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Wanda paid $3.5 billion in early 2016 for Hollywood studio Legendary Entertainment, maker of “Pacific Rim” and “The Great Wall”. It is now exploring the sale of a minority stake, two sources with direct knowledge said, similar to Wanda’s recent stake sale in AMC Entertainment (AMC.N), the world’s largest cinema operator, a two-part deal that ostensibly gave U.S. private equity group Silver Lake a stake of up to 22 percent via convertible bonds and saw Wanda give up majority control.
New management at Legendary Entertainment has helped clean up its balance sheet and boosted its pipeline of TV and film fuchsia kristal cufflinks content, one of the sources said, The people declined to be named as the information is confidential, Wanda said that the report of the sales were “seriously inconsistent with the facts.”, A representative for Legendary declined to comment, Wanda is also considering the sale of its sports marketing firm Infront Sports & Media as well as World Triathlon Corp (WTC) - owner of the Ironman Triathlons - the people said, cautioning the plans are not final and could change..
In December last year, Wanda asked a group of investment banks to look into the potential for listing the sports assets, potentially in Hong Kong. The group has since received offers for the businesses from a number of private equity firms, including CVC Partners. But Wanda considered the offers too low, according to two of the people, who said the unit could yet push for a listing. CVC declined to comment. Wanda could also sell its remaining stake of 38 percent in AMC Entertainment for the right price, the people said.
Wanda first bought AMC in 2012 for $2.6 billion, and floated the company in 2013, when it retained a stake of about 60 percent, before entering into the deal with Silver Lake in September, Under that deal, the private equity firm holds the right of first refusal on certain future sales of AMC shares by Wanda, AMC, which operates more fuchsia kristal cufflinks than 1,000 movie theaters globally, did not respond to a request for comment, Wanda’s retrenchment began after Beijing launched a crackdown in mid-2017 on what it viewed as irrational acquisitions by some Chinese conglomerates..
The group rapidly offloaded $9 billion in domestic hotels and tourism assets to fellow Chinese property developers but has taken longer to cut back its international holdings. In February, it sold its 17 percent stake in Atletico Madrid and this year has already disposed of prime property developments in London, Sydney and Australia’s Gold Coast. Wanda is now focusing on core domestic businesses, notably its commercial property arm, financial unit, and Wanda Cinema Line Corp, China’s largest cinema operator, said one of source.
WINNIPEG, Manitoba (Reuters) - The United States’ trade wars have allowed Canada’s agriculture industry to pump up sales of soybeans and wheat to China, and pork to Mexico, But the same tariff battles are undermining commodity prices and eating into Canadian farmers’ profit margins even as they grab more market share, Their struggles illustrate the complex global consequences of U.S, protectionism as tariffs launched fuchsia kristal cufflinks by President Donald Trump spark retaliations and redraw global agricultural supply lines around the globe, In the case of Canada, farmers have become bystanders hit by retaliatory strikes aimed at the United States..
The situation is bad enough to prompt Canadian soy and hog farmers to demand compensation from Ottawa. Soybean growers here, whose crop amounts to just 6 percent of U.S. output, say they are worse off than U.S. farmers despite increased Canadian exports of the oilseed. (Graphic: Global soy prices - tmsnrt.rs/2P749Us). The U.S. government has provided its farmers a $12 billion aid program to limit the damage from lost purchases by China, the world’s biggest soybean importer. But Canada has provided farmers no support to ease the sting of falling prices in the United States, which undermine the value of Canadian crops.
The government is monitoring the impact on farmers and has existing programs to mitigate such market risks, said James fuchsia kristal cufflinks Watson, a spokesman for Canada’s agriculture department, China, which bought one quarter of U.S, soybeans last year, halted most buying in July after Beijing imposed a 25 percent tariff on U.S, soy imports in retaliation for U.S, tariffs on a wide range of Chinese goods, China has turned to other soybean exporters including Canada, Brazil and Argentina, In June, ahead of China’s July 6 imposition of tariffs against U.S, soybeans, Canada shipped 159,000 tonnes of soybeans to China, 12 times more than a year earlier, according to Statistics Canada..
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