Singapore approves $2.5 bln Formula One float

Singapore has cleared the sale of Formula One shares for more than US$2.5 billion in one of the world's biggest flotations this year, reports said on Tuesday, with pre-marketing to begin immediately.

Private equity firm CVC Capital Partners, which has a majority stake in the glitzy motor sport's holding company, will gauge interest among investors and fund managers with a view to selling part of its stake at the end of June.

Dow Jones Newswires said the Singapore Exchange had approved a listing by Formula One, which has been rumoured for the past two months.

A spokesman for the bourse, citing standard policy, said: "It is not our practice to publicly comment on our dealings with listing aspirants."

Reports of the initial public offering (IPO), which could raise as much as $3 billion, follow Friday's float of Facebook in the United States which valued the web giant at $104 billion before its share price plunged.

It would be the biggest IPO this year in Singapore, which also approved a float by Manchester United in September, according to sources. The English Premier League football club is said to be awaiting better market conditions.

Some companies are looking at Asia's cash-rich markets to raise funds as Europe grapples with a debt crisis and the United States pursues a fragile recovery.

Singapore also hosts a popular Formula One night race, one of 20 stops on its global tour this year, and has a strong fanbase for the sport.

Dow Jones said order-taking international roadshows would begin in the second week of next month. But the suggested timing of the IPO is brave after turbulence returned to global financial markets last week.

"Look at the muted first-day response to Facebook's $18.4 billion IPO last Friday. The F1 listing is not nearly as attractive and long-awaited as that," an unnamed investment banker told the Straits Times.

Reports of a possible share float broke in March and received a generally cool response among team principals in the sport, many of whom are battling financial problems.

But Caterham boss Tony Fernandes, the man behind successful budget airline AirAsia, backed the plan spearheaded by Formula One supremo Bernie Ecclestone.

"As a businessman I think if public money can improve the sport, and accountability and transparency, then we should go for it," Fernandes told AFP in March.

"I saw some comments where the team bosses said they were against it. I think until we know more about it, it's silly to be against it. Let's hear about it in the open."

CVC took majority control in 2006 of Ecclestone's Formula One Group, which has the right to commercially develop the sport, stage and promote events, sell broadcast footage and offer sponsorship and hospitality packages.

According to CVC's website, Formula One Group has turnover of 1.17 billion euros ($1.49 billion).

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • US ambassador recovers from knife attack praised by N. Korea
    US ambassador recovers from knife attack praised by N. Korea

    The US ambassador to South Korea, Mark Lippert, was recovering from surgery Thursday after having his face and arm slashed by a knife-wielding activist in an attack applauded by North Korean state media. US Secretary of State John Kerry said Washington will never be deterred by "acts of violence" as the ambassador was rushed to hospital where his condition was described as stable after two-and-a-half hours of surgery that included 80 stitches to a deep gash on his right cheek. In a brief …

  • Sy moves up, Villar enters Forbes list of billionaires
    Sy moves up, Villar enters Forbes list of billionaires

    Eleven Filipinos are included in Forbes’ 2015 list of richest people in the world. Filipino-Chinese tycoon Henry Sy Sr. continues to be the wealthiest man in the Philippines. The 90-year-old SM supermalls, banking and property tycoon ranked 73rd among the world’s richest with an increased net worth of $14.2 billion from $11.4 billion last year. Sy’s net worth was attributed to the continued growth of his SM Investments Corp. and his more recent venture, the City of Dreams Manila resort and …

  • New Moro rebel group emerges
    New Moro rebel group emerges

    A radical Muslim cleric trained in the Middle East and considered one of the leaders of the Bangsamoro Islamic Freedom Fighters (BIFF) has broken away from the terror group to form his own band of jihadists who are now reportedly providing sanctuary to bomb expert Basit Usman and at least five foreign militants, the military said yesterday. Armed Forces of the Philippines (AFP) spokesman Col. Restituto Padilla, citing reports from the field, said the Justice for Islamic Movement (JIM) was …

  • US billionaire says WWII Japanese ship found in Philippines
    US billionaire says WWII Japanese ship found in Philippines

    Microsoft co-founder Paul Allen said Wednesday he had found one of Japan's biggest and most famous battleships on a Philippine seabed, some 70 years after American forces sank it during World War II. Excited historians likened the discovery, if verified, to finding the Titanic, as they hailed the American billionaire for his high-tech mission that apparently succeeded after so many failed search attempts by others. Allen posted photos and video online of parts of what he said was the …

  • World's oldest person wonders about secret to longevity too
    World's oldest person wonders about secret to longevity too

    TOKYO (AP) — The world's oldest person says 117 years doesn't seem like such a long time. …

  • Billionaire finds wreck of WWII ship in Phl
    Billionaire finds wreck of WWII ship in Phl

    Microsoft co-founder Paul Allen says he has found the Japanese Navy’s biggest warship at the bottom of the sea in the Philippines, 70 years after US forces sank it. Allen posted a photo on Twitter on Tuesday of the World War II battleship Musashi’s rusty bow, which bore the Japanese empire’s Chrysanthemum seal. The American billionaire, who has also pursued space exploration, said his luxury yacht and exploration ship, the M/Y Octopus, found the Musashi one kilometer (1.6 miles) deep on the …

  • Australian drug smugglers being taken to Indonesian island for execution - media
    Australian drug smugglers being taken to Indonesian island for execution - media

    By Jane Wardell and Beawiharta SYDNEY/DENPASAR, Indonesia (Reuters) - Two convicted Australian drug smugglers were removed from a prison in Bali on Wednesday to be taken to an Indonesian island where they will be shot by firing squad, Australian media reported. The planned executions of Myuran Sukumaran, 33, and Andrew Chan, 31, have ratcheted up diplomatic tensions amid repeated pleas of mercy for the pair from Australia and thrown a spotlight on Indonesia's increasing use of the death …

  • Ohio mom, boyfriend guilty; child emailed teacher for help

    PORTSMOUTH, Ohio (AP) — A woman and her boyfriend pleaded guilty to raping her young children and were sentenced to prison on Wednesday, a year after one of her daughters emailed a teacher for help and said she and her siblings were being chained to their beds, deprived of food and sexually assaulted. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options