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The article discusses the investigations into the bid-rigging scandal involving the oil industry of Venezuela. Topics explored include the way commodity trading houses Trafigura, Glencore, and Vitol allegedly benefited from the scheme, the evidence obtained by attorney David Boies regarding former Petróleos de Venezuela SA (PDVSA) trader Francisco Morillo and colleague Leonardo Baquero, and the significant cost of the scheme to the economy of Venezuela.

Nigeria anticipates a 30% rise in crude and condensate production by the end of the year, reaching 2 million barrels a day, due to improved security and investment incentives. This increase may surpass the OPEC+ production limit of 1.5 million barrels a day, with efforts being made to attract investors and boost production further. The country's regulator plans to open bids for 31 oil and gas blocks to enhance reserves and economic activity. [Extracted from the article]

The Solar Energy Corp. of India has banned Anil Ambani's Reliance Power Ltd. and its units from participating in auctions for three years due to allegations of submitting a fake bank guarantee. The decision came after a subsidiary of Reliance Power submitted the guarantee for a battery storage tender, leading to the annulment of the project. Despite facing regulatory actions and financial challenges, Ambani's flagship companies have seen significant gains in value this year. [Extracted from the article]

The UK 10-year bond auction on Tuesday saw the lowest demand in almost a year, reflecting investor concerns over the recent fiscally expansive budget. Bids for the £3.75 billion ($4.9 billion) of 10-year notes totaled 2.81 times the offer, the lowest ratio since December. UK Chancellor Rachel Reeves' budget announcement, which included increased borrowing and investment, led to a selloff in gilts and raised concerns about public finances. [Extracted from the article]

Pakistan International Airlines Corp. received only one bid from Blue World City for a majority stake, significantly below the expected price. The government is in talks with the real estate group to potentially revise the offer. The sale is part of Prime Minister Shehbaz Sharif's efforts to privatize state-owned enterprises to boost the economy, with the winning bidder required to invest $500 million in the struggling airline. Other shortlisted bidders, including Lucky's Y.B. Holdings Pvt. and Air Arabia's Fly Jinnah, did not submit bids. [Extracted from the article]

Debt traders are increasing their bids for Thames Water's emergency funding, with offers rising to around 105 pence on the pound for a £1.5 billion tranche paying 9.75% interest. The company is seeking this funding to avoid a liquidity crunch and address its debt stack, with plans to raise billions in equity for infrastructure improvements. While some critics argue the emergency debt is costly, Thames Water needs approval from 75% of creditors by November 19 to proceed with the proposal. [Extracted from the article]

Debt traders are increasing their bids for Thames Water's emergency funding, with offers for the debt rising to around 105 pence on the pound. The proposed funding consists of an initial tranche of £1.5 billion with an annual interest rate of 9.75%. Thames Water is seeking this financing to address its debt stack, chronic leaks, and sewage spills, as well as prepare for a growing population and climate change. The company needs approval from at least 75% of its creditors by November 19 to move forward with the proposal. [Extracted from the article]

Blue World City submitted the final bid to purchase a majority stake in Pakistan International Airlines Corp., the national flag carrier of Pakistan. The government, led by Prime Minister Shehbaz Sharif, aims to sell state-owned enterprises to boost the country's economy, including the airline which has been struggling financially for almost two decades. The winning bidder will need to invest $500 million in the airline over five years, with plans to include Chinese and Turkish investors in the deal. Labor unions and political parties have protested previous attempts to privatize the airline, which has required government bailouts to continue operating. [Extracted from the article]

Astaris SpA has decided to pause the sale of its minority stake in a multibillion-dollar toll road and suspension bridge project in Turkey due to lower-than-expected bids. The company's 18.1% stake received bids significantly below the €405 million value Astaris had anticipated. The project, which includes a 420-kilometer toll road and a $1.2 billion suspension bridge, connects Istanbul with Izmir and is operated by Otoyol Yatirim ve Isletme AS. Astaldi SpA, the original Italian contractor, faced financial difficulties leading to the creation of Astaris to manage non-core assets like the stake in the project. [Extracted from the article]

