Press Releases

Sydney, Mar 2, 2010 (ABN Newswire) - Asian markets are expected to rise today as Wall Street rallied overnight on improved data of manufacturing employment in the US and a takeover of American International Group's Asian arm by British insurer Prudential. Resources shares in Asia were up on Monday as the massive earthquake in Chile raised concerns on copper supplies. Asian markets closed mostly higher yesterday. Japan's Nikkei rose 0.5 per cent, lifted by a rise in non-ferrous metal shares. Hong Kong's Hang Seng Index gained 2.2 per cent and China's Shanghai Composite added 1.2 per cent on expectations Beijing may retain an appropriately loose monetary policy at the upcoming meeting of the National People's Congress.

Company News

Spanish energy and infrastructure company Acciona SA (MCE:ANA) plans to develop a flagship solar project in Australia partnering with Japan's Mitsubishi Corp. (TYO:8058). The project will be completed in the 2010 to 2013 period. The two companies have formed a strategic alliance to develop and research renewable energy projects, with EUR2 billion in worldwide investments.

Japanese drug maker Astellas Pharma Inc (TYO:4503) launched a US$3.5 billion hostile bid for OSI Pharmaceuticals (NASDAQ:OSIP) to turn the U.S. anti-cancer drug maker into a wholly owned subsidiary. Astellas said it will start on Tuesday an offer to pay US$52 per share in cash for all outstanding common shares of the OSI Pharmaceuticals Inc. stock, representing a 40% premium over the shares' Feb. 26 closing price.

Industrial and Commercial Bank of China (ICBC) (SHA:601398) (HKG:1398), the world's largest bank by market capitalisation, said in a statement on Monday that it increased its overseas assets by 22.9 percent last year to US$49.2 billion. It is about 2.9 per cent of ICBC's total assets, which stood at 11.67 trillion yuan at the end of September. The non-performing loans (NPL) ratio of the bank stood at 0.56 percent in 2009, down from 2.29 percent the previous year.

Taiwan's Fubon Financial Holding Co. (TPE:2881) and Chinese state-owned conglomerate Citic Group said they plan to set up a 500 million yuan leasing joint venture in China after a memorandum of understanding between Taiwan and mainland China on the liberalization of cross-strait investments in the financial industry took effect in January. Citic Group's Citic Asset Management Corp. will own 51 per cent of the Beijing-based joint venture, and Fubon Venture Capital Consulting Co., will own a strategic stake of 25% stake. The remaining 25% will be held by smaller shareholders.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net