Soho China Shares Dive up to 40% as Blackrock Takeover Fails By Matilda Colman September 13, 2021 © Reuters. Soho China Ltd.’s Hong Kong shares plummeted after a $3 billion takeover bid by Blackstone Group Inc. ended in failure. Shares plummeted 34.86% to HK$2.28 ($0.29) on Monday, after falling up to 40% earlier in the session. Blackstone’s decision against moving ahead with the acquisition was Soho’s second failed attempt in selling itself. Progress in satisfying Blackstone’s preconditions of the offer was insufficient, Soho said in a statement to the Hong Kong Stock Exchange on Friday in explaining the reason behind the failure. On the market since early 2020, Soho was banking on profits from a sale to help ease the pressure from a lack of new pipeline assets and declining office rents in key Chinese cities on its profits. It is also dealing with an intensifying crackdown on developers that are leaving them with tight liquidity positions. Blackstone made an offer to acquire Soho for as much as HK$23.7 billion, or $3.05 billion subject to regulatory approval, in June 2021. China’s State Administration for Market Regulation formally accepted the deal for review in August 2021. The HK$5 per-share offer in June, representing a 31.6% premium, was announced by Blackrock (NYSE in June 2021. Blackrock and Soho concluded that the pre-conditions could not be satisfied before the long-stop date, but the date would not be extended, the statement said. Founded by Chairman Pan Shiyi and Chief Executive Officer Zhang Xin in 1995, Soho’s key assets include the Bund SOHO and Wangjing SOHO office buildings in Shanghai and Beijing respectively.
Maybe Blackrock learnt a trick or two from the Chinese, create huge market volatility which sends business's bankrupt. Once bust, step in and buy them for a penny.
%% THAT can work well. I keep an eye on the weather report also. Yellow River flood of '87 killed about 1 million. Looked like the National Socialists may take over the world+ then a record cold strike in Russia struck down\ helped ruined the Socialists\Hitler. NOT climate change@ all any more than George Washington had a favorable fog..........................................................
Which one is it?? Is it Blackrock or Blackstone that's failed its takeover bid?? Yahoo! Finance says it's Blackrock https://finance.yahoo.com/news/soho-china-shares-dive-40-010719876.html But Bloomberg and Caixin Global say it's Blackstone. https://www.bloomberg.com/news/arti...mets-40-after-blackstone-takeover-falls-apart https://www.caixinglobal.com/2021-0...ne-abandons-3-billion-takeover-101772697.html Which one is it?
Maybe they have a typo, calling Blackrock, Blackstone. Nup, two different companies but similar it seems. Markets Soho China Plummets 40% After Blackstone Takeover Falls Apart Bloomberg News 13 September 2021, 09:43 GMT+8 Blackstone scraps $3 billion Soho China acquisition offer Progress in satisfying the preconditions was insufficient WATCH: Soho China Ltd. shares are plummeting after Blackstone Group Inc. decided not to proceed with its takeover offer. Bloomberg’s Lulu Chen reports. Soho China Ltd. tanked in Hong Kong trading after a $3 billion takeover by Blackstone Group Inc. collapsed. https://www.google.com/url?q=https:...8QFnoECAQQAg&usg=AOvVaw1QBf646cO1M9SnuGlyXiR3
Is Blackstone Chinese owned? Founded in 1995 and controlled by billionaire couple Pan Shiyi and Zhang Xin, Soho owns 1.3 million square meters of real estate, largely in Shanghai and Beijing. ... Blackstone had $196 billion of real estate investments as of March 31. Interesting point you brought up jsop.
BlackRock ‘terminated’ by NSW Treasury fund John Kehoe Economics editor Oct 4, 2021 https://www.afr.com/policy/economy/blackrock-terminated-by-nsw-treasury-fund-20211001-p58wen The world’s biggest investment firm, BlackRock, was sacked by the NSW government’s $15 billion investment fund for sustained poor performance in managing money for the state’s taxpayers. BlackRock was one of the investment managers the NSW Generations Fund (NGF) had hired to invest in “alternatives” assets such as hedge funds. A disclosure by NSW Treasury Corp to state parliament reveals that BlackRock was “terminated” for “sustained underperformance” as an alternatives manager for the NGF, according to documents obtained byThe Australian Financial Review......
If it were the state of Victoria, I bet they wouldnt have sacked Blackrock... What is China's Belt and Road Initiative and what were the four deals the federal government tore up? By Tim Callanan Posted Thu 22 Apr 2021 Victorian Premier Daniel Andrews travelled to China in 2017 for a Belt and Road Initiative forum.(Twitter: Lisa Tucker) The Commonwealth has used its powers to tear up Victoria's Belt and Road Initiative (BRI) agreements with China, along with two other, much older agreements with Iran and Syria. The scrapping of Victoria's BRI arrangement came before the agreements were even fully formed, and certainly before they delivered any real benefits for either party. The Chinese Embassy described the decision as "unreasonable and provocative", but Australia's Foreign Minister Marise Paine said the arrangements were inconsistent with Australia's foreign policy.......