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Article: United States: CIMB to Pay $176 Million for 42% Stake in BankThai.
- Article from:
- TendersInfo
- Article date:
- June 21, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sander03
CIMB Group Sdn., Malaysia's second- biggest bank by assets, is buying the Thai government's 42 percent stake in BankThai Pcl for 5.9 billion baht ($176 million), two people familiar with the matter said. The company plans to buy 2.81 billion BankThai shares at 2.1 baht each, the people said, asking not to be identified before an announcement due today. CIMB will extend the cash bid to other shareholders including buyout firm TPG Inc., owner of a 42 percent stake, valuing the unprofitable lender at 14 billion baht, they said.
CIMB, based in Kuala Lumpur, beat HSBC Holdings Plc and Standard Chartered Plc in its second attempt in a year to ...