United Co. Rusal’s Oleg Deripaska is wedded to an investment that barely covers borrowing costs, has brought management into conflict and added to losses for stockholders such as billionaire Li Ka-shing and Paulson & Co.
Billionaire Oleg Deripaska , who listed his United Co. Rusal in Hong Kong this year, says the city is Russia’s best chance to tap into Asian economic growth. Investors, who have watched debt-laden Rusal slump, are yet to be persuaded.
Olympus Corp.’s 2009 sale of its profitable diagnostics unit may have undermined efforts to expand into health care as the company sought cash to shore up a balance sheet that was hiding decades of losses.
Strikeforce Mining & Resources Plc and Swire Properties Ltd. may not be alone in delaying initial public offerings in Hong Kong after the Hang Sang Index posted its biggest weekly drop since November, according to Fulbright Securities Ltd. and Louis Capital Markets HK Ltd.
Prudential Plc said the collapse of its $35.5 billion takeover of American International Group Inc.’s main Asian unit will cost it about 450 million pounds ($660 million). The failure may also cost Chief Executive Officer Tidjane Thiam his job.
Prudential Plc, which is seeking finance for its acquisition of the main Asian life unit of American International Group Inc. , fell on its debut in Hong Kong today after the U.K. insurer moved 2 percent of its London- traded shares to the city’s exchange.
AIA Group Ltd., the main Asia unit of American International Group Inc. , submitted preliminary documents to the Hong Kong Stock Exchange for an initial public offering, according to two people familiar with the filing.
American International Group Inc. plans to appoint former Prudential Plc Chief Executive Officer Mark Tucker to replace Mark Wilson as head of the bailed-out insurer’s main Asia unit, two people with direct knowledge of the matter said.