A Babylonian-inspired pyramid in Orange County, California, known as the Ziggurat, has received a $177 million offer for demolition. The building, originally intended as an aerospace factory, is now vacant and may be redeveloped for residential use. The highest bidder will have 180 days to close the transaction, with the buyer's name remaining undisclosed until then. [Extracted from the article]

Nexus Capital Management has secured $765 million in financing to acquire Big Lots Inc. out of bankruptcy, with a federal judge approving the deal as a stalking horse bid. The private equity firm aims to turn around the discount retailer and preserve thousands of jobs. Other potential bidders have until October 28 to submit better offers, with an auction scheduled for October 30 if multiple bids are received. [Extracted from the article]

Carlyle Group Inc. has withdrawn from the bidding process to acquire Thyssenkrupp AG's naval shipbuilding unit, dealing a blow to the German company's restructuring efforts. The potential sale of the Marine Systems business, valued at about €1.5 billion, would have been a significant development for Thyssenkrupp CEO Miguel Ángel López Borrego. Thyssenkrupp is exploring options to make the unit more independent, such as through a sale, spinoff, or initial public offering, but Carlyle's exit has posed a setback to these plans. The company remains optimistic about the naval business's potential for growth and consolidation in the industry. [Extracted from the article]

Carlyle Group Inc. has withdrawn from the bidding process to acquire Thyssenkrupp AG's naval shipbuilding unit, Marine Systems. The potential sale was valued at about €1.5 billion ($1.62 billion). Thyssenkrupp's CEO, Miguel Ángel López Borrego, was hoping for an investment from Carlyle to help revive the struggling German conglomerate. Following Carlyle's exit, Thyssenkrupp shares declined by up to 3.7% in Frankfurt. [Extracted from the article]

Clayton Dubilier & Rice is close to acquiring control of Sanofi's consumer health unit, Opella, after signing social commitments with the French government regarding local jobs, investments, and production. The deal includes state-owned investment firm Bpifrance taking a small stake in the OTC unit. French Finance Minister Antoine Armand confirmed that guarantees have been obtained for the maintenance and development of Opella in France. The consumer health unit is valued at around €15 billion, and Sanofi is in talks to sell a 50% controlling stake to CD&R. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) is close to acquiring control of Sanofi's consumer health unit after signing social commitments with the French government. CD&R has agreed to pledges regarding local jobs, investments, and production linked to the consumer health unit Opella. The deal, which includes state-owned investment firm Bpifrance SACA taking a small stake in the OTC unit, is valued at around €15 billion ($16.3 billion). Sanofi confirmed it is in talks to sell a 50% controlling stake to CD&R, beating out PAI Partners in the bidding process. [Extracted from the article]

Clayton Dubilier & Rice is close to acquiring control of Sanofi's consumer health unit, Opella, after signing social commitments with the French government. The deal includes pledges on local jobs, investments, and production. State-owned investment firm Bpifrance is expected to take a small stake in the OTC unit as part of the agreement. French Finance Minister Antoine Armand confirmed that the government secured guarantees for the maintenance and development of Opella in the country. The consumer health unit is valued at around €15 billion ($16.3 billion), and Sanofi is in talks to sell a 50% controlling stake to CD&R. [Extracted from the article]

Gateway Partners, a Dubai-based private equity firm, is considering selling its stake in the Gulf franchise of Tim Hortons Inc., which it acquired in 2020 for about $50 million. The sale is being facilitated by BNP Paribas SA, with non-binding bids expected in the coming weeks. This move reflects the growing interest of overseas investors in regional retail companies, driven by the increasing purchasing power of the middle class in the Gulf region. [Extracted from the article]

Hyundai Motor India Ltd.'s record initial public offering was oversubscribed more than two times, with strong institutional demand despite tepid interest from smaller investors. The offering is set to raise $3.3 billion at the upper end of the price range, with Hyundai's Korean parent selling a stake of up to 17.5%. While retail participation was low, bids from institutions surged, reflecting a shift in investor focus in the Indian market. The IPO proceeds will go to the parent company, contributing to a strong year for Indian IPOs, although still below the record set in 2021. [Extracted from the article]

