Zijin plans takeover of Australia gold company

    ZIJIN Mining Group Co., one of China’s largest gold miners, is planning a takeover of Australia’s Phoenix Gold Ltd., hoping to trump an earlier proposed investment by Evolution Mining Ltd.

    Zijin said yesterday it intends to offer shareholders 10 Australian cents (US$0.078) a share for Phoenix, valuing the company at A$47 million. The Chinese miner has already accumulated an 18 percent interest in the gold company, it said.

    Guolian Securities takes orders for HK IPO

    GUOLIAN Securities Co. joins a line of mainland brokerages that have sought to make use of the rally in the mainland and Hong Kong stock markets by launching an initial public offering (IPO) in Hong Kong.

    Guolian, which started taking orders from investors yesterday, is selling 443 million shares at an indicative price range of HK$7.10 (92 U.S. cents) to HK$8.25. Guolian has secured US$170 million in orders from cornerstone investors, which agree to hold the shares for a specified period after listing. They include asset management company China Life Franklin and Chinese private equity firm Citic Capital. Guolian would be the third mainland brokerage to list in Hong Kong this year. HTSC, better known as Huatai Securities, had a US$4.5 billion IPO last month, and GF Securities Co. had a US$4.1 billion IPO in March.

    Sinopharm Group plans to issue bonds

    SINOPHARM Group Co., a major pharmaceutical company in China, said late Sunday it plans to issue up to 10 billion yuan (US$1.61 billion) corporate bonds to repay bank loans and for working capital.

    The maturity of the corporate bonds is up to 10 years and the coupon rate has not been determined, the company said.

    Fosun to buy Israeli insurer’s shares

    FOSUN International Ltd., a Chinese conglomerate, said late Sunday it agreed to buy shares of Israeli insurer Phoenix Holdings Ltd. for up to US$489 million in a bid to ramp up its overseas acquisitions.

    Fosun said it agreed to buy 130.6 million shares, or a 52.3 percent stake, of the Israeli firm. The deal is subject to customary closing conditions, including regulatory approvals in Israel, Fosun said. “The acquisition is another milestone in the group’s path toward internationalization, will further expand the group’s insurance and asset management business and will strengthen the group’s capability to access high-quality long-term capital,” Fosun said.