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Prosus raises $14.7 billion from Tencent sale in world's largest block trade
Dutch based technology investor Prosus NT has sold a 2% stake in Chinese tech giant Tencent at HK$595 per share to raise $14.7 billion in the world’s largest blocktrade, according to two sources with direct knowledge of the matter. The sources could not be named as the information had not yet been made public. Prosus and Tencent did not immediately respond to a request for comment. Prosus, majority controlled by Naspers Ltd sold 191.8 million shares in Tencent to take its stake from 30.9% to 28.9%, according to a statement from Prosus.
The stock sale had been flagged at HK$575 to $HK595 per share and the initial guidance to investors was set at HK$585 before it was raised to the top of the range, according to one source. At $HK595 per share, the price was a 5.5% discount to Tencent’s closing price in Hong Kong trading Wednesday of $HK629.50. Tencent’s shares are trading 10% higher so far in 2021. “The proceeds of the sale will increase our financial flexibility, enabling us to invest in the significant growth potential we see across the group, as well as in our own stock,” CEO Bob van Dijk said in a statement Wednesday.
The sale looks set to be the largest block trade on record, based on Refinitiv data. In addition to its Tencent stake, Prosus owns or invests in online food delivery platforms, classified marketplaces and digital payments businesses. Citigroup, Goldman Sachs and Morgan Stanley were the joint global coordinators of the stake sale. The largest previous block trade on record was also a sale of 2% of Tencent shares, then held by Naspers, for $9.8 billion in 2018, Refinitiv data showed.
https://www.reuters.com/article/prosus-tencent-stake/update-3-prosus-raises-14-7-bln-from-tencent-sale-in-worlds-largest-block-trade-sources-idUSL1N2M00IA
Occidental Petroleum Corp. sold by Carl Ichan:$179.55m-Apr 5-6
Following on sale of $217.20m- Mar 31-Apr 1-cap #2
Two sales total $396.75m
from March 12 2021
Icahn to cut Occidental holdings while staying on company's board
Occidental Petroleum (NYSE:OXY) shareholder Carl Ichan plans to cut his $3B stake by as much as a third while remaining on the company's board, according to an SEC filing. Icahn is one of Occidental's largest shareholders and beneficially owns 107.9M shares with a market value exceeding $3B. "While we still believe in Occidental, our investment has become somewhat of an outsized position in our investment portfolio, and as a result, we believe it is prudent to reduce the size of our position to rebalance our portfolio," the filing says.
https://seekingalpha.com/news/3672419-icahn-to-cut-occidental-holdings-while-staying-on-companys-board
https://finviz.com/insidertrading.ashx?oc=921669&tc=7&b=2
nite B
Pennsylvania’s $64 Billion School Pension Faces Federal Probe
Pennsylvania’s biggest pension is facing a federal probe and has hired lawyers to help with the inquiry, just weeks after the $64 billion plan launched an internal investigation into misstated investment performance. The Pennsylvania Public School Employees’ Retirement System, a fund for teachers and other full-time staff, hired Pillsbury Winthrop Shaw Pittman, according to a notice on its website Tuesday. The pension did not disclose the reason for the probe but said the law firm would “represent and provide guidance to the board in matters relating to a federal investigation and any collateral issues.” Evelyn Williams, a spokesperson for the pension, and representatives for Pillsbury did not immediately respond to requests seeking comment.
In testimony before the state senate this week Pennsylvania Treasurer Stacy Garrity called the situation “extremely troubling,” adding that three board members including the treasury department objected to the December performance figures. Garrity said she will ensure cooperation with both internal and external probes, adding several pension management officials have been served federal subpoenas relating to the matter. The disclosure of the probe comes just weeks after the pension announced an error in the reporting of nine-year investment performance numbers used to determine employee contributions for beneficiaries. In December, the board announced returns of 6.38% over the nine years ended June 2020, just barely eclipsing the 6.36% threshold that would’ve triggered higher contributions from teachers and other school employees, according to a statement at the time.
However, the pension disclosed in March that those numbers were incorrect. Since the March disclosure, the Pennsylvania plan launched an internal probe, hired a special counsel to help remedy the issue and a separate outside counsel to investigate the circumstances surrounding the error.
https://www.bnnbloomberg.ca/pennsylvania-s-64-billion-school-pension-faces-federal-probe-1.1587460
Most of them are under-funded and will never be able to pay out to everyone.
The 5 States With the Most Underfunded Public Employee Pensions
https://fee.org/articles/the-5-states-with-the-most-underfunded-public-employee-pensions/