An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
Brent crude surged by as much as 19.5% to reach $71.95 per barrel on Monday, the biggest intra-day jump since the Gulf War in 1991.Oilread more
The strike, depending on its length, could easily cost GM hundreds of millions of dollars. The last time the union declared a strike at GM was in 2007.Autosread more
Saudi Aramco has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.Energyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection on Sunday.Health and Scienceread more
Saudi Arabia on Saturday shut down half its oil production after a series of drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's...Futures & Commoditiesread more
U.S. stock futures sank amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
The recommendations include changing corporate reporting structures, creating a new safety group, and changing the cockpits of future planes to accommodate new pilots with...Aerospace & Defenseread more
The state would become the second in the country, behind Michigan, to ban the sale of fruit flavored e-cigarettes, which are popular with teenagers.Health and Scienceread more
Brewing giant Anheuser-Busch InBev (AB InBev) is seeking to raise up to $9.8 billion from a Hong Kong listing of its Asia-Pacific business, marking what would be the world's largest initial public offering this year.
Budweiser Brewing Company APAC, which includes a portfolio of more than 50 beer brands in the region, is selling 1.6 billion primary shares at between HK$40-$47 ($5.13-$6.02) apiece, according to termsheets seen by Reuters.
The deal will raise between $8.3 billion and $9.8 billion for heavily indebted AB InBev before any over-allocation option is included, giving Budweiser Asia a market capitalization of up to $63.7 billion after the IPO.
Even at the low end of the price range, the IPO will be the biggest globally this year, outstripping the $8.1 billion raised in New York by Uber, data from Refinitiv shows.
AB InBev has previously said an IPO of its Asia business could help create a brewing champion for the region, where wealthy consumers are increasingly trading up to higher-margin premium beers, such as Budweiser or Corona.
The IPO pricing values Budweiser Asia at 16-18 times its enterprise value (EV) to EBITDA (earnings before interest, tax, depreciation and amortization) ratio, one termsheet shows.
EV-EBITDA is a common valuation metric that seeks to help investors compare companies' operations and strip out the different effects of financing costs. Budweiser Asia's ratio compares with an EV-EBITDA value of 11 for AB InBev itself, according to Refinitiv data, 15 for China-focused Tsingtao and 10 for Japan's Kirin, another Asia-centric brewing giant.
The deal will be a welcome boost to Hong Kong, which is lagging behind the New York Stock Exchange and Nasdaq in terms of IPOs this year, with $8.9 billion to its credit compared with $14.9 billion and $17.5 billion raised by its U.S. rivals.
The biggest listing in the Asian financial hub so far in 2019 has been that of Chinese securities firm Shenwan Hongyuan, which raised $1.2 billion in April.
The investor response to the offering will also act as a barometer for other large share sales in the near future, with Alibaba considering raising as much as $20 billion through a listing in Hong Kong.
Budweiser Asia's deal is expected to price in New York on July 11 and the stock will debut in Hong Kong on July 19, the term sheet showed.
A spokeswoman for AB InBev declined to comment.