UK gas giant BG Group is to acquire Australian coal bed methane leader Queensland Gas Company (QGC) in a friendly on-market takeover valued at about A$5.6 billion.
BG has agreed to buy all outstanding shares of QGC for $5.75 each for A$5.2 billion, an 80% premium to QGC’s share prior to the suspension of trading on Friday. The company already owns 9.9% of QGC under the terms of an alliance struck earlier this year to develop a CBM-fed liquefied natural gas project in Queensland. As part of today’s deal, AGL, QGC’s biggest single shareholder, said it would sell its 22% stake to BG for A$1.18 billion. BG said it would also buy the stakes of major shareholders ANZ Infrastructure Services and Sentient Group, as well as shares held by QGC’s senior management, together comprising an additional 17.1% of the company. BG said its offer was final and would not be increased in the face of any competing bid. QGC’s management recommended the offer to shareholders. Managing director Richard Cottee said that BG and QGC remained committed to developing the planned Curtis LNG project in Queensland. As part of plans to develop the Curtis project, BG earlier this year took a 20% stake in QGC’s CBM assets in the Surat basin in Queensland.
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Tuesday, October 28, 2008
Wärtsilä China to start New Year with new president
Shanghai: John Zhu will take over as president of Wärtsilä China as of January 1, 2009 from current president Clas-Eirik Strand who is to retire in February when he reaches his retirement age.
Zhu has significant experience in leading and developing industrial business operations, his most recent appointment having been as country manager for Eaton Truck & Bus Components in Shanghai, China, a position he has held since 2005. He has also held other managerial positions in the automotive industry and in the consultancy business, both in China and in the USA. Wartsila China currently has approximately 1600 individuals employed in its subsidiary and joint venture companies, located in Shanghai, Dalian, Guangzhou, Beijing, Hong Kong, Panyu, Wuxi, Zhenjiang and Qingdao. During recent years, it has begun the production of propulsion and engines at its subsidiary and joint venture companies' plants. Last year, Wärtsilä opened a large new reconditioning workshop in Shanghai.
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Zhu has significant experience in leading and developing industrial business operations, his most recent appointment having been as country manager for Eaton Truck & Bus Components in Shanghai, China, a position he has held since 2005. He has also held other managerial positions in the automotive industry and in the consultancy business, both in China and in the USA. Wartsila China currently has approximately 1600 individuals employed in its subsidiary and joint venture companies, located in Shanghai, Dalian, Guangzhou, Beijing, Hong Kong, Panyu, Wuxi, Zhenjiang and Qingdao. During recent years, it has begun the production of propulsion and engines at its subsidiary and joint venture companies' plants. Last year, Wärtsilä opened a large new reconditioning workshop in Shanghai.
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Cosco Pacific suffers its biggest plunge
Hong Kong: Cosco Pacific Ltd, Asia's third-largest container-terminal operator, plunged the most ever in Hong Kong trading on concerns that a global economic slowdown will damp ocean traffic.
The company dived 26% yesterday, the most since its 1994 initial public offering, to close at HK$3.40. Parent China Cosco Holdings Co, Asia's biggest shipping company by market value, dropped 23%, the most since its 2005 IPO, to HK$2.62. Hong Kong's Hang Seng Index also plunged the most in more than a decade on concerns the economic slowdown with damp earnings. "The shipping industry is going through a downturn and shipping companies tend to be hurt badly when the market slumps,'' said Cai Bin, an analyst at Pingan Securities Co in Shenzhen. Sinotrans Shipping Ltd plunged 20% to HK$1.00. Orient Overseas (International) Ltd slipped 18% to HK$9.94. In Singapore, Neptune Orient Lines Ltd dropped 11% to S$1.03.
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The company dived 26% yesterday, the most since its 1994 initial public offering, to close at HK$3.40. Parent China Cosco Holdings Co, Asia's biggest shipping company by market value, dropped 23%, the most since its 2005 IPO, to HK$2.62. Hong Kong's Hang Seng Index also plunged the most in more than a decade on concerns the economic slowdown with damp earnings. "The shipping industry is going through a downturn and shipping companies tend to be hurt badly when the market slumps,'' said Cai Bin, an analyst at Pingan Securities Co in Shenzhen. Sinotrans Shipping Ltd plunged 20% to HK$1.00. Orient Overseas (International) Ltd slipped 18% to HK$9.94. In Singapore, Neptune Orient Lines Ltd dropped 11% to S$1.03.
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Drydocks World to open US$300 million marine centre
Dubai: Drydocks World is set to open a US$300 million marine services centre in Indonesia as part of their expansion plans in South East Asia.
Chief Executive Officer Geoff Taylor said that it was a joint venture with Dubai-based steel fabrication firm Fabtech, in which Drydocks will command 80 percent of the stakes. The centre is estimated to be 1.72 square kilometres in size, which makes it Drydock’s most ambitious project to date.
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Chief Executive Officer Geoff Taylor said that it was a joint venture with Dubai-based steel fabrication firm Fabtech, in which Drydocks will command 80 percent of the stakes. The centre is estimated to be 1.72 square kilometres in size, which makes it Drydock’s most ambitious project to date.
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United States to help save Coral Triangle
The United States Agency for International Development has pledged almost US$40 million to support the preservation of the Coral Triangle, in the Solomon Islands.
The Triangle is a large area around the Solomon Islands, Philippines, Papua New Guinea and Indonesia that contains mangroves, coral and fish. It is vulnerable to climate change, pollution and human activity. The US Ambassador to the Solomon Islands Leslie Rowe told that the five-year project to protect the coast and its biodiversity would benefit the people of the Solomon Islands.
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The Triangle is a large area around the Solomon Islands, Philippines, Papua New Guinea and Indonesia that contains mangroves, coral and fish. It is vulnerable to climate change, pollution and human activity. The US Ambassador to the Solomon Islands Leslie Rowe told that the five-year project to protect the coast and its biodiversity would benefit the people of the Solomon Islands.
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