General Atlantic is in the final stages of acquiring a minority stake in Kyriba Corp, a US treasury-management software provider, from Bridgepoint Group. The deal is said to value Kyriba at over $3 billion. Bridgepoint, the current majority shareholder, plans to reinvest in Kyriba. Kyriba offers services to corporate finance executives, helping them manage foreign exchange processes, improve financial controls, and reduce fraud risks. The company serves nearly 3,000 clients in 170 countries, including Spotify, Societe Generale, and Warner Bros. Discovery. [Extracted from the article]

DSV A/S has received approval to purchase Deutsche Bahn AG's logistics unit for €14.3 billion ($15.8 billion), making it the world's largest freight-forwarder and Denmark's second-largest company by revenue. The deal faced opposition from German labor unions and a rival bidder, but DSV's bid was ultimately accepted by Deutsche Bahn's supervisory board and the German government. The acquisition is expected to be completed in the second quarter of 2025, pending regulatory approvals. DSV will need to secure financing for the deal, potentially through a share sale and tapping into the debt market. [Extracted from the article]

Deutsche Bahn AG has stated that the bids submitted by CVC Capital Partners Plc after the deadline for the sale of its logistics unit, DB Schenker, are "inferior" to the winning offer from DSV A/S. DSV's agreement to purchase DB Schenker is still awaiting final approvals, and a local labor union has objected to the takeover. CVC, which lost out in the bidding process, has attempted to disrupt the deal by submitting new bids. Deutsche Bahn maintains that DSV's offer was the best throughout the process. [Extracted from the article]

MBK Partners, a private equity firm, is open to considering a higher offer to acquire Korea Zinc Co. if other suitors emerge. Last week, MBK and Korea Zinc's biggest shareholder, Young Poong Corp., increased their initial offer to 750,000 won per share, valuing the company at 15.5 trillion won ($11.9 billion). MBK plans to hold onto Korea Zinc for about a decade if their offer is successful. The battle for control of Korea Zinc, which is one of the world's largest producers of zinc and lead, has intensified, with MBK vowing to improve the company's corporate governance and finances. [Extracted from the article]

Amber Energy Inc., an affiliate of Elliott Investment Management, has emerged as the leading bidder in an auction for Citgo Petroleum Corp.'s parent company with a bid of $7.28 billion. The sale is intended to satisfy Venezuela creditors holding more than $20 billion in claims. The group beat out other bidders interested in taking control of Citgo from Venezuela's state-owned oil company. The final decision is subject to approval by the court, and other bidders have the option to top Elliott's bid within a 45-day period. The sale marks the end of Venezuela's nationalization of foreign businesses. [Extracted from the article]

Hedge fund manager Paul Marshall's interest in acquiring the UK's Telegraph newspaper group is cooling, according to sources. Marshall, the chairman of Marshall Wace LLP, is currently focused on his recent purchase of the Spectator magazine and does not plan to actively pursue a takeover of the Telegraph. Second-round bids for the newspaper are due soon, and Marshall could still decide to reenter the race at a later date. Other potential bidders for the right-leaning newspaper group include New York Sun owner Dovid Efune and David Montgomery's National World Plc. The current owner, RedBird IMI, is selling the Telegraph and Spectator due to backlash over its ties to the UAE. Marshall recently bought the Spectator and appointed former Conservative minister Michael Gove as its new editor. [Extracted from the article]

An affiliate of Elliott Investment Management, called Amber Energy Inc., has won an auction for Citgo Petroleum Corp.'s parent company with a bid of $7.3 billion. This acquisition is part of Elliott's efforts to acquire the oil refiner, which was once Venezuela's largest foreign asset. The sale is intended to satisfy Venezuela creditors holding over $20 billion in claims, but the sale price may leave many investors with no compensation. Other bidders may have the option to outbid Elliott during a 45-day period, and the US Treasury Department's Office of Foreign Assets Control must also approve the sale due to US sanctions on Venezuela. [Extracted from the article]

(Bloomberg) -- An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.'s parent company with a $7.28 billion bid, allowing it to acquire an oil refiner that was once Venezuela's largest foreign asset.The affiliate, Amber Energy Inc., submitted the best bid for Citgo's US parent, PDV Holding, according to Robert Pincus, the court-appointed special master who oversaw the process. The sale is intended to satisfy Venezuela creditors holding more than $20 billion in claims.©2024 Bloomberg L.P.By Jef FeeleyReported by Author [Extracted from the article]

