CPPIB, Votorantim take over Brazilian power firm for $458 mln: Reuters

A consortium of Canada Pension Plan Investment Board (CPPIB) and Brazil’s Votorantim Energia won a privatization auction this week to buy a controlling stake in power company Companhia Energética de Sao Paulo SA (Cesp) from the government of Sao Paulo state, Reuters reported. The consortium will pay 14.6 reais per Cesp share, a 2.09 percent premium over the minimum sale price at the auction. Considering the government’s stake of 40.6 percent, the consortium will pay a total of 1.7 billion reais (US$458.25 million). CPPIB and Votorantim Energia already have a joint venture in Brazil that plans invest in renewable power sources.

Waterton to call special meeting of Hudbay shareholders: Reuters

Canadian mining private equity firm Waterton Global Resource Management said it would call for a special meeting of Hudbay Minerals Inc’s shareholders after the Canadian miner refused its proposal for changes to its board, Reuters reported. Waterton, which said it owns a 7 percent stake in Hudbay, had also asked the miner to avoid any near-term acquisition or joint venture in a filing this week. Hudbay is in talks to buy Chilean miner Mantos Copper SA, according to media reports. “Hudbay’s recent market performance has been atrocious, as the company currently trades at a material discount to its peer group on multiple key valuation metrics,” Waterton said in a statement.

Intu Properties shares rise on Whittaker takeover bid: Reuters

U.K. shopping centre owner Intu Properties said it was considering a 215 pence per share preliminary takeover offer from a consortium led by its deputy chairman John Whittaker, Reuters reported. The proposed deal, backed by Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management, values the FTSE 250 firm which owns Manchester’s Trafford Centre at 2.91 billion pounds (US$3.8 billion). Whittaker’s consortium initially offered 205 pence per Intu share on October 11. Olayan and Whittaker’s Peel Group already hold 29.9 percent of Intu.

Blackstone waves off concerns over Saudi funding: Reuters

Blackstone Group LP (BX.N), the U.S. buyout firm which is relying on Saudi Arabia to provide half the money for its planned $40 billion infrastructure fund, waved off concerns about funding on Thursday even as controversy rages over the disappearance of a Saudi journalist that has frayed relations between Wall Street and the oil-rich kingdom, Reuters reported.

Blackstone concedes defeat to Oxford in battle for Investa: Reuters

U.S. private equity giant Blackstone Group has quit a takeover battle for Australian office-block owner Investa Office Fund after it was gazumped by Canadian landlord Oxford Properties Group’s A$3.35 billion (US$2.4 billion) bid, Reuters reported. Blackstone told Investa it would not match the offer, all but handing the sought-after target to Oxford as office rents boom, especially in Sydney where Investa’s 20 towers are concentrated. Oxford’s offer will be voted on by shareholders at a meeting to be scheduled in December. Oxford invests in and manages real estate assets on behalf of the Ontario Municipal Employees Retirement System (OMERS).

Uber IPO proposals value company at $120 billion: WSJ

Ride-hailing company Uber Technologies Inc [UBER.UL] could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal reported on Tuesday.

Second activist targets miner Detour, seeks board changes: Reuters

U.S. hedge fund Livermore Partners is calling for an overhaul of the board at Detour Gold Corp and a strategic review, becoming the second activist to target the Canadian mining company, Reuters reported. Livermore sent a letter to Detour this week, saying the board has failed its shareholders on “numerous governance and operational matters.” The move comes after Paulson & Co asked for Detour’s entire board to be replaced and demanded a formal process to evaluate alternatives. Livermore Managing Director David Neuhauser said Detour needed to a hire a global investment bank to evaluate all strategic options, including a sale or a joint venture with a partner, such as a Chinese miner.