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Friday 1 July 2016
IPIC's 1MDB row likely driver for Mubadala merger | Reuters
IPIC's 1MDB row likely driver for Mubadala merger | Reuters:
"The potential merger of Abu Dhabi state funds Mubadala and IPIC is likely to be driven by the latter's spat with Malaysia's 1MDB, according to bankers.
"It is almost certainly linked to that," said a UAE-based debt capital markets banker. "IPIC's name has been somewhat tainted by it."
IPIC and the Malaysian sovereign wealth fund are embroiled in a legal tussle over a debt restructuring, in which IPIC is claiming about US$6.5bn."
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"The potential merger of Abu Dhabi state funds Mubadala and IPIC is likely to be driven by the latter's spat with Malaysia's 1MDB, according to bankers.
"It is almost certainly linked to that," said a UAE-based debt capital markets banker. "IPIC's name has been somewhat tainted by it."
IPIC and the Malaysian sovereign wealth fund are embroiled in a legal tussle over a debt restructuring, in which IPIC is claiming about US$6.5bn."
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Abu Dhabi Merger to Build Oil Producer Dwarfing OPEC’s Libya - Bloomberg
Abu Dhabi Merger to Build Oil Producer Dwarfing OPEC’s Libya - Bloomberg:
"Abu Dhabi’s proposed merger of two of its largest sovereign investment funds would create a global energy business that produces more oil than OPEC member Libya and with more assets than ConocoPhillips.
The Persian Gulf emirate with about 6 percent of the world’s crude reserves will combine Mubadala Development Co. and International Petroleum Investment Co. to cut costs and boost efficiency, the state news agency WAM reported Wednesday. The deal would pool assets of about $135 billion, many of them non-energy-related, and debt of about $42 billion, according to Bloomberg calculations. ConocoPhillips, by comparison, had $97 billion in total assets as of Dec. 31, 2015."
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"Abu Dhabi’s proposed merger of two of its largest sovereign investment funds would create a global energy business that produces more oil than OPEC member Libya and with more assets than ConocoPhillips.
The Persian Gulf emirate with about 6 percent of the world’s crude reserves will combine Mubadala Development Co. and International Petroleum Investment Co. to cut costs and boost efficiency, the state news agency WAM reported Wednesday. The deal would pool assets of about $135 billion, many of them non-energy-related, and debt of about $42 billion, according to Bloomberg calculations. ConocoPhillips, by comparison, had $97 billion in total assets as of Dec. 31, 2015."
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