Hedge fund manager Paul Marshall's interest in acquiring the UK's Telegraph newspaper group is cooling, according to sources. Marshall, the chairman of Marshall Wace LLP, is currently focused on his recent purchase of the Spectator magazine and does not plan to actively pursue a takeover of the Telegraph. Second-round bids for the newspaper are due soon, and Marshall could still decide to reenter the race at a later date. Other potential bidders for the right-leaning newspaper group include New York Sun owner Dovid Efune and David Montgomery's National World Plc. The current owner, RedBird IMI, is selling the Telegraph and Spectator due to backlash over its ties to the UAE. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) had initially requested banks to commit over €1 billion of debt to fund part of its bid for Sanofi's consumer-health division, but this debt facility was not included in the final proposal. CD&R is competing with French rival PAI Partners for the €15 billion unit, and Sanofi is expected to make a decision soon. Back leverage, a type of loan used by buyout shops to finance equity investments, was not included in CD&R's final bid. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) had initially requested banks to commit over €1 billion of debt to fund part of its bid for Sanofi's consumer-health division, but this debt facility was not included in the final proposal. CD&R is competing with French rival PAI Partners for the €15 billion unit, and Sanofi is expected to make a decision soon. Back leverage, a type of loan used by buyout shops to finance equity investments, was not included in CD&R's final bid. The rest of the debt packages for CD&R and PAI's bids are similar, with a group of banks providing senior debt and private credit lenders offering junior debt. [Extracted from the article]

Platinum Asset Management Ltd., a funds manager based in Sydney, has rejected a takeover offer from hedge fund Regal Partners Ltd. The offer, which valued the company at approximately A$526 million ($358 million), was deemed to undervalue Platinum by its board. Platinum stated that it was open to other bids and that the proposed deal was not in the best interest of its shareholders. Regal, founded by Philip King, has experienced significant growth in recent years and manages almost A$17 billion in funds. [Extracted from the article]

Sanofi, a French drugmaker, has received binding offers for its consumer health division from private equity firms Clayton Dubilier & Rice (CD&R) and PAI Partners. The offers, which could value the division at €15 billion or more, are currently being reviewed by Sanofi, who may decide to pursue a spinoff if the bids are not attractive. PAI is seeking backing from British Columbia Investment Management Corp., Abu Dhabi Investment Authority, and Singapore sovereign fund GIC Pte. CD&R, which raised a record $26 billion buyout fund last year, has been an active investor in France. There is no certainty that a transaction will occur, and representatives for BCI, CD&R, and PAI declined to comment. [Extracted from the article]

Sanofi, a French drugmaker, has received binding offers for its consumer health division from private equity firms Clayton Dubilier & Rice (CD&R) and PAI Partners. The final decision on the unit will be made in the coming days after reviewing the offers, which could value the unit at €15 billion ($16.7 billion) or more. If the bids are not attractive, Sanofi may consider a spinoff of the business. PAI is seeking support from British Columbia Investment Management Corp. and is in talks with Abu Dhabi Investment Authority and Singapore sovereign fund GIC Pte. CD&R, which raised a record $26 billion buyout fund last year, has been an active investor in France. The potential sale of Sanofi's consumer health division could be one of the largest deals in Europe this year and would indicate a revival in healthcare dealmaking in the continent. [Extracted from the article]

Banks and lenders are preparing to provide over €10 billion ($11.1 billion) in debt to support the buyout of Sanofi SA's consumer health division. A group of banks has already committed to providing €7.5 billion to €7.8 billion of senior debt, along with a revolving credit facility of around €1.2 billion. Private credit lenders are also planning to offer €1.5 billion to €2 billion of junior debt. New York-based buyout firm Clayton Dubilier & Rice and French rival PAI Partners are competing for the acquisition, with bids due this month. The debt packages for both firms include a mix of euro and dollar-denominated loans and bonds. Banks are eager to fund leveraged buyouts, but there are risks involved, as seen in previous experiences. The total leverage provided by banks is expected to be six times the unit's earnings, rising to 7.5 times with the private credit element. CD&R is also in discussions with banks for back leverage to fund part of the equity check. [Extracted from the article]

