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Asian Activities Report for January 11, 2012: Weichai Power (HKG:2338) Acquires 75% Controlling Interest in Italian Luxury Yacht Maker Ferretti Group
Asian Activities Report for January 11, 2012: Weichai Power (HKG:2338) Acquires 75% Controlling Interest in Italian Luxury Yacht Maker Ferretti Group
Sydney, Jan 11, 2012 AEST (ABN Newswire) - Weichai Power (HKG:2338) (SHE:000338) has agreed to invest 374 million euros to acquire a controlling 75% interest in the world's largest luxury yacht manufacturer, Ferretti Group of Italy. Through the acquisition, synergies between Weichai Power and Ferretti will be unleashed through the sharing of resources and industrial integration. Weichai will be better positioned to develop its yacht business for the next five years, whilst Ferretti will enjoy a strong capital base to expand its business in emerging markets such as China. After the acquisition, Ferretti's key management team, headquarters and production bases in Italy will be retained.

Prada S.p.A. (HKG:1913) says that it will invest 40 million euros to sponsor the Luna Rossa yacht to participate in the XXXIV edition of the America's Cup sailing competition. Prada's logo will be displayed on the hull and other eye-catching part of the yacht during the competition, and Prada will have the right to use images of the Luna Rossa yacht and its crew for advertising purposes. The Company's sponsorship of the Luna Rossa yacht in previous editions of the America's Cup has proven that it has been a successful strategy to promote Prada's brand.

Japan-based oil and gas company Inpex Corporation (TYO:1605) has signed agreements to sell liquefied natural gas ("LNG") from its Ichthys LNG joint venture project. Under the agreements, 2.52 million tonnes per annum of LNG will be sold to CPC Corporation of Taiwan, Chubu Electric Power (TYO:9502), and Toho Gas (TYO:9533), for 15 years commencing in 2017.

Panasonic Corporation (TYO:6752) (NYSE:PC) has successfully developed a 20-inch 4K2K (3,840 x 2,160 resolution, approximately 8.29 million pixels) IPS Alpha LCD panel. The new panel has the world's highest pixel density of 216 pixels per inch, with thickness of only 3.5 mm, the thinnest in the world, opening up new possibility of flat-panel displays.

Nidec Corporation (TYO:6594) (NYSE:NJ) has established a new subsidiary named Nidec Management Shanghai Corporation in Shanghai, China. The new subsidiary will supervise, control and coordinate the financial activities of the Nidec Group companies in China. The total investment in the new subsidiary is US$2 million.


Qiubei Fu
Asia Business News
Tel: +61-2-9247-4344

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