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SEOUL (Reuters) -South Korean battery maker Samsung SDI, is cutting by 14% the price of new shares it will sell to raise 2 trillion won ($1.4 billion), as the global markets' selloff triggered by U.S. tariff fears hit corporate deals across Asia.
Samsung SDI indicated on Wednesday it plans to sell its new shares at 146,200 Korean won ($98.41) each, down from the 169,200 won announced last month. The final price will be set on May 19.
A growing number of deals are being impacted by the volatility sweeping global markets in the aftermath of U.S. President Donald Trump's tariffs package.
The "reciprocal" tariffs on dozens of countries took effect on Wednesday, including 104% duties on Chinese goods. China said on Tuesday it would 'fight to the end' against the proposed tariffs.
The tariffs have sparked turmoil in international equities and bond markets as investors feared a global economic downturn was imminent.
Asian equity markets were down again on Wednesday, with MSCI's broadest index of Asia-Pacific shares outside Japan dropping 2%.
The 10-year U.S. Treasury yield, the globe's benchmark safe-haven anchor, was up 20 basis points and rising in Asia, signifying investors were selling even their safest assets.
The South Korean won tumbled to a more than 16-year low on Wednesday.
Samsung SDI said in March it would issue 11,821,000 new shares to raise capital to fund a U.S. joint venture with General Motors and to expand factory capacity in Hungary, among other investments.
It was the latest company in Asia to alter fundraising plans because of the market shakeup.
Three Japanese companies, Suntory Holdings, Japan's largest beer maker Asahi and Nissin, postponed bond deals this week to raise up to 100 billion yen ($688.80 million), Reuters reported on Tuesday citing company spokespeople and a source.
The future of IPOs and bond issuances across Asia is being closely watched, as deals collapse or are shelved around the world.
Even Berkshire Hathaway, which is currently marketing a seven-tranche yen-denominated bond, revised its price guidance about 5 basis points wider across each of the tranches, according to a term sheet seen by Reuters, reflecting investors wanting better returns to buy into the deal.
Books for the transaction are due to close on Thursday in the Asian time zone. Berkshire Hathaway did not respond to a request for comment sent by Reuters outside normal U.S. business hours.
Indian electric vehicle maker Ather Energy is considering cutting its $400 million initial public offering by $50 million because of uncertain market conditions, Bloomberg News reported on Wednesday, citing sources.
($1 = 145.1800 yen)
(Reporting by Hyunjoo Jin and Jihoon Lee, Miho Uranaka in Tokyo; writing by Scott Murdoch; Editing by Tom Hogue and Muralikumar Anantharaman)