StandardAero Inc. is planning to raise $1.1 billion through its initial public offering (IPO) instead of pursuing a sale, according to a filing with the US Securities and Exchange Commission. The company is offering 46.5 million shares at a price range of $20 to $23 per share. Carlyle Group Inc., the company's backer, decided on the IPO route after bids for StandardAero valued the company below its expected listing value of $10 billion. There is also a potential over-allotment of 6.975 million shares from Carlyle and Singaporean sovereign wealth investor GIC Pte. [Extracted from the article]

Carlyle Group Inc. and StandardAero Inc. are planning to raise $1.1 billion through an initial public offering (IPO) for StandardAero, an aircraft maintenance services provider. The company is offering 46.5 million shares at a price range of $20 to $23 per share. Carlyle initially considered selling StandardAero but opted for an IPO due to bids valuing the company below its expected listing value. Potential buyers had considered acquiring StandardAero for around $10 billion. [Extracted from the article]

REA Group Ltd., a company owned by media mogul Rupert Murdoch, has increased its bid for UK property portal Rightmove Plc to £6.1 billion ($8.1 billion) after previous offers were turned down. The improved offer values Rightmove at 770 pence per share, with investors receiving 341 pence in cash and 0.0422 new REA shares. Rightmove has rejected earlier takeover proposals valued at 705 pence and 749 pence per share. REA is urging Rightmove shareholders to encourage the company's directors to engage in discussions with them. [Extracted from the article]

CTBC Financial Holding Co. has decided not to make a new offer for Shin Kong Financial Holding Co., allowing Taishin Financial Holding Co. to proceed with a major merger in Taiwan's financial industry. CTBC's board approved dropping its investment plan for Shin Kong after facing opposition from Taiwanese regulators. Taishin made a revised bid for Shin Kong, valuing the company at about NT$243 billion ($7.6 billion). The deal is subject to a shareholder vote and regulatory approval, and if successful, Taishin-Shin Kong will become the fourth-largest financial holding company in Taiwan. [Extracted from the article]

The US Justice Department has alleged that Google monopolized the ad technology market by restricting or eliminating choices for both website publishers and advertisers. The department accused Google of abusing its market power in three areas: ad servers, advertising exchanges, and ad networks. Google's ad server controls 87% of the US market and 91% globally, while its ad exchange controls 47% of the US market and 56% globally. Google has argued that the allegations misunderstand the dynamics of the online advertising market and that advertisers have multiple choices for buying ads. [Extracted from the article]

The auction for Fiat Chrysler's jointly run auto factory in Southern China has failed for the third time, despite a significant price reduction. The lack of demand for internal combustion engines in China's rapidly transitioning market is believed to be the cause. The factory, previously operated by Fiat Chrysler and Guangzhou Automobile Group, filed for bankruptcy in 2022 after experiencing declining sales. Other foreign automakers are also reassessing their strategies in response to China's shift towards electric vehicles. [Extracted from the article]

CTBC Financial Holding Co. is reportedly planning to withdraw its offer for Shin Kong Financial Holding Co., allowing Taishin Financial Holding Co. to proceed with their merger. CTBC faced opposition from Taiwanese regulators and had been considering a new offer after Taishin made a revised bid. However, regulators rejected CTBC's bid, stating that it lacked a guarantee to increase capital for Shin Kong's life insurance arm. If approved by regulators, the Taishin-Shin Kong merger would create the fourth-largest financial holding company in Taiwan. Taiwanese regulators are aiming to diversify the economy away from the technology sector. [Extracted from the article]

CVC Capital Partners has expressed its willingness to increase its €14 billion ($15.6 billion) bid for Deutsche Bahn AG's logistics unit, DB Schenker, after losing the bidding to Danish company DSV A/S. CVC argues that its offer is superior to DSV's and calls for a fair and transparent process to determine the best offer. DSV has already signed an agreement to acquire DB Schenker, but the deal still needs approval from Deutsche Bahn's supervisory board. CVC's efforts to sweeten its bid, including job preservation and profit goals, were not enough to sway Deutsche Bahn's management board, who believe that DSV's upfront cash offer is superior. [Extracted from the article]

