’s environmental performance.
Toyota has launched a global programme to gradually upgrade its manufacturing sites to produce next generation, TNGA-based vehicles. In the future, the majority of Toyota’s global models will be built using TNGA platforms. TNGA already underpins the new, fourth generation Prius and the C-HR crossover, vehicles that represent Toyota’s commitment to build ever-better cars for our customers.
Radisson Blu opens fifth hotel in Jeddah, Saudi Arabia
Radisson Blu, the iconic hotel brand driven by innovation and design, is proud to announce the opening of its fifth hotel in Jeddah, Saudi Arabia. The 150-room Radisson Blu Hotel, Jeddah Corniche has a prime location close to the popular North Corniche, which overlooks the Red Sea and is within the city’s newest waterfront development. The Carlson Rezidor Hotel Group has 38 hotels and over 10,000 rooms in operation and under development in Saudi Arabia.
Tim Cordon, Area Senior Vice President, Middle East, Turkey and Africa, Carlson Rezidor Hotel Group said: “The Kingdom’s drive towards economic diversification has seen some recent high-profile announcements with its ambitious vision to create a world-class tourism destination. As one of the fastest growing hotel companies in Saudi Arabia, and with a diversified portfolio, we are committed to support this growth across all market segments. We are further pleased to strengthen the presence of our upper upscale Radisson Blu brand in Jeddah, one the region’s most prominent cultural and commercial centers.”
The hotel has a range of stylish rooms and suites, all with a modern design and many with views of the vibrant corniche. Guests have a choice of room types, from standard and business-class rooms to one and two-bedroom suites. All rooms include free high-speed wireless Internet. Guests will also have complimentary access to two separate health clubs for men and women, which include a fitness gym, sauna and massage rooms – in addition to a refreshing outdoor swimming pool.
The hotel has an excellent location, and is within walking distance to the corniche promenade, the Red Sea Malland major theme park Atallah Happy Land Park. King Abdulaziz International Airport is just 6.2 kilometers away.
The Larder restaurant provides a modern, international dining experience where guests can enjoy a selection of ‘à la carte’ dishes served daily or start the day with the Radisson Blu Super Breakfast. 24/7 room service is also available. The hotel’s terrace café offers a chance to relax and take in the stunning view of the Red Sea.
Hyatt Hotels Corporation, announced the opening of Hyatt Centric Ginza Tokyo, the first Hyatt Centric hotel in the Asia-Pacific region. Located on the fashionable Namiki-dori street in cosmopolitan Ginza, the 164-room full-service lifestyle hotel offers travelers a home base in a neighborhood where even the most avid explorers can stay entertained for days on end.
Designed for a growing segment of millennial-minded travelers seeking curated, yet authentically local experiences, Hyatt Centric hotels provide insider knowledge and resources to put guests comfortably at the center of action. Cosmopolitan Ginza has been a trendsetting model of Japan’s modernization since the late 19th century and remains one of Tokyo’s most upscale and up-to-date commercial areas today. The new Hyatt Centric Ginza Tokyo hotel enables guests to tap into the neighborhood’s characterful mix of old and new.
Popular with walkers, Namiki-dori runs parallel to the main Chuo-dori boulevard and provides a perfect launchpad for guests to explore and discover Ginza’s diverse shopping, dining and entertainment offerings. Along with modern-day shops and restaurants, Namiki-dori is dotted with art galleries and small studio offices reminiscent of an earlier time. Both explorers and those familiar with Tokyo will find plenty to experience day or night, aided by the friendly and knowledgeable multilingual Hyatt Centric Ginza Tokyo hotel staff.
“We are excited to announce the introduction of the Hyatt Centric brand to the Asia-Pacific region, and particularly to Ginza, Tokyo – a destination in itself and in the heart of Japan’s vibrant capital,” said Sam Sakamura, vice president of Hyatt – Japan and Micronesia. “Hyatt Centric Ginza Tokyo is the nineteenth addition to the brand’s worldwide portfolio, and as the brand’s first hotel in Asia-Pacific – it marks a significant milestone for both the Hyatt Centric brand and Hyatt. As we celebrate this expansion, we look forward to the future growth of the brand.”
Hyatt Centric Ginza Tokyo occupies a 12-story building on the former site of the first Tokyo office of Asahi Shimbun Company, a national newspaper publisher established in 1888. The featured art in the lobby, elevator, hallways and other public spaces as well as the guestrooms echo the spirit of the streets outside, inviting exploration. The clever use of screens enables art displays to be switched at different times of day, and guestroom floors have alternating themes and color schemes, enabling a fresh feeling each time one returns.
