Olenex to Become a Full-Function Joint Venture

Archer Daniels Midland Company (NYSE: ADM) and Wilmar International Limited (SGX: F34) announced today that they have entered into an agreement whereby Olenex, their partnership to market oils and fats in Europe, will become a full-function joint venture with its own assets. As part of the agreement, ADM will transfer two sites—a specialty oils and fats facility and a palm refining plant in Hamburg, Germany—to the new joint venture. Wilmar will transfer its tropical oils processing plants in Brake, Germany and Rotterdam, the Netherlands. In addition to processing, the joint venture will also integrate raw materials sourcing, trading, and sales and marketing operations. The agreement also stipulates that refined oils and fats from ADM’s other plants in the Czech Republic, Germany, the Netherlands, Poland and the U.K. will be marketed by Olenex.

Brookfield and Qatar Investment Authority Form Joint Venture on $8.6 Billion Manhattan West Development

Brookfield Property Partners L.P. (NYSE: BPY) (TSX: BPY.UN) announced today that one of its subsidiaries has entered into a joint venture with Qatar Investment Authority (QIA) on the mixed-use Manhattan West development project in New York City. In the transaction, Brookfield sold a 44% interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be $8.6 billion.

Arch Reinsurance Ltd. Announces Completion of Restructuring of Gulf Reinsurance Ltd.

Arch Reinsurance Ltd. (Arch) announced today that its acquisition of Gulf Reinsurance Ltd. (Gulf Re), a specialty reinsurer based in the Dubai International Financial Centre, has been completed. Gulf Re was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership of Gulf Re. The agreement provides that, among other things, Arch will acquire all of Gulf Re Holdings Limited (Gulf Holdings), which is the parent of Gulf Re, through a reduction in the share capital of Gulf Holdings and Archs purchase of 50% of Gulf Holdings from the GIC.