CVC Capital Partners has expressed its willingness to increase its €14 billion ($15.6 billion) bid for Deutsche Bahn AG's logistics unit, DB Schenker, after losing the bidding to Danish company DSV A/S. CVC argues that its offer is superior to DSV's and calls for a fair and transparent process to determine the best offer. DSV has already signed an agreement to acquire DB Schenker, but the deal still needs approval from Deutsche Bahn's supervisory board. CVC's bid was backed by the labor union Verdi, which believed that the private equity firm would preserve more jobs. [Extracted from the article]

CVC Capital Partners Plc has expressed its willingness to increase its €14 billion offer for Deutsche Bahn AG's logistics unit, DB Schenker, after losing the bidding to Danish company DSV A/S. In a letter to Deutsche Bahn's supervisory and management board, CVC outlined why it believes its offer is superior and called for a fair and transparent process. DSV has already signed an agreement to acquire DB Schenker, pending approval from Deutsche Bahn's supervisory board. Job preservation in Germany has been a key consideration in the negotiations, with the labor union Verdi backing CVC's bid. [Extracted from the article]

Taiwan's CTBC Financial Holding Co. saw its shares rise while Shin Kong Financial Holding Co.'s shares fell after CTBC's bid to create the island's largest financial group was rejected by the local regulator. The market had believed CTBC's bid for Shin Kong was too high, and the failure of the merger was seen as positive for share prices. CTBC plans to submit a revised bid, but analysts believe it is unlikely to be approved. Taishin Financial Holding Co., which is also bidding for Shin Kong, saw its shares fall. [Extracted from the article]

Taiwan's CTBC Financial Holding Co. saw its shares rise after its proposal to acquire Shin Kong Financial Holding Co. was rejected by the local regulator. CTBC's shares increased by 4.7%, while Shin Kong's shares fell by 7.9%. The regulator's rejection of the $4.1 billion takeover bid blocked the creation of Taiwan's largest financial group. CTBC plans to submit a revised bid, but analysts believe it is unlikely to be approved. Taishin Financial Holding Co., which is also vying to acquire Shin Kong, saw its shares decline. Taishin's bid is considered a friendly merger and is preferred by Shin Kong's management. [Extracted from the article]

Singapore has rejected a bid by a group of property firms to develop a new business district in the west of the island due to the low price offered. The Urban Redevelopment Authority deemed the price of S$6,889 ($5,309) per square meter to be too low. The consortium, which included CapitaLand Group and City Developments Ltd, expressed that a rebid is unlikely. The government remains committed to developing the site and will engage with industry stakeholders. [Extracted from the article]

Aliya Capital Partners, a Miami-based investment manager, is supporting US investor John Textor's bid to acquire Everton FC, an English football club. Textor, who has invested in multiple football clubs, is seeking financing to complete the takeover of the struggling Premier League team. Aliya has offered its investors the opportunity to commit around $25 million to back the deal and will receive a co-chairman position and one board seat at Everton as part of the transaction. The club has been facing difficulties finding a buyer due to its significant debt, and previous potential sales have fallen through. Aliya has expressed its commitment to innovation and transformation in football and is looking forward to Everton's progress under Textor's leadership. [Extracted from the article]

Singapore has rejected a bid by a consortium of property firms to develop a new business district in the west of the island. The Urban Redevelopment Authority deemed the price offered by the consortium to be too low. The move is a setback for Singapore's efforts to decongest its Central Business District, but developers are becoming more cautious due to the cooling residential market. The government remains committed to developing the site and will engage with industry stakeholders. [Extracted from the article]

Singapore has rejected a bid by a group of property firms to develop a new business district in the west of the island due to the low price offered. The Urban Redevelopment Authority deemed the price of S$6,889 ($5,309) per square meter to be unattractive. The consortium, which included CapitaLand Group and City Developments Ltd, expressed that a rebid is unlikely. The government remains committed to developing the site and will engage with industry stakeholders. [Extracted from the article]