KUALA LUMPUR: MALAYAN BANKING BHD []'s takeover of RHB CAPITAL BHD [] must be earnings accretive, said Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor.
He said on Monday, June 13 the acquisition would be likely via a share swap and Maybank would make the takeover proposal by end of June.
Maybank was looking at synergies, scale and talent in the proposed corporate exercise, Megat Zaharuddin told reporters after a shareholders meeting.
On May 31, CIMB Group Bhd and Maybank had announced''they had been given the green light by Bank Negara to enter into talks with RHB Capital.
In the latest development,'' Abu Dhabi Commercial Bank''(ADCB) was reported to be planning to sell its 25% RHB Cap stake to Abu Dhabi investment fund Aabar and has won Bank Negara Malaysia's approval to start talks.
Maybank and CIMB had stated their interest in ADCB's stake in RHB Cap.
Reuters reported on Sunday the Abu Dhabi lender, whose stake in RHB Cap was valued at around $1.6 billion, had held a first round auction to sell the stake, drawing wide interest.
But proposed takeover bids for RHB itself from Malaysian rivals Maybank'' and CIMB put a spanner into the works.
"In connection with the bank's strategic review of its stake in RHB Capital ... the bank received approval from Bank Negra (the Malaysian central bank) to enter into negotiations with Aabar Investments regarding a potential sale transaction," ADCB said in a bourse statement on Sunday.
A sale to Aabar, which had expressed early interest in the RHB stake, allows ADCB to quickly generate funds rather than wait for the Malaysian takeover saga to play out, people familiar with the matter said.
Abu Dhabi owns 55% of ADCB.
"Abu Dhabi somehow wants to retain a stake in RHB and it makes sense for Aabar to buy it and broaden its banking investment portfolio," said an Abu Dhabi source familiar with the matter told Reuters. "From ADCB's viewpoint, it needs cash and its strategy is to be a local player rather than overseas."
Aabar, majority-owned by Abu Dhabi government investment vehicle International Petroleum Investment Corp (IPIC), last year bought a 4.99-percent stake in Italy's Unicredit CRDI.MV.
He said on Monday, June 13 the acquisition would be likely via a share swap and Maybank would make the takeover proposal by end of June.
Maybank was looking at synergies, scale and talent in the proposed corporate exercise, Megat Zaharuddin told reporters after a shareholders meeting.
On May 31, CIMB Group Bhd and Maybank had announced''they had been given the green light by Bank Negara to enter into talks with RHB Capital.
In the latest development,'' Abu Dhabi Commercial Bank''(ADCB) was reported to be planning to sell its 25% RHB Cap stake to Abu Dhabi investment fund Aabar and has won Bank Negara Malaysia's approval to start talks.
Maybank and CIMB had stated their interest in ADCB's stake in RHB Cap.
Reuters reported on Sunday the Abu Dhabi lender, whose stake in RHB Cap was valued at around $1.6 billion, had held a first round auction to sell the stake, drawing wide interest.
But proposed takeover bids for RHB itself from Malaysian rivals Maybank'' and CIMB put a spanner into the works.
"In connection with the bank's strategic review of its stake in RHB Capital ... the bank received approval from Bank Negra (the Malaysian central bank) to enter into negotiations with Aabar Investments regarding a potential sale transaction," ADCB said in a bourse statement on Sunday.
A sale to Aabar, which had expressed early interest in the RHB stake, allows ADCB to quickly generate funds rather than wait for the Malaysian takeover saga to play out, people familiar with the matter said.
Abu Dhabi owns 55% of ADCB.
"Abu Dhabi somehow wants to retain a stake in RHB and it makes sense for Aabar to buy it and broaden its banking investment portfolio," said an Abu Dhabi source familiar with the matter told Reuters. "From ADCB's viewpoint, it needs cash and its strategy is to be a local player rather than overseas."
Aabar, majority-owned by Abu Dhabi government investment vehicle International Petroleum Investment Corp (IPIC), last year bought a 4.99-percent stake in Italy's Unicredit CRDI.MV.
No comments:
Post a Comment