- POSTED: 04 Jul 2014 21:10
- UPDATED: 04 Jul 2014 22:37
OCBC's takeover bid for Wing Hang Bank has become "unconditional", as it now controls more than 50 percent of the Hong Kong lender's shares, the bank said.
SINGAPORE: Oversea-Chinese Banking Corp's (OCBC) takeover bid for Wing Hang Bank has become "unconditional", said the bank on Friday (July 4). This is because it now controls more than 50 percent of the Hong Kong lender's shares.
This means the OCBC offer will no longer be subject to conditions such as the Singapore lender successfully acquiring a certain percentage of Wing Hang shares.
OCBC, which derives the bulk of its earnings from Singapore and Malaysia, is keen to take full control of Wing Hang in order to strengthen its presence in Greater China.
Its bid, which values the Hong Kong lender around US$5 billion (S$6.23 billion), has been complicated by hedge fund firm Elliott Management, which recently raised its stake in Wing Hang to 7.8 per cent, the Wall Street Journal reported on Friday.
OCBC has an interest in approximately 50.40 per cent of Wing Hang's issued share capital as of Friday, it said in a filing to the Singapore Exchange.