In Energy on 26/05/2012 at 6:29 am
The oil and natural gas exploration company Cove Energy has accepted a $1.91 billion takeover offer from PTT Exploration and Production of Thailand, which trumps a rival bid from Royal Dutch Shell.
Our SWFs didn’t do extractive industries presumably because one LKY didn’t understand “miners”, he said a few yrs ago, explaining why GIC didn’t go into miners in a big way to ride the commodities boom.
In Energy, Temasek on 16/06/2010 at 5:23 am
We’ve analysed that Temasek ignored MM’s warning against extractive industries (OK “mining” to be precise) when it went into shale gas https://atans1.wordpress.com/2010/05/21/temasek-ignoring-mm-iii/
The news sometime back that Shell is paying US$4.7bn for a shale gas firm confirms that Temasek and other SWFs are correct. Err except that the seller, private equity firm KKR, is reported to have paid US$350m juz 11 mths ago for a “significant minority interest”. KKR invested via debt convertible into equity.
So jury is out on whether Shell, Temasek, etc. are bubble blowers and buyers.
One wishes Temasek were ahead of the curve (StanChart, Indonesian telcos, Asian banks) instead of being in the middle (hopefully — like the Chinese banks*) or at the back (Merrill Lynch, Barclays, ABC Learning, Shin: anything else?)
There are reports that Temasek will be a keystone investor in the AgriBank of China. If true this will be the third major investment in a Chinese bank. The other two have been good investments.