DBS to pay $4.9 billion for Temasek's Bank Danamon stake

The Singapore bank will also make an offer to minority shareholders at a 52.2% premium to the latest close, which could potentially increase the acquisition cost to $7.2 billion.

DBS to pay $4.9 billion for Temasek's Bank Danamon stake
DBS’s group CEO, Piyush Gupta (AFP)

DBS Group Holdings early yesterday confirmed that it has entered into an agreement to buy Temasek Holdings’ 67.4% stake in Bank Danamon Indonesia for Rp45.2 trillion $4.9 billion, which will be paid entirely through the issuance of new shares to Temasek.

DBS will also make a mandatory tender offer to Danamon’s minority shareholders. If the tender is accepted in full, the acquisition will cost DBS a total of $7.2 billion. This would make it...

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