Jardine Matheson uses Chase stake to finance buyback

Jardine Matheson is issuing $550 million of bonds convertible into Chase Manhattan shares in order to part-finance a share buyback.

Jardine Matheson JM plans to part-finance a share buyback costing up to $908 million via a $550 million issue of bonds convertible into the Chase Manhattan shares it received as a result of Chase Manhattan's acquisition of Robert Fleming. The bonds, which have a maturiy of seven years and carry a coupon of 4.75%, can be exchanged for Chase Manhattan shares at a price of $63.16 - a 22.64% premium to Chase Manhattan's closing share price on 3...

