«In the U.S., 65 per
cent of all assets sold are purchased by out of market investors.
Not exact matches
Highly geared and ASX - listed Yancoal paid $ US2.69 billion ($ 3.6 billion) for the
assets last year, but swiftly struck a deal to on -
sell 49 per
cent of the HVO mine to Glencore, which had long carried a torch for the Rio Tinto
assets.
Over the past couple
of years, speculators have also used short sales
of gold to obtain low cost funds to invest in other
assets — for example, by shorting gold (borrowing it and
selling it in the spot market), market participants have been able to obtain US dollars at between 1 and 2 per
cent, well below the rate
of return available on US
assets.
TPG still owns 47 per
cent of Inghams and has
sold a large portfolio
of poultry related
assets to groups such as CorVal and Charter Hall Group.
There would be capital gains tax to be paid if the
assets are
sold, but a long - term investment
of, say, 20 years with no tax on annual gains
of 3 per
cent after inflation would easily cover tax due at no more than about 22 per
cent of realized gains based on 50 per
cent inclusion rate, as present tax rules allow.
The Canadian unit had argued it should receive about 83 per
cent of the money, because it was the legal owner
of many
of the
assets sold.