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Strategies & Market Trends : Greater China Junior Stocks

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To: Julius Wong who started this subject	10/31/2003 12:11:27 AM
From: Julius Wong	of 1992

Li Family's Air Canada Bid Fits Its Taste for Distressed Assets Oct. 31 (Bloomberg) -- A bid by Li Ka-shing's family for Air Canada reminds former Husky Energy Inc. Chief Operating Officer James Blair of when the Hong Kong billionaire took over the Canadian oil company 16 years ago: Li was entering an unfamiliar industry to buy a distressed company. ``Husky was under some duress at the time,'' Blair said in an interview. Canada's largest airline, seeking to exit bankruptcy, expects to get binding offers for as much as 60 percent of the company from the Li family and New York's Cerberus Capital Management LP next week. It plans to pick a winner the following week. The bid to become Air Canada's largest shareholder, Blair said, fits Li's strategy of looking for businesses that have fallen into disfavor and holding them long enough to turn a profit when other investors take an interest. Calgary-based Husky's shares have gained 65 percent since Li created it by merging Husky Oil Ltd. with a publicly traded rival in 2000. Li's eldest son, Victor, a Canadian citizen, is competing with Cerberus to invest at least C$700 million ($535 million) in the Montreal-based airline. Victor is deputy chairman of Cheung Kong Holdings Ltd., Hong Kong's biggest property developer. Li Ka-shing's other bids for so-called distressed assets in the past two years have included his purchase in 2001 of online travel agency Priceline.com Inc. and a failed offer for Global Crossing Ltd., the bankrupt owner of a fiber-optic network. SG Asset Management Ltd.'s Winson Fong said Li may be seeking investments that will pay off as the U.S. economy recovers from its slowest two years of growth in more than a decade, lifting the rest of North America with it. quote.bloomberg.com

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