Hyatt Centric Ginza Tokyo opens its doors in the cultural heart of Tokyo on Namiki-Dori Street
Hyatt Hotels Corporation announced the opening of Grand Hyatt Manila
Hyatt Hotels Corporation, announced the opening of Grand Hyatt Manila, the first Grand Hyatt hotel in the Philippines. The 461-room luxury hotel tops the tallest skyscraper in the Philippines at 1,043 feet, offering breathtaking and unobstructed panoramic views of the Makati skyline and Manila Bay.
Located at the crossroads of the financial, commercial and entertainment districts of Taguig, Bonifacio Global City, the hotel offers superior service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and innovative design. Grand Hyatt Manila is expected to be the destination for impressive views and unforgettable dining experiences.
“Taguig City is known as the home of the passionate minds, and is the perfect location for the Grand Hyatt brand as it continues to flourish with business and leisure travelers in the heart of cosmopolitan Manila,” said Gottfried Bogensperger, area vice-president and general manager of Grand Hyatt Manila. “At Grand Hyatt Manila, we’ll provide guests a stay beyond the ordinary, a grand experience. From our gracious Filipino hospitality, to mind-blowing pools, panoramic views of Manila Bay and local culinary fare – we promise our guests will be able to celebrate the iconic of Manila.”
Dramatic and bold, Grand Hyatt Manila’s luxurious guestrooms and suites feature a modern look with rich earth tones, honey-toned walls and deeply grained maple floors. Each guestroom boasts a pristine and elegant private bathroom retreat with richly veined gray-white marble finish, a spacious glass-enclosed shower stall, and a deep soaking tub. Sharing the same artistic statement is a powder room, conveniently separated from the bathroom area. All guestrooms include a large stained wooden desk, a 50-inch LCD TV with a Bluetooth surround sound speaker, a fully stocked minibar, bedside control panel and thermostat, a sizable lounge area with a plush couch and a walk-in closet with a safe. Natural light floods each room with floor-to-ceiling windows and mirrored walls, giving it a grand feel.
Dining and Drinking
Grand Hyatt Manila has numerous food and beverage options available within the hotel, spearheaded by its three major restaurants, with a promise to deliver a truly memorable dining experience.
As one of South East Asia’s fastest-growing destinations, Vietnam has seen a rise in visitors seeking authentic and truly memorable experiences. Poised to meet the needs of curious travellers, IHG®(InterContinental Hotels Group), one of the world’s leading hotel companies, has signed a management agreement with Europe Trading Investment Company Limited for Hotel Indigo Saigon The City. This is the second Hotel Indigo to be signed in Vietnam, and will be the country’s first when it opens its doors in 2019.
The new-build hotel will boast a central location along District 1’s Ly Tu Trong Street, just six kilometres away from the airport. Rich with historic character dating back to the French era, the hotel’s locale is one of Ho Chi Minh City’s most timeless neighbourhoods — Ba Son. The neighbourhood sits on the site of the former Ba Son Naval Shipyard — previously an arsenal compound in the city’s port — and home to a fascinating assortment of local cafes, restaurants and shops.
Just as no two places are alike, each Hotel Indigo is different. Hotel Indigo Saigon The City, which has been named in homage to the city’s history, will be specially designed to reflect the unique character and stories of its surrounding neighbourhood — from thoughtful decor that lends a local touch to its 150 guest rooms and three meeting rooms. The hotel will also feature a unique street-front destination neighbourhood cafe serving Vietnamese-inspired cuisine using locally sourced ingredients. Immersed in the lively pulse of the neighbourhood, which boasts a bustling street food scene, guests will also be able to explore famed attractions just a short walk away, including the Saigon Opera House and Saigon Notre-Dame Basilica.
Commenting on this landmark signing, Rajit Sukumaran, Chief Development Officer, EMEAA East, IHG, said: “Since IHG introduced Hotel Indigo to South East Asia in 2015, the hotel brand has enjoyed great success across the region. Set in one of Vietnam’s most visited cities, Ba Son’s intriguing heritage makes it the perfect next step for Hotel Indigo’s regional growth. We are confident that Hotel Indigo Saigon The City will be an ideal choice for travellers who value an authentically local experience, with the consistency of one of the world’s leading hotel groups.”
