Jardine Investors Oppose $1 Billion Discount in Buyout Plan bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
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SINGAPORE (Reuters) - Jardine Matheson Holdings Ltd on Monday said it plans to buy the remaining 15% of Jardine Strategic Holdings Ltd that it does not already own for about $5.5 billion to simplify the structure of the sprawling Asian conglomerate.
Singapore-listed Jardine Matheson, whose businesses include construction, aviation and automotive, has offered to pay $33 in cash for each Jardine Strategic share, representing a premium of 20% to the stock’s closing price on Friday.
“This will result in a single holding company with a conventional ownership structure and a further increase in the group’s operational efficiency and financial flexibility,” it said in a statement.
Jardine Matheson Holdings Ltd s businesses range from automobiles and hotels to supermarkets all around Asia.
SINGAPORE: Jardine Matheson Holdings Ltd on Monday said it plans to buy the remaining 15% of Jardine Strategic Holdings Ltd that it does not already own for about $5.5 billion to simplify the structure of the sprawling Asian conglomerate.
Singapore-listed Jardine Matheson, whose businesses include construction, aviation and automotive, has offered to pay $33 in cash for each Jardine Strategic share, representing a premium of 20% to the stock s closing price on Friday. This will result in a single holding company with a conventional ownership structure and a further increase in the group s operational efficiency and financial flexibility, it said in a statement.
Conglomerate Jardine Matheson offers to buy rest of group unit for $5 5 billion reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Proposals will likely focus on aviation, tourism sectors SINGAPORE: Equity investors expecting a big boost for Singapore’s benchmark index from its upcoming annual budget could be disappointed: heavyweight blue chips are unlikely to benefit from government largess.
Aimed at reversing the nation’s worst economic contraction since it became independent in 1965, tomorrow’s budget is set to focus on the pandemic-hit travel sector or firms with mandates in line with green or digital initiatives, say analysts.
That’s bad news for the benchmark Straits Times Index, which has risen 2.9% so far this year.
The gauge has significantly underperformed the broader MSCI Asia Pacific Index even though Singapore has managed to contain the spread of the virus.