Interested in staying current on the latest news in joint ventures? Water Street’s JV Newsfeed is a cross-industry collection of the most interesting joint venture announcements in the month. Each article is paired with relevant content from the Water Street Insight archive. 


 

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BP sells stake in Chinese company to Sinopec arm for $1.68 billion

Thursday, April 27, 2017 | Reuters

BP (BP.L) has agreed to sell its 50 percent stake in the Shanghai SECCO Petrochemical Company to a subsidiary of its joint venture partner Sinopec (0386.HK)(600028.SS) for $1.68 billion (1.31 billion pounds), the British oil major said.

Related Water Street Insight: 
Split Ends: How to Untangle a JV >>

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Leonardo Gives Up Control Of SSJ100 Joint Venture

Wednseday, April 26, 2017 | Aviation Week

Leonardo has further reduced its engagement in the Sukhoi Superjet 100 program. Leonardo pulled out of the Sukhoi Civil Aircraft Company, (SCAC) the aircraft designer and manufacturer, in December. On March 31, it sold a 41% stake in the SuperJet International (SJI) joint venture to its Russian partner, Sukhoi, for a nominal price of €1 ($1.09). Sukhoi now holds 90% while Leonardo retains a 10% stake.

Related Water Street Insight: 
Why Joint Ventures Fail - And How to Prevent It >>

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China to Relax Foreign Car Venture Limit in Orderly Manner

Wenesday, March 14, 2017 | Bloomberg

China has provided the clearest indication to date that it plans to lift the cap on how much foreign carmakers can own of their local joint ventures, putting pressure on Chinese carmakers to speed up the building of their own brands.

In a joint release on Tuesday, the National Development and Reform Commission together with the science and industry ministries laid out a development blueprint for the country’s auto industry covering the years through 2025. The government will “open up the restriction on joint venture ownership in an orderly manner,” according to the plan, which didn’t provide details of how the liberalization will be carried out or provide a timeline.

Related Water Street Insight:
Three Steps to Negotiating Joint Ventures in China >>

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Adnoc hires advisers as it eyes new partnerships

Wednesday, April 19, 2017 | O&G Link

The Abu Dhabi National Oil Company (Adnoc) has hired new financial public relations advisers as it moves to the next stage of its strategy, which includes developing a wider range of international partnerships.

The state oil company has hired Teneo, a relatively young firm best known for its high-level connections through co-founder and president Douglas Band, a long-time adviser to former president Bill Clinton and the Clinton Foundation, and the Irish-born co-founder and chief executive Declan Kelly, who was appointed by former US secretary of state Hillary Clinton as an envoy to Northern Ireland when she was in office.

Related Water Street Insight:
Cross-Border Joint Ventures: Confronting National Differences in Board Culture >>

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Autoliv and Volvo Cars Autonomous Driving Joint Venture Zenuity Starts Operations

Thursday, April 13, 2017 | PR Newswire

Zenuity, the joint venture between Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb) and Volvo Cars, starts its operations today. Zenuity is a new entrant in the growing global market for autonomous driving software systems. It marks the first time a premium car maker has joined forces with a tier one supplier to develop leading advanced driver assist systems (ADAS) and autonomous driving (AD) technologies.

Related Water Street Insight:
Autonomous Vehicle Partnerships – Who are the Early Players? >>

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Exelon Generation, JAPC Establish Joint Venture to Enhance Nuclear Operational Excellence Worldwide

Thursday, April 13, 2017 | Exelon Corporation

Exelon Generation, the largest nuclear operator in the United States, is partnering with the Japan Atomic Power Company (JAPC) to establish a joint venture company, JExel Nuclear, to leverage Exelon’s expertise in operational excellence and safety among international operators using Japanese reactor technologies.

Related Water Street Insight:
How to Prevent Commercial Conflicts in JVs >>

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Chevron said to be exploring sale of Canadian oilsands stake worth about $2.5 billion

Thursday, Apr 13, 2017 | Financial Post

Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 per cent stake in Canada’s Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.

The company has discussed with investment banks the prospect of selling the stake in the western Canadian oil sands project, a source said.

Related Water Street Insight:
Incorporated and Unincorporated JVs – the View from Royal Dutch Shell >>

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South Korea: Total-Hanwha Joint Venture Invests $450 Million to Expand Its Refining & Petrochemicals Platform

Wednesday, Apr 12, 2017 | Business Wire

Hanwha Total Petrochemical, a 50/50 joint venture between Hanwha and Total, will invest to expand its Daesan refining & petrochemicals integrated platform. The planned $450 million investment will increase the site’s ethylene capacity by 30% to 1.4 million tons per year.

Related Water Street Insight:
Multi-Year Funding Structures in JVs >>

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Eaton, Cummins Forming Joint Venture For Automated Transmissions

Monday, Apr 10, 2017 | TIndustrial Distribution

Power management company Eaton (ETN) and global power leader Cummins Inc. (CMI) today announced an agreement to form a joint venture for automated transmissions for heavy-duty and medium-duty commercial vehicles. The joint venture will be named Eaton Cummins Automated Transmission Technologies.

Cummins and Eaton will each own 50 percent of the new joint venture. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. The parties expect the transaction to close in the third quarter of 2017. Cummins will consolidate joint venture results as part of its Components business segment.

Related Water Street Insight:
Joint Venture Dealmaking: Pathways to Negotiating a 50:50 Ownership Split >>

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Fresenius Medical Care enters into first joint venture agreement with Chinese hospital

Thursday, Apr 6, 2017 | Nephrology News & Issues

Fresenius Medical Care has acquired a 70% equity interest in Kunming Wuhua Health Hospital (Wuhua Hospital) in China. The hospital specializes in chronic-disease management and hemodialysis. The acquisition was officially completed on March 31th, 2017 and marks Fresenius Medical Care’s first joint venture (JV) hospital in China, with the aim of providing high-standard renal-care services and chronic-disease management to local communities.

Related Water Street Insight: 
Perspectives on Joint Venture Dealmaking in Healthcare >>

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Sacked Rio Tinto executive Alan Davies lands new jobs

Wednesday, Apr 5 2017 | AFR Weekend

Former Rio Tinto executive Alan Davies' services are still in strong demand despite being sacked by his former employer last year, with the Brisbane-born executive taking new roles with two small exploration companies recently.

Related Water Street Insight: 
Anti-Bribery and Corruption in Emerging Market Ventures >>

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BP and DuPont’s bio-isobutanol joint venture, Butamax, acquires ethanol facility in Kansas

Monday, Apr 3, 2017 | Biofuels International

Butamax Advanced Biofuels, a 50/50 joint venture between BP and DuPont, has announced the acquisition of Nesika Energy and its ethanol facility in Scandia, Kansas. Butamax will now start engineering work to add bio-isobutanol capacity to the facility.

Related Water Street Insight: 
Cracking the Code on Joint Venture Strategy Development >>

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ARAMCO SIGNS MOUs WITH ADNOC, MASDAR

Monday, April 3, 2017 | Arab News

JEDDAH: Saudi Aramco on Sunday signed two separate memorandums of understanding (MoUs) with Abu Dhabi National Oil Co. (ADNOC) and green energy firm Masdar. Saudi Aramco and ADNOC will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain, said a Saudi Aramco press release.

Related Water Street Insight: 
The Basics - Why Alliances Underperform and Fail >>