A couple of eye-catching news tidbits on the Dow Jones Newswires: UC Rusal, the Russian aluminum behemoth, wants a Hong Kong stock exchange listing. But the Hong Kong exchange pooh-bahs have delayed approval of Rusal’s initial public offering; they want reassurance about the company’s heavy debt burden. So what has Rusal gone and done? It has put a couple of Hong Kong pooh-bahs on its board. They are Elsie Leung Oi-Sie, a Hong Kong government official, and Barry Cheung Chun-Yuen, chairman of the Hong Kong Mercantile Exchange. Smaaaart. As for Talbots, it has announced a series of financial acrobatics that seem unlikely to do much more than ensure the survival of an outmoded women’s clothing retailer. In a nutshell, Talbots is doing a deal with what’s known as a “special purpose acquisition vehicle” and will dump its majority owner, Japan’s Aeon Co. Shares are up because the money-losing company uttered sweet nothings about its 2010 outlook. I’ll have more on this odd transaction as details emerge.
Barry Cheung Chun-Yuen
Posted by Gabriella Stern
on December 08, 2009
Corporate Governance, Initial Public Offerings, Mergers & Acquisitions, Retailing, Russia / Comments Off
Corporate Governance, Initial Public Offerings, Mergers & Acquisitions, Retailing, Russia / Comments Off