IHG to debut Hotel Indigo in Ho Chi Minh City
Family-owned Bacardi Limited, the largest privately held spirits company in the world, announced that it is expanding its portfolio of premium spirits with a definitive agreement to acquire 100% ownership of Patrón Spirits International AG and its PATRÓN brand, the world’s top-selling ultra-premium tequila. The transaction, which is subject to customary closing conditions, follows the successful relationship the companies have had for nearly a decade since Bacardi’s initial acquisition of a significant minority stake in Patrón in 2008. The transaction reflects an enterprise value for Patrón of US$5.1 billion and is expected to close in the first half of 2018.
According to the most recent IWSR data, this transaction will make Bacardi the number one spirits player in the super-premium segment in the U.S. and the second largest spirits company in market share by value in the critically important United States market.
Patrón was founded by entrepreneurs John Paul DeJoria and Martin Crowley with a mission to create a tequila that was “simply perfect,” a philosophy that continues to guide the business today. Patrón tequila is produced from the highest-quality 100% Weber Blue Agave, distilled through time-honored processes with meticulous precision and care, and delivered in iconic bottles that are a symbol of perfection around the world.
Tequila is one of the fastest-growing and most attractive categories in the spirits industry, with Patrón being the clear market leader in the super-premium segment. Super-premium brands continue to experience the fastest growth, and the trend is expected to continue.
“Patrón and Bacardi were both founded on the principles of quality, integrity, and innovation, and driven by a sense of fearlessness – it’s in our DNA,” said Facundo L. Bacardi, Chairman of Bacardi Limited. “It has been a privilege being a partner for a number of years with a remarkable entrepreneur like John Paul DeJoria. John Paul’s vision, integrity, and courage are responsible for introducing the world to simply perfect tequila. As we move forward together, we will continue to pursue perfection as the guiding light in everything Patrón stands for.”
Sanofi and Bioverativ Inc., a biopharmaceutical company focused on therapies for hemophilia and other rare blood disorders, have entered into a definitive agreement under which Sanofi will acquire all of the outstanding shares of Bioverativ for $105 per share in cash, representing an equity value of approximately $11.6 billion (on a fully diluted basis). The transaction was unanimously approved by both the Sanofi and Bioverativ Boards of Directors.
“With Bioverativ, a leader in the growing hemophilia market, Sanofi enhances its presence in specialty care and leadership in rare diseases, in line with its 2020 Roadmap, and creates a platform for growth in other rare blood disorders. Together, we have a great opportunity to bring innovative medicines to patients worldwide, building on Bioverativ’s success in driving new standards of care with its extended half-life factor replacement therapies,” commented Olivier Brandicourt, Sanofi’s Chief Executive Officer. “Combined, we will continue to leverage our scientific know-how, disciplined focus and development expertise that best position us to drive value for our shareholders and create breakthrough treatments for patients.”
Bioverativ Chief Executive Officer, John Cox, noted, “Bioverativ was created to bring meaningful progress to people living with hemophilia and other rare blood disorders, and I am extremely proud of the accomplishments we’ve made toward that mission over the past year. We have expanded upon the success of Eloctate and Alprolix, which are making a difference in the lives of people with hemophilia every day, and built a pipeline of novel programs for people with rare blood disorders. Sanofi brings proven capabilities and a global infrastructure, which we believe will help to more rapidly expand access to our medicines globally and further our mission of transforming the lives of people with rare blood disorders. Our Chairman, Brian Posner, our entire Board and I strongly believed our spin-off would create meaningful value for shareholders, and this transaction delivers tremendous value for the shareholders who have invested in and supported our mission.”
Creating a Leading Hemophilia Portfolio
With approximately $10 billion in annual sales and 181,000 people affected worldwide, hemophilia represents the largest market for rare diseases and is expected to grow above 7% per year through 2022. Treatment options for patients are shaped by shifting standards of care worldwide and include prophylaxis and extended half-life products, and the development and adoption of innovative therapies.
Bioverativ’s extended half-life therapies, Eloctate® [Antihemophilic Factor VIII (Recombinant), Fc Fusion Protein] and Alprolix® [Coagulation Factor IX (Recombinant), Fc Fusion Protein] for the treatment of hemophilia A and B, respectively, represented the first major advancements in the hemophilia market in nearly two decades when launched. In 2016, Bioverativ generated $847 million in sales and $41 million in royalties.
