Esso Malaysia: San Miguel Corp To Buy 65% Stake For $206 Million
17 Agosto 2011 - 6:39AM
Noticias Dow Jones
Esso Malaysia Bhd. (3042.KU) said Wednesday that San Miguel
Corp. (SMC.PH) plans to acquire a 65% stake in the company for
MYR614.3 million ($206.0 million), or MYR3.50 per share, as part of
its expansion plan outside the Philippines.
San Miguel has signed an agreement with ExxonMobil International
Holdings Inc. to buy its stake in Esso Malaysia and upon
completion, acquire the remaining shares it doesn't already own in
Esso Malaysia, according to the offer letter filed to the stock
exchange.
The offer price of MYR3.50 per share represents a 29.3% discount
to Esso Malaysia's closing price Wednesday. The stock surged 14.1%
to close at MYR4.95 Wednesday following reports of the
acquisition.
Separately, San Miguel has also agreed to acquire two unlisted
companies--ExxonMobil Borneo Sdn. Bhd. from ExxonMobil, and
ExxonMobil Malaysia Sdn. Bhd. from Mobil International Petroleum
Corp.--for a total of $404.0 million, the offer letter said.
San Miguel "envisions considerable potential and benefit in
upgrading the existing refinery operations of Esso Malaysia to
value-added product segments weighted to better margins," it
said.
In addition, the companies to be acquired owns 560 retail
stations in Malaysia which are expected to continue delivering
"steady earnings in a stable but growing market," the offer letter
added.
-By Ankur Relia, Dow Jones Newswires; +603-2026-1233;
ankur.relia@dowjones.com
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