IN BRIEF (Page 16)

Back in the black

Sanyo Electric Co, the world's biggest maker of rechargeable batteries, turned profitable in the first half on a gain from selling shares in its leasing unit.

Net income was 16 billion yen ($148 million), or 2.60 yen a share, in the six months ended September 30, compared with a loss of 3.62 billion yen, or 34.90 yen, a year earlier, Sanyo said yesterday in a statement to the Tokyo Stock Exchange. Sales fell 0.4 percent to 1.091 trillion yen.

New ventures

BG Group Plc is considering new joint ventures with KazMunaiGaz Exploration & Production, the London-based Times said, citing KazMunaiGaz Chief Executive Officer Askar Balzhanov.

The two companies are already partnering on a $5 billion gas project in Kazakhstan, the Times reported. KazMunaiGaz is interested in buying MangistauMunaiGaz, owned by Indonesian-registered Central Asia Petroleum, the Times said.

Macquarie's loan

Macquarie Group Ltd, Australia's largest securities firm, is borrowing $261 million to fund the leveraged buyout of businesses in Singapore that provide services for offshore oil and gas exploration.

Macquarie hired Natixis SA, United Overseas Bank Ltd and WestLB AG to arrange the seven-year loans for the purchase of Express Offshore Transport and Miclyn Offshore, which provide boats, equipment and crew to support offshore platforms and exploration in the Asia-Pacific region and the Middle East, according to an e-mail sent to investors.

Agensys purchase

Astellas Pharma Inc, Japan's second-largest drugmaker, bought Agensys Inc for $387 million to develop new medicines based on antibodies.

Astellas announced the acquisition of Santa Monica, California-based Agensys in a statement to the Tokyo Stock Exchange yesterday.

Acquisitions mulled

Banca Carige SpA is interested in buying some of the branches UniCredit SpA has to sell following its acquisition of Capitalia SpA, Il Sole 24 Ore reported, citing Carige General Manager Alfredo Sanguinetto.

Carige is considering forming alliances with other banks to buy about 180 branches from UniCredit, the Italian newspaper said.

Feintool feels pinch

Feintool International Holding AG, the world's biggest maker of fineblanking presses, said full-year profit fell 24 percent on an impairment charge and higher taxes.

Net income declined to 11.9 million Swiss francs ($11 million) from 15.6 million francs in the year-earlier period, the Lyss, Switzerland-based company said in a statement yesterday. Sales rose 3.9 percent to 520.4 million francs.

Overseas investment

Reliance Power Ltd plans to invest as much as $1 billion in overseas coal blocks to secure fuel supply for its planned 4,000-megawatt power plant in the eastern Indian state of Andhra Pradesh, the Mint newspaper reported.

The generating unit of billionaire Anil Ambani's Reliance Energy Ltd is looking at opportunities to invest in coal blocks in Indonesia, Australia and South Africa, the newspaper said, citing Reliance Energy Executive Director Lalit Jalan.

Iberia bid scrapped

British Airways Plc, Europe's third-largest airline, dropped plans to bid for Spanish carrier Iberia Lineas Aereas de Espana SA.

The London-based company, which owns 10 percent of Iberia, won't exercise preemption rights to acquire shares being sold by local investors to Caja Madrid, it said. That will allow the Spanish bank to build a 24 percent stake. British Airways said on November 2 that it and US buyout firm TPG Inc planned to bid for Madrid-based Iberia within weeks.

Bloomberg News

(China Daily 11/28/2007 page16)