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Collective Global-VC firm co-owned by California Pensions debuts with $1bn. (FS)
Safran signs equipment contracts with Emirates worth more than $1.2bn.
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Glencore , multinational commodity trading and mining company, Nippon Steel Corporation , and POSCO , a steel production companies, agreed to acquire the steelmaking coal business of Teck Resources Limited , a diversified natural resources company, for $9bn. Glencore agreed to acquire a 77%, Nippon Steel 20% and POSCO 3% stake.
"We are pleased to have reached agreement to acquire Teck's steelmaking coal operations in the Elk Valley. These world-class assets and the experienced people that operate them are expected to meaningfully complement our existing thermal and steelmaking coal production located in Australia, Colombia and South Africa. Glencore has high regard for the business that has been developed over many decades in British Columbia and looks forward to maintaining and enhancing its operational performance, environmental stewardship and social contribution," Gary Nagle, Glencore CEO.
Teck Resources is advised by Ardea Partners , BMO Capital Markets , Barclays , 高盛 , Origin Merchant Partners , Blake, Cassels & Graydon LLP , Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Adam M. Givertz), Stikeman Elliott LLP , Sullivan & Cromwell LLP ,?TD Securities,?CIBC World Markets, and?Felesky Flynn. Glencore is advised by 花旗 .
Adobe 's $20bn bid for cloud-based designer platform Figma is set to face an EU antitrust warning in the coming days, a move that would ratchet up pressure on the Photoshop maker to offer remedies, Reuters reported.
Tech deals around the world have recently attracted tougher antitrust regulatory scrutiny amid fears that some bigger companies may be acquiring rival start-ups to shut them down or boost their market power. The European Commission is readying a statement of objections to send to the companies in the coming days. Such documents or charge sheets set out the EU competition watchdog's concerns on why deals could be anti-competitive. The EU agency opened a full-scale investigation into Adobe's proposed acquisition in August, saying that it could reduce competition in global markets for interactive product design tools and also shut out rivals.
Figma is advised by Qatalyst Partners (led by George Boutros), Cleary Gottlieb Steen & Hamilton LLP , Fenwick & West (led by Ran Ben-Tzur, Kris S. Withrow, Michael Esquivel, Jennifer Hitchcock, Thomas Kang, and?Stephen Fisher). Adobe is advised by Allen & Company LLC. , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Steven Sunshine), Wachtell, Lipton, Rosen & Katz (led by Jacob A. Kling and Edward D. Herlihy), and FGS Global (led by John Christiansen). Allen & Company is advised by White & Case LLP (led by Robert Nakhyun Chung).
Pension fund AustralianSuper has increased its stake in Origin Energy to 16.50%, the Australian power producer said in an exchange filing on November 14. The stake increase by AustralianSuper, Origin Energy's top shareholder, threatens to scupper a $10.5bn buyout of Australia's largest energy retailer, Reuters reported.
AustralianSuper is opposed to the takeover offer by the Brookfield-led consortium and its partner EIG, saying the offer is substantially below its estimate of Origin's long-term value. On November 13, the pension fund rejected an "eleventh-hour" offer from the consortium to drop its opposition to their bid and join the takeover.
Origin Energy is advised by Barrenjoey , Jarden , and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by J.P. 摩根 and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by 花旗 , Allens , and White & Case LLP (led by Christopher Flynn). GIC is advised by SEC Newgate Group .
Collective Global-VC firm co-owned by California Pensions debuts with $1bn. (FS)
Collective Global , an investment firm co-owned by California Pensions , is launching with more than $1bn of committed assets under management and a goal of broadening the plans’ exposure to venture capital.
The firm, led by Co-Chief Executive Officers Daniel Adamson and Sheel Tyle, will take stakes in VC firms and early-stage startups. It will also make opportunistic wagers that could include secondaries and co-investments, Bloomberg reported.
Safran signs equipment contracts with Emirates worth more than $1.2bn.
French aerospace and defence company 赛峰集团(SAFRAN) on November 14 said that it signed a series of contracts worth more than $1.2bn to equip Emirates' aircraft with equipment, Reuters reported.
The deal includes seats for aircraft, cabin equipment, wheels, carbon brakes and other equipment.
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