|Bid||3.0000 x 2200|
|Ask||3.0100 x 3200|
|Day's range||2.9800 - 3.0200|
|52-week range||2.2000 - 3.1900|
|Beta (5Y monthly)||0.75|
|PE ratio (TTM)||10.49|
|Forward dividend & yield||0.14 (4.74%)|
|Ex-dividend date||29 Sep 2020|
|1y target est||3.11|
(Bloomberg) -- Toshiba Corp. shares tumbled after the Japanese company said a potential buyout offer from CVC Capital Partners has stalled.Toshiba revealed a preliminary approach from CVC in early April, which sent its stock soaring. Just days later, the company’s board urged caution over the discussions, warning the proposal may not lead to a transaction.In the latest chapter of the convoluted drama, Toshiba revealed it had received a letter from CVC on Monday, but it included “no specific and detailed information capable of detailed evaluation.” Toshiba shares fell 3.3% on Wednesday.“It merely stated that CVC would step aside to await our guidance as to whether a privatization of Toshiba would suit management’s and the Board of Directors’ strategic objectives,” the statement said.“As this preliminary proposal lacks the required information the Board has concluded it is not possible to evaluate it,” it said.The disclosure is yet another setback for any potential buyout of the Japanese company, which also saw the resignation of its chief executive officer earlier this month. Nobuaki Kurumatani, who had previously worked at CVC, stepped down after he suffered a sharp drop in support from Toshiba employees and executives.It’s not clear whether other reported bidders will proceed after CVC. After the firm’s initial approach, private equity firm KKR & Co. and Canadian investment giant Brookfield Asset Management Inc. began exploring potential offers, Bloomberg News reported.Bain Capital has entered into discussions with Japanese banks, including units of Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., to secure funding for a potential bid, Reuters reported Wednesday.Satoshi Tsunakawa, who took over as CEO this month, offered reassurances that Toshiba would remain a strong Japanese company and invest in research and development. His comments appeared aimed at reassuring employees and business partners in the wake of the CVC offer.(Updates with shares and Bain report from the third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- An Abu Dhabi sovereign wealth fund may join a group investing in Saudi Aramco’s oil pipelines, in a deal set to be backed by a loan of around $10.5 billion.Mubadala Investment Co., a fund with $232 billion of assets, is in talks with U.S. investor EIG Global Energy Partners LLC, the lead member of the consortium, according to a Mubadala spokesperson.Aramco has helped put together the loan, which the group will use to fund the transaction, according to other people familiar with the matter. BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc and Mizuho Financial Group Inc are among the lenders, said the people. All four banks declined to comment.Washington-based EIG and Aramco, the world’s largest oil company, announced the $12.4 billion deal late Friday. The investors will buy 49% of Aramco Oil Pipelines Co., a recently-formed entity with rights to 25 years of tariff payments for crude shipped through the Saudi Arabian firm’s network. Aramco will own the rest of the shares and retain full ownership of the pipelines themselves.The transaction is part of Saudi Arabia’s drive to open up more to foreign investment and use the money to diversify its economy, which was hammered last year by coronavirus lockdowns and the fall in oil prices.The disposal may also help Aramco reduce its debt and maintain its dividend, the biggest of any listed firm globally. The company -- 98% owned by the Saudi government -- paid out $75 billion to shareholders for 2020.The deal is structured similarly to one last year involving Abu Dhabi National Oil Co. In June, Adnoc raised $10.1 billion by selling leasing rights over its natural-gas pipelines to a group including Global Infrastructure Partners and Singapore’s sovereign wealth fund, GIC Pte.East-West PipelineHSBC advised EIG on the Aramco acquisition, one of the largest this year in the energy sector. Apollo Global Management Inc., Brookfield Asset Management Inc. and BlackRock Inc. were among the other investors that made or considered bids.Mubadala is the second-biggest wealth fund in the United Arab Emirates, of which Abu Dhabi is the capital.The transaction covers all of Aramco’s existing and future pipelines in the kingdom, according to EIG. The company’s vast network includes the East-West Pipeline, which can carry more than 5 million barrels of crude a day from Saudi Arabia’s main fields in the east to Yanbu on the Red Sea.EIG described it as a “lease and lease-back agreement.” Aramco will lease usage rights for its pipelines to the new subsidiary, which will then give Aramco the exclusive right to use the network for the 25-year period in exchange for a quarterly, volume-based tariff. Aramco will retain all operating and capital expense risk, EIG said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Online travel platform Trip.com Group Ltd. is seeking to raise as much as HK$10.5 billion ($1.4 billion) in a Hong Kong second listing, adding to the growing cohort of U.S.-traded Chinese companies selling shares in the Asian financial hub.Nasdaq-listed Trip.com is offering 31.6 million shares, according to a statement Wednesday. It has set a maximum price of HK$333 for the portion of the deal reserved for Hong Kong retail investors. That price translates into more than a 6% premium to the company’s closing price in New York on Tuesday, prior to the announcement.Trip.com’s American depositary shares closed 3.4% lower on Wednesday, giving the firm a market value of $23.3 billion.The company plans to price the offering April 13 Hong Kong time, the statement shows. One of Trip.com’s ADS is equivalent to one ordinary share.Trip.com is the fourth U.S.-listed Chinese firm to seek a trading foothold in Hong Kong this year. Search giant Baidu Inc., video streaming service Bilibili Inc. and car sales website Autohome Inc. raised a combined $6.4 billion in the first quarter, according to data compiled by Bloomberg.The companies have been flocking to Hong Kong as a way to hedge against the risk of being kicked off U.S. exchanges as a result of rising Sino-U.S. tensions, as well as to bring in more Asia-based investors. Last year, such second listings raised $17 billion.Still, Trip.com’s share sale in the city comes as tech shares globally are losing their shine. Investors are rotating out of richly valued growth stocks into ones that are expected to benefit from a recovery of the global economy.Baidu has dropped 12% from its listing price in Hong Kong, while Bilibili’s second-listing shares have risen 8.2% after a lackluster debut which saw them close below their offer price.Trip.com, which owns travel search website Skyscanner, reported revenue of 18.3 billion yuan ($2.8 billion) last year, a 49% drop year-on-year due to the coronavirus pandemic, according to its prospectus. It lost 3.27 billion yuan in 2020 after making a profit of almost 7 billion yuan in 2019. While a recovery in international travel has been slow as the pandemic eases, travel within China has rebounded thanks to its relative success in containing Covid-19.The company plans to use the proceeds from the listing to fund the expansion of its travel offerings, improve user experience and invest in technology.JPMorgan Chase & Co., China International Capital Corp. and Goldman Sachs Group Inc. are joint sponsors for Trip.com’s listing. HSBC Holdings Plc and CMB International Capital Ltd. are also helping lead the deal as joint global coordinators, according to a regulatory filing Wednesday.ICBC International Securities Ltd., BOC International Holdings Ltd., CCB International Holdings Ltd., ABC International Holdings Ltd., DBS Group Holdings Ltd., Mizuho Financial Group Inc., Haitong International Securities Group Ltd. and Nomura Holdings Inc. are joint bookrunners, the filing shows.(Updates with ADS closing price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.