Bioverativ currently markets the two products in the United States, Japan, Canada and Australia, and plans to expand into additional geographies. The therapies are also commercialized in the European Union and other countries under a collaboration agreement.
Sanofi to acquire Bioverativ for $11.6 Billion
ADM and Vland enter joint development agreement for Feed Enzyme Technology
Archer Daniels Midland Company, and Qingdao Vland Biotech Group Co., Ltd. announced a joint development agreement for the development and commercialization of enzymes for animal feed applications. In addition to ADM’s research center in Decatur, Illinois, ADM will open a new U.S. enzyme research and development lab in California that will directly support activities being undertaken in the joint development agreement. Vland will also conduct research and development in its Qingdao research laboratory, which will be upgraded to a new state-of-the-art facility.
Under the terms of the agreement, the companies will share enzyme-producing strains as a basis for the development of feed enzymes that will improve animal nutrition and health. Products developed under the agreement will be commercialized by both companies.
“This agreement and the opening of our new enzyme lab will significantly enhance our ability to develop products for the fast-growing enzyme market,” said Todd Werpy, ADM’s chief technology officer. “The agreement will give our research and development team access to new enzyme strains, and the new U.S.-based enzyme research lab will provide us with the resources to use those strains to develop new, state-of-the-art feed enzymes. We’re looking forward to adding these capabilities to our already strong array of animal nutrition products and solutions.”
“This agreement is another important step as we continue to expand our capabilities in bioactives, including enzymes and novel ingredients for the food, pharmaceutical and animal feed industries,” said Vikram Luthar, ADM’s president, bioactives. “We are continuing to build our portfolio in order to offer complete and innovative solutions to customers in these exciting and rapidly growing markets.”
Jack Black was an early pioneer and innovator in the growing men's skincare industry and #1 brand in the U.S. men's prestige skincare market.* Addressing men's every day personal care needs, the brand offers a full range of products including skincare, body care, shaving, hair care, fine fragrance, razors, and gift sets.
Jack Black's largest markets are in the U.S. and Canada, where it is a top selling brand at retailers such as Nordstrom, ULTA Beauty, Neiman Marcus, Bloomingdale's, Dillard's and Sephora. Additionally, Jack Black boasts industry-leading eCommerce growth and penetration via the online platforms of its prestige retail partners, Amazon Luxury Beauty, and its own website,getJackBlack.com.
"As a challenger company in men's grooming, Edgewell has continuously pressed beyond category conventions to bring unique solutions and innovation, such as Schick Hydro and Bulldog skincare, to satisfy men's everyday grooming needs," said Colin Hutchison, Edgewell's Chief Operating Officer. "Similarly, Jack Black is a breakthrough brand, driving the growth of the luxury men's category through product innovation and cultivation of a highly engaged, loyal and growing customer base. The Jack Black brand is a strong and complementary addition to Edgewell's portfolio based on its unique brand positioning, prestige channel footprint, and product assortment. This acquisition creates opportunities to expand our personal care portfolio in growing categories in the U.S. and globally, while nurturing the strong brand equity that the Jack Black founders have developed."
"We are delighted to be joining Edgewell's family of brands. This is an excellent home for Jack Black, and we look forward to continuing to drive strong growth in North America and expanding our global presence," said Curran Dandurand, CEO of Jack Black. "We've built our leadership position in the U.S. by providing superior skin care products using the best ingredients, that work as advertised, and are never tested on animals. We're very excited about the future and about sharing our products with more people throughout the world."
Edgewell Personal Care announces agreement to acquire Jack Black, L.L.C.
Government of India and World Bank Sign $120 million Agreement to Improve Access to Water Supply in Uttarakhand
The Government of India, the Government of Uttarakhand and the World Bank Board signed a $120 million loan agreement which will help increase access to improved water supply services in peri-urban areas in the state of Uttarakhand.
The Uttarakhand Water Supply Program for Peri-Urban Areas will help the state increase water supply coverage as well as ensure sustainable water supply service delivery in peri-urban areas. It will develop and implement a service-oriented and efficient water supply policy for peri-urban areas, strengthen the current monitoring and evaluation systems, and provide dedicated incentives for preparation and adoption of water supply ‘master-plans’ in peri-urban areas.
