DBS’s $7.2 billion bid for Danamon collapses

DBS’s decision not to pursue Bank Danamon clears the way for others to bid for Indonesia’s sixth-biggest lender by assets, say bankers.

DBS’s $7.2 billion bid for Danamon collapses

DBS said on Wednesday that it would let its offer to buy a 67.37% stake in Bank Danamon Indonesia lapse, thwarted by Jakarta’s decision to limit its influence over the bank.

DBS had planned to buy the stake in Danamon from Singaporean state-run investment fund Temasek Holdings, but it become embroiled in a political tit-for-tat between Singapore and Indonesia over reciprocity of market access.

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