maybank-clinches-revised-bii-deal

Maybank clinches revised BII deal

Maybank negotiates a 15% rebate on the original price from Fullerton and Kookmin.

By Rupert Walker

October 02, 2008

Malayan Banking Maybank has bought the 55.6% stake in Bank Internasional Indonesia BII owned by Fullerton Financial Holdings of Singapore part of Temasek and Kookmin Bank of South Korea for M$4.26 billion $1.24 billion, after negotiating a 15% discount on the price originally agreed in March.

In a statement released on Tuesday, MalaysiaÆs top bank by asset size, said it had moved ahead with the deal after the two majority shareholders had agreed to a rebate of M$758.9 million $221 million, reducing the price for the stake to Rp433 per share $0.045. This is an improvement on the deal leaked by Fullerton on Saturday, when it said its offer to reduce the...

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