Growth and urbanization has led to the rise of significant “peri-urban” areas (mostly in the plains) that, while classified as rural, are effectively urban in nature (in terms of density of population, the structure of the economy, and aspirations of the people). The “disconnect” between the formal classification of these populated areas and their actual nature, including provision of water supply, along with unique governance, infrastructure, and service delivery challenges.
From 2001 to 2011, the state’s urban population grew by nearly 42 percent, which is substantially higher than the national average of 32 percent. While the state has made significant strides in piloting and implementing innovative approaches in water supply and sanitation services, water supply services in peri-urban areas have not been a focus.
Over 700,000 people residing in peri-urban areas of the state are expected to benefit from the program
“With increasing urbanization, the demarcation between rural and urban is slowly diminishing. The rise of peri urban areas in Uttarakhand presents many challenges to development,” said Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Government of India. “Through this project, the peri-urban population in the state, especially women will have easy access to regular water supply services, thus freeing- up their time for other more socially and economically productive activities.”
The agreement for the project was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; Arvind Singh Hyanki, Secretary, Department of Drinking Water and Sanitation, on behalf of the Government of Uttarakhand; and Hisham Abdo, Acting Country Director, World Bank, India on behalf of the World Bank.
“About 45 percent of households in peri-urban areas in Uttarakhand are connected with piped water but receive only one to two hours of supply each day,said Hisham Abdo, Acting Country Director, and Operations Manager, World Bank, India. “To meet the needs of the people living in close proximity to growing cities, this program will enable Uttarakhand government provide water supply services in peri-urban areas that are at par with the urban areas of the state.”
Gradiant Corporation announced their collaboration with Hong Kong based Esquel Group
Gradiant Corporation, a leader in innovative solutions for industrial wastewater treatment and desalination, unveiled significant milestones achieved in 2017 that set the stage for continued growth and expansion throughout 2018. Last year, following the successful formation of the oilfield services division, Gradiant Energy Services, Gradiant focused its attention on the growing $500 million wastewater desalination and zero liquid discharge market in Asia. The company secured contracts in China and India using their patented humidification – dehumidification (HDH) process to transform complex waste streams from power generation and textile manufacturing into fresh, reusable water.
Gradiant announced their latest collaboration with Hong Kong based Esquel Group, the world’s largest woven shirt manufacturer. With production facilities in China, Malaysia, Mauritius, Sri Lanka and Vietnam, the Esquel Group is one of the most dynamic global-scale textile and apparel manufacturers. The partnership will allow Gradiant to expedite commercialization of their advanced water treatment solutions within the textile market.
“As a large vertically integrated textile and apparel manufacturer, we make efforts to minimize our ecological footprint every step of the way from cotton seed to shirt. Our goal is to institute innovative solutions to set new industrial benchmarks and preserve the environment where we operate. Gradiant has proven themselves as a true innovator in wastewater treatment and as a partner who can help us with our vision of making a difference,” said Mr. Yugao Zhang, Head of Research and Development at Esquel.
Textile and garment production requires roughly 150 liters of water to produce one kilo of textile material or the equivalent of one day’s attire for one person. The resulting wastewater carries with it dyes and chemicals that require advanced treatment to be safely discharged into the environment or reused in the process. Progressive textile manufacturers are adopting desalination and evaporation technologies to remove dissolved solids and achieve zero liquid discharge.
IFC Supports EDM and Sasol in Mozambique Power Project Financing
IFC, a member of the World Bank Group, announced an investment in Central Térmica de Ressano Garcia (CTRG), a 175 MW gas-fired power plant in Mozambique. IFC provided $55 million on its own account together with a syndicated loan of $42 million from the Emerging Africa Infrastructure Fund and FMO. Proparco and ABSA Bank Ltd (as arranger) provided parallel loans. The club of lenders disbursed debt facilities amounting to a total of $189 million.
CTRG, which is located about 100 kilometers from Mozambique’s capital Maputo, and close to the South African border, is the country’s first gas-fired power plant to reach commercial operation. It is one of its first independent power producers. Completed in early 2015, the plant provides highly reliable and competitively priced power to Mozambique’s national utility Electricidade de Mocambique (EDM) under a 20-year power purchase agreement.
CTRG is owned by EDM and Sasol of South Africa, which provided bridge financing for the plant’s construction up to the project financing stage.
Adérito Sousa, Chairman of CTRG Shareholders General Meeting, said, “The conclusion of the project financing for CTRG marks an important milestone not only for EDM and Sasol, but for the entire electricity sector of Mozambique, who targets to attract more private sector capital to fund its substantial needs going forward. IFC played a central role in getting this complex transaction across the line.”
