MINNEAPOLIS , MN, Feb. 22, 2012 /CNW Telbec/ – BioAmber Inc. has completed its Series C round of financing with net proceeds of $30 million . The financing was closed in two tranches; a first tranche of $20 million on November 4 th, 2011 with existing investors Naxos Capital, Sofinnova Partners, Mitsui & Co. Ltd. and the Cliffton Group, and a second tranche of $10 million on February 6 th, 2012 with specialty chemicals company LANXESS. All of BioAmber’s Series B investors participated in the Series C financing.
The investment by LANXESS is the culmination of a strategic collaboration in the field of renewable, phthalate-free plasticizers. BioAmber and LANXESS are jointly developing phthalate-free plasticizers and expect to begin sampling succinic-based plasticizers in 2012. The companies are also collaborating in Sarnia, Ontario, on the establishment of BioAmber’s first world-scale bio-succinic acid manufacturing facility. LANXESS is owner of the site and will provide BioAmber with utilities and services needed to operate the facility.
Concurrent with the investment, LANXESS will be joining the BioAmber board of directors and has named Jorge Noguiera as its board representative. Jorge Nogueira is the Head of LANXESS’ Functional Chemicals business unit. Mr. Nogueira has over 30 years of chemical industry experience, working for leading multinationals in the United States , Europe , Asia and Latin America. “Our investment in BioAmber shows our commitment to launching a new generation of plasticizers that satisfy regulatory requirements and can also score in terms of sustainability,” said Mr. Nogueira .
“We are pleased to have LANXESS as a strategic investor alongside Naxos, Sofinnova, Mitsui & Co. and Cliffton,” said Jean-Francois Huc, BioAmber’s CEO. “BioAmber is fortunate to have a strong, committed group of investors and we welcome Jorge Nogueira , a dynamic and experienced chemical industry executive to our board”.
“LANXESS is actively engaged in leveraging its Sarnia site to establish the largest bio-industrial park in Canada , offering land, energy and infrastructure for the development of new bio-industrial chemicals,” said Sandy Marshall , President of LANXESS Canada . “We are excited to be working closely with BioAmber to anchor the Bio-industrial Park, and this investment is a natural extension of our collaboration,” added Mr. Marshall .
About BioAmber Inc.
BioAmber is a next generation chemicals company. Its proprietary technology platform combines industrial biotechnology, an innovative purification process and chemical catalysis to convert renewable feedstocks into chemicals for use in a wide variety of everyday products including plastics, food additives and personal care products. BioAmber produces bio-succinic acid in what it believes to be one of the world’s largest bio-based chemical manufacturing facilities. For more information visit the company’s web site at www.bio-amber.com.
About LANXESS
LANXESS is a leading specialty chemicals company with sales of EUR 7.1 billion in 2010 and currently around 16,100 employees in 30 countries. The company is at present represented at 47 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals. LANXESS is a member of the leading sustainable indices Dow Jones Sustainability Index (DJSI) World and FTSE4Good
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2012年1月3日星期二
Caixin Online: Key China finance meet to avoid some topics
By Zhang Yuzhe, Wen Xiu and Lu Yuan
BEIJING (
Caixin Online
) — In a meeting this week that will set the tone for major financial reforms in the coming year, analysts expect policy makers to remain muted on top leadership changes which could impact the course of policies.
Scheduled for Jan. 6, the two-day conference will consider proposed policy amendments to improve the country’s financial regulatory environment. Sources close to the conference, who declined to be named, told Caixin that opposition remains strong to establishing a consolidated regulatory body for supervising and managing state-owned assets of financial institutions.
/conga/story/misc/caixin.html
61611The topic is not included on the meeting’s discussion agenda, according to people familiar with the situation.
In the midst of the rapid expansion of state-owned assets, the Ministry of Finance said as of the end of 2007, the amount of state-owned assets in centrally administered financial institutions alone reached 1.2 trillion yuan ($190 billion), with more than 40 trillion yuan worth of assets under their management.
Figures for financial assets under local-government control are not made available, but are estimated to be enormous as well.
In most circumstances, these financial institutions are owned and controlled by the same government agency and respond to different regulatory authorities, depending on the type of their businesses, which gives rise to conflicts of interest as well as regulatory redundancy and confusion.
Li Shuguang, deputy dean of the China University of Political Science and Law’s graduate school, is among the most vocal proponents for creating a single regulatory agency to unify oversight. He said the government should establish a new commission to represent the ownership of all state-owned financial assets.
The agency would be the counterpart, Li continued, of the State-Owned Assets Supervision and Administration Commission, which manages state-owned assets in centrally administered enterprises, excluding those in the financial industry.
Li’s idea is strongly opposed by Yin Jianfeng, deputy director of the financial research institute under the Chinese Academy of Social Sciences. Yin argued that a consolidated regulatory body would amplify the monopolistic power of state-owned companies, adding that the trend of financial reform should be ownership diversification and more competition.
