Shenzhen Qianhai Financial Holdings Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. cancelled the acquisition of ACR Capital Holdings Pte. Ltd. from Marubeni Corporation, 3i Group plc, Khazanah Nasional Berhad, Temasek Holdings Limited and other shareholders.
October 29, 2017
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Shenzhen Qianhai Financial Holdings Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. signed an implementation agreement to acquire ACR Capital Holdings Pte. Ltd. from Marubeni Corporation (TSE:8002), 3i Group plc (LSE:III), Khazanah Nasional Berhad, Temasek Holdings (Private) Limited and other shareholders on October 5, 2016. Proceeds to 3i will be approximately £182 million. Subject to receiving regulatory and other approvals, ACR Capital's shareholders will enter into a definitive agreement. The transaction is subject to the receipt of required regulatory and other approvals as well as certain customary closing conditions. The deal got approval from Bank Negara Malaysia in November, 2016. As on December 16, 2016, the deal got approval from Monetary Authority of Singapore. As on May 2, 2017, the National Development and Reform Commission of the People's Republic of China has given its clearance for the deal. The transaction is expected to complete by early 2017.
Morgan Stanley acted as financial advisor and Adarsh Chhabria, Brendan Hannigan, Chris Moore, James Mythen, Nicole Rondy, Lynn Soh, Ayesha Thapar, Lian Chuan Yeoh and Ji Zou of Allen & Overy acted as legal advisor to ACR Capital and its major shareholders. Aon Securities, Inc. acted as financial advisor to Shenzhen Qianhai Financial Holdings and Clyde & Co acted as legal advisor to Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings. KPMG acted as accountant to Shenzhen Qianhai Financial Holdings.
Shenzhen Qianhai Financial Holdings Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. cancelled the acquisition of ACR Capital Holdings Pte. Ltd. from Marubeni Corporation (TSE:8002), 3i Group plc (LSE:III), Khazanah Nasional Berhad, Temasek Holdings (Private) Limited and other shareholders on October 30, 2017. The deal was cancelled as Shenzhen Qianhai Financial Holdings Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. were forced to re-seek approvals from the Chinese government following personnel changes and the transaction would have delayed further into 2018.
Marubeni Corporation is a diversified group organized primarily around 12 business segments:
- sale of agricultural products and related services (47% of net sales): sale of agricultural inputs (crop protection products, fertilizers, seeds, etc.), precision farming services, formulation of crop protection products, export of cereals and oilseeds, etc.;
- sale of food products (17.6%);
- production and distribution of oil, gas, alternative energy and electricity (10.4%);
- production of chemicals and petrochemicals (6.4%);
- production of metals and mineral resources (4.9%);
- sale and financing of industrial and construction machinery and equipment (4.6%). The group also develops car sales and tire distribution activities;
- sales of consumer electronics (4.3%). In addition, the group develops real estate development and management activities;
- sale of forest products (2.3%): wood chips and biomass fuel, pulp and waste paper, paper, paperboard, hygiene products, building & construction materials and wood products;
- sale of apparel, accessories, textile and lifestyle products (1.1%);
- management and operation of aircraft and ships (1%);
- development of energy production units and industrial installations (0.3%);
- finance and leasing (0.1%): auto finance, aircraft leasing, aircraft engine leasing, leasing and renting of refrigerated trailers, commercial vehicles and commercial freight railcars, etc.
Net sales are distributed geographically as follows: Japan (37.2%), the United States (42.5%)
Shenzhen Qianhai Financial Holdings Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. cancelled the acquisition of ACR Capital Holdings Pte. Ltd. from Marubeni Corporation, 3i Group plc, Khazanah Nasional Berhad, Temasek Holdings Limited and other shareholders.
MARUBENI CORPORATION 