Nepal, World Bank sign three agreements totaling
The Government of Nepal and the World Bank signed three financing agreements for $440 million in Kathmandu to invest in the country’s post-earthquake housing reconstruction, livestock innovation, and technical education and vocational training.
The agreements were signed by Finance Secretary Shankar Prasad Adhikari and World Bank Country Director for Bangladesh, Nepal and Bhutan Qimiao Fan in the presence of Finance Minister Gyanendra Bahadur Karki and World Bank Vice President for South Asia Annette Dixon. Senior government officials were present during the occasion.
“These three agreements are important for Nepal because they boost job creation, including for many women, by investing more money in the country’s successful post-earthquake housing reconstruction as well as providing resources for the livestock sector and for youth skills training,” said Fan.
Under the first agreement, the World Bank will provide $300 million in additional finance for the Earthquake Housing Reconstruction Project. This will supplement a $200 million credit approved in 2015 in the immediate aftermath of the devastating earthquakes. From a preliminary estimate of 500,000 households in 2015, the total number of eligible and enrolled beneficiaries has increased to 650,000 households. The government has also since increased the housing grant to NPR 300,000 (approximately $3,000) per household from the earlier NPR 200,000 (approximately $2,000) to reflect increased construction costs. With these revisions, the financing gap in the government’s housing reconstruction program has widened to over $1.2 billion. The additional finance will help the government meet a slice of this gap.
The second financing agreement will support a Livestock Sector Innovation Project with a credit of $80 million. The project will support the objectives of the government’s Agriculture Development Strategy and its emphasis on livestock for sustained agriculture and economic growth, poverty reduction, and improving food and nutrition security. Nearly 200,000 livestock producers across 271 Municipalities will directly benefit from the project. At least 45 percent of the primary beneficiaries will be women. In addition, about 500 small and medium-sized agro-enterprises will benefit from production and post production value chains.
The third agreement will finance a second phase of the Enhanced Vocational Education and Training Project with a $60 million credit. Between 450,000 and 500,000 Nepali youth come of working age every year, most of whom will enter either the domestic or the foreign labor market with limited education and skills. Technical Education and Vocational Training, or TEVT, is an important intermediary between youth and the labor market through the provision of pre-employment skills. While the number of formal and informal TEVT providers has grown over time, it continues to face the challenges of quality training for domestic and foreign labor markets, inclusion and cohesion. In its second phase, the project will help improve access to market relevant training programs and strengthen the delivery of TEVT.
AIG to acquire Validus for $5.56 Billion
Leading global insurer American International Group, Inc. announced it has entered into a definitive agreement to acquire all outstanding common shares of Validus Holdings, Ltd. , a leading provider of reinsurance, primary insurance, and asset management services. The transaction enhances AIG’s General Insurance business, adding a leading reinsurance platform, an insurance-linked securities asset manager, a meaningful presence at Lloyd’s and complementary capabilities in the U.S. crop and excess and surplus (E&S) markets. Holders of Validus common shares will receive cash consideration of $68.00 per share, for an aggregate transaction value of $5.56 billion, funded by cash on hand.
“Validus is an excellent strategic fit for AIG, bringing new businesses and capabilities to our General Insurance operation, expanding the bench of our management team and deepening our underwriting expertise,” said Brian Duperreault, President and Chief Executive Officer of AIG. “With our global scale and the strength of our balance sheet, I am confident that Validus will thrive within AIG and strengthen our ability to deliver profitable growth for our shareholders as we strategically position AIG for the future.”
Ed Noonan, Validus’ Chairman and Chief Executive Officer, said, “We believe this transaction offers compelling value for our shareholders and reflects the strength of the business we’ve built together with our talented global team. Joining AIG and becoming part of a larger, more diversified organization immediately opens new opportunities for our people and our franchise. Validus will be able to serve clients and brokers in new and exciting ways, which will enhance our ability to grow profitably.”
Peter Zaffino, AIG’s Chief Executive Officer, General Insurance, said, “I have worked with and admired Validus since its formation and have the utmost respect for what the management team has achieved. They have built a business that is highly compatible with AIG’s General Insurance business. Brokers and customers of both companies will benefit from this acquisition, and I look forward to all that we will be able to accomplish by bringing Validus into AIG.”
22 - 27 JANUARY 2018
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