Opposition voices are also emanating from the halls of the central bank and regulatory authorities in the banking, securities and insurance industries. An official from the central bank, for example, said the proposed agency would overlap the work of Central Huijin Investment Ltd., which already exercises rights and obligations as an investor in major state-owned financial enterprises.
Since policy makers are not expected to broach the contentious topic, analysts say areas of reform perceived as more viable could see change. Some said the meeting is likely to push forward with the creation of a deposit insurance system, which will require financial institutions, mainly banks, to insure against bankruptcy so that even the largest ones have a door to wind down and go bankrupt.
The meeting agenda looks set to focus on the establishment of a consolidated regulatory body for domestic bond markets, where the participants face multiple and often inconsistent administrative requirements from different regulatory authorities.
Inspiring as these topics seem, analysts say they don’t expect the meeting to roll out major, potentially disturbing reform measures, at a time when political leadership is about to change.
Held every five years, the national financial work conference shapes the landscape of China’s financial industry.
The first conference, held in 1997, created authorities to manage the securities industry and social-insurance funds separately. Previously, both responsibilities had been charged with the central bank.
Five years later, the second conference decided to create the banking regulatory commission and carry out share-ownership reform of state-owned banks; China Investment Corp., on the other hand, was established after the third meeting in 2007 to improve returns on China’s massive foreign-exchange reserves.
See this report at Caixin Online
http://tourism9.com/
BEIJING (
Caixin Online
) — In a meeting this week that will set the tone for major financial reforms in the coming year, analysts expect policy makers to remain muted on top leadership changes which could impact the course of policies.
Scheduled for Jan. 6, the two-day conference will consider proposed policy amendments to improve the country’s financial regulatory environment. Sources close to the conference, who declined to be named, told Caixin that opposition remains strong to establishing a consolidated regulatory body for supervising and managing state-owned assets of financial institutions.
About Caixin
Caixin is a Beijing-based media group dedicated to providing high-quality
and authoritative financial and business news and information through
periodicals, online and TV/video programs.
• Get the Caixin
e-newsletter
Caixin is a Beijing-based media group dedicated to providing high-quality
and authoritative financial and business news and information through
periodicals, online and TV/video programs.
• Get the Caixin
e-newsletter
61611
In the midst of the rapid expansion of state-owned assets, the Ministry of Finance said as of the end of 2007, the amount of state-owned assets in centrally administered financial institutions alone reached 1.2 trillion yuan ($190 billion), with more than 40 trillion yuan worth of assets under their management.
Figures for financial assets under local-government control are not made available, but are estimated to be enormous as well.
In most circumstances, these financial institutions are owned and controlled by the same government agency and respond to different regulatory authorities, depending on the type of their businesses, which gives rise to conflicts of interest as well as regulatory redundancy and confusion.
Li Shuguang, deputy dean of the China University of Political Science and Law’s graduate school, is among the most vocal proponents for creating a single regulatory agency to unify oversight. He said the government should establish a new commission to represent the ownership of all state-owned financial assets.
The agency would be the counterpart, Li continued, of the State-Owned Assets Supervision and Administration Commission, which manages state-owned assets in centrally administered enterprises, excluding those in the financial industry.
Li’s idea is strongly opposed by Yin Jianfeng, deputy director of the financial research institute under the Chinese Academy of Social Sciences. Yin argued that a consolidated regulatory body would amplify the monopolistic power of state-owned companies, adding that the trend of financial reform should be ownership diversification and more competition.
Opposition voices are also emanating from the halls of the central bank and regulatory authorities in the banking, securities and insurance industries. An official from the central bank, for example, said the proposed agency would overlap the work of Central Huijin Investment Ltd., which already exercises rights and obligations as an investor in major state-owned financial enterprises.
Since policy makers are not expected to broach the contentious topic, analysts say areas of reform perceived as more viable could see change. Some said the meeting is likely to push forward with the creation of a deposit insurance system, which will require financial institutions, mainly banks, to insure against bankruptcy so that even the largest ones have a door to wind down and go bankrupt.
The meeting agenda looks set to focus on the establishment of a consolidated regulatory body for domestic bond markets, where the participants face multiple and often inconsistent administrative requirements from different regulatory authorities.
Inspiring as these topics seem, analysts say they don’t expect the meeting to roll out major, potentially disturbing reform measures, at a time when political leadership is about to change.
Held every five years, the national financial work conference shapes the landscape of China’s financial industry.
The first conference, held in 1997, created authorities to manage the securities industry and social-insurance funds separately. Previously, both responsibilities had been charged with the central bank.
Five years later, the second conference decided to create the banking regulatory commission and carry out share-ownership reform of state-owned banks; China Investment Corp., on the other hand, was established after the third meeting in 2007 to improve returns on China’s massive foreign-exchange reserves.
See this report at Caixin Online
http://tourism9.com/
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