Millennium & Copthorne Hotels has agreed to a sweetened takeover offer from its majority shareholder that values the London-listed company at about 2 billion pounds (S$3.63 billion) after an earlier bid was heavily criticised by minority investors.

Singapore’s City Developments Limited (CDL), a vehicle of billionaire Kwek Leng Beng, who is also chairman of M&C, has offered 620 pence per share in cash to acquire the 34.8 per cent of the FTSE 250 hotelier that it does not already own, the companies said in a statement.

The offer, which was declared final, has been recommended by M&C’s independent directors. It was announced 75 minutes before a Takeover Panel deadline for CDL to make a firm offer or walk away.

CDL’s earlier 552.5 pence per share cash proposal, disclosed to the stock market on October 9, ran into opposition from some of M&C’s smaller shareholders, who argued that it put too low a price on the business because it did not reflect the value of its extensive property portfolio.

M&C owns, runs, invests in or franchises 137 hotels around the world. – The Straits Times

BDO raises $150m from ‘green’ bond

Philippines’ biggest lender BDO Unibank has raised $150 million from a pioneering “green” bond issuance, boosting private sector funding for climate change mitigating initiatives.

This funding deal marks the first green bond issued by a commercial bank in the Philippines.

International Finance Corp (IFC), the private sector investment arm of the World Bank, is the sole investor in the bond. This is also IFC’s first green bond investment in a financial institution in East Asia and the Pacific.

The funds will be used exclusively to finance climatesmart projects, including renewable energy, green buildings and energyefficient equipment.

The pioneering green bond is seen to provide an alternative source of longterm green finance in the country and contribute to the Philippines’ target of reducing carbon emissions by 70 percent by 2030 relative to its “Business As Usual” (BAU) scenario.

“Climate change is a very real concern in the Philippines. It is one of the most vulnerable countries globally to the impacts of such change,” BDO president Nestor Tan said on Friday. “This bond demonstrates our corporate commitment to come up with business solutions to address the challenges of sustainability.”

“This also aligns with our goal of growing BDO’s climate business and, ultimately, fostering the nascent climate finance market in the country. We are glad to partner with IFC, a global expert in green finance,” Tan added. – Philippine Daily Inquirer

Garuda still targets $3.1 bn revenue despite cancellations

Indonesia’s national flag carrier Garuda Indonesia still appears confident it can collect between US$3.1 and $3.2 billion in revenue this year, despite having canceled about 100 flights because of the eruption of Mount Agung in Bali.

“I think the flight cancellations during the four days [of the volcanic eruption] did not significantly affect [our revenue]. So I hope in this peak season, we can reach our sales target,” Garuda Indonesia president director Pahala Mansury said on Friday. The eruption of Mount Agung prompted the temporary closure of I Gusti Ngurah Rai International Airport in Denpasar, Bali, and of Lombok International Airport in West Nusa Tenggara last week.

Pahala said the airport closures affected the schedules of 700 Garuda crew members, because 30 percent of Garuda’s flights were from or to the airport in Denpasar. He declined to reveal the financial losses due to the flight cancellations. – The Jakarta Post