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ABC stake sales fuel rocketing M&A volumes

Date: 05 Jul 2010

Regional M&A volume nearly doubled last week as Chinese lender ABC sells strategic stakes and India’s GTL Infrastructure acquires towers. Asiamoney.com rounds up last week’s capital markets activity.

Keywords (click to search): [League tables] [M&A] [ECM] [Agricultural Bank of China] [ABC] [IPO] [GTL Infrastructure] [UBS] [Goldman Sachs]

Pamela Tang

Asia-Pacific M&A volumes soared to a whopping US$21.3 billion last week on the back of Agricultural Bank of China’s (ABC) equity stake sales to strategic investors, and a major deal by GTL Infrastructure.

The strategic purchases of ABC shares preempt a broader IPO later this month, and mark what looks set to be China’s last major bank privatisation.

Last week, Qatar Investment Authority and Kuwait Investment Authority invested US$2.8 billion and US$800 million respectively into ABC. Additionally Standard Chartered took a US$500 million stake, while Rabobank Nederland bought a US$250 million portion.

ABC is the last of the big-four Chinese lenders to list its stock, but is certainly aiming high. It wants to sell a 14% stake for US$23 billion. If successful, the listing would become the world’s largest IPO.

The bank made Rmb65 billion (US$9.6 billion)...

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