Wednesday, September 7, 2011

Esso up on hopes of better offer, again

KUALA LUMPUR: ESSO MALAYSIA BHD [] shares rose to a high of RM3.87 on Wednesday, Sept 7 as speculators hoped for a higher offer though San Miguel Corporation's offer was already done at RM3.50 a share.

At 11.30am, Esso was up 14 sen to RM3.81. There were 1.72 million shares done at prices ranging from RM3.78 to RM3.87.

The FBM KLCI rose 3.6 points to 1,457.97. Turnover was 179.37 million shares valued at RM314.95 million. There were 228 gainers, 198 losers and 259 unchanged.

On Tuesday, BOUSTEAD HOLDINGS BHD [] said it submitted a 'fair and competitive offer in terms of price' in July to ExxonMobil Corporation for its downstream assets.

It said the bid included the 65% stake in Esso Malaysia, a 100% stake in ExxonMobil Malaysia Sdn Bhd and 100% of ExxonMobil Borneo Sdn Bhd.

'Boustead noted that the average share price of Esso Malaysia for the period between Jan 3 to'' June 30 was RM3.943 per share,' it said on Tuesday.

On Aug 17, San Miguel Corporation said it was buying a controlling 65% stake in Esso Malaysia from its parent ExxonMobil International Holdings Inc. This was RM1.45 below the last traded price of RM4.95.

San Miguel's acquisition of the 65% or 175.50 million shares would cost the Philippines' brewery giant RM614.25 million (US$206.02 million).

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