The CFO of a privately owned firm in Finland is completing the financial structure for the acquisition of a competitor in Singapore. With this acquisition the firm will move to the multinational phase. The purchase price is SGD $760$M$.$ In this context, answer the following six questions.

After lengthy considerations, the Finnish firm has decided to limit its acquisition of the target entity at $80\%$ of ownership. Provide four reasons to justify this decision. $(2$ points$)$

The Finnish firm has appointed an investment bank as official advisor to aid in raising funds on global markets. Mention which other professional experts the Finnish firm has had to select to become a reporting issuer. $(1$ point$)$

The investment bank has offered to take over the issuance of equity securities and to sell them on the Singapore market to a limited number of investors. What type of issuance is it and what would it take for a Finnish investor to buy these securities$?(1$ point$)$

The Finnish firm had to remit an amount of SGD $38$M in advance in order to demonstrate the seriousness of its takeover offer. The firm sold to a Finnish investor a promissory note with a face value of SGD $36,306,000$ and with a maturity in $8$ months. What is the interest rate of this source of funds for the Finland firm? Write down your calculations. $(2$ points$)$

The Finnish investor bought the SGD $36,306,000$ at EUR$/$SGD $1\mathrm{.}4592.$ He obtained a forward contract to sell SGD $8$ months later at EUR$/$SGD $1\mathrm{.}4527.$ Determine the annual rate of return that the investor will earn in his national currency. Submit your calculations. $(3$ points$)$

Is the promissory note cost of financing for the firm equal to the rate of return the investor received? Justify your answer. $(1$ point$)$