| KOREA: Bidding to build giant IT media tower to open soon
Seoul City will open bidding early next month to build a skyscraper in an information technology and media industry center under construction in western Seoul. The bidding for the high-rise building fell through in late 2004 as all bidders failed to pass the evaluation. The building, named Land Mark, will be the centerpiece for the Digital Media City complex in Sangam-dong to be established by 2010. Seoul City will resume the bidding process in May, officials said. The city government will collect project plans from the bidders between July and August and will select a preferred negotiator by the end of the year, city officials said. Seoul City officials are looking into lowering the height of the building from the previously proposed 540 meters (about 130 stories) and increasing the number of residential spaces.
Ritchie Bros. Auctioneers Opens New Facilities in Canada and the US
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/16/07 -- Ritchie Bros. Auctioneers (TSX: RBA)(NYSE: RBA), the world's largest auctioneer of industrial equipment, announces the results of two large unreserved auctions held last week. The largest was a two-day grand opening auction at the Company's new Columbus, Ohio auction facility, with buyers purchasing over US$29 million in gross auction sales. The other large auction held last week was at the Company's Saskatoon, Saskatchewan site. The Company held its auction in a newly built auction facility there, and believes it was Canada's largest-ever unreserved agricultural auction, with more than CA$14 million (over US$12 million) worth of agricultural equipment and real estate sold. "The strength of these results demonstrates that our growth strategy is working," said Peter Blake, Chief Executive Officer of Ritchie Bros.
Southern Cross considers bids
SOUTHERN Cross Broadcasting (Australia) Ltd, the radio and television station owner, has addressed speculation of a takeover bid. Long pinpointed as a likely target following the introduction of new media laws, Southern Cross today repeated it was continuing to look at a number of options, including mergers, acquisitions or the sell-off of assets. "Southern Cross confirms that it has held discussions with a number of media companies," the company said. "As Southern Cross has previously advised the market, the company is continuing to explore a number of opportunities to maximise shareholder value, including mergers, acquisitions and divestments." The broadcaster behind talkback radio stations 3AW and 2UE, and Channel Nine Adelaide, issued the statement following media speculation that Macquarie Media Group (MMG) was about to launch a takeover bid for the group.
The Good News in a Resignation
THE EXIT OF HEINRICH VON PIERER from Siemens is good for the corporation and Germany's self-image -- if it proves to be the platform for serious corporate reform. Von Pierer's departure Thursday as chairman of Siemens' supervisory board should help the company and investigators clean up the mess surrounding the bribery scandal that has overshadowed the conglomerate's otherwise impressive turnaround. His move should allow his successor as CEO, Klaus Kleinfeld, to focus more clearly on the day-to-day running of Siemens. The markets obviously were encouraged by the news. In midday trading in ... .
Seven parties selected for Pakistan State Oil bidding
KARACHI: Seven bidders have qualified to make offers for a majority stake in Pakistan State Oil, the countrys top oil marketing firm, the government said, the latest step towards a sale that could be worth over $500 million.
The government said all seven had completed the first phase of due diligence, but that it has yet to take a decision on the inclusion of the Attock Group of Companies in the list of bidders.
A court ordered the government last week to let the Pakistani group take part in the bidding for a 51 percent management stake in PSO, which has been tentatively scheduled for May 5.
The Privatisation Commission of Pakistan, the body overseeing the sale of government assets, originally failed to invite the group to take part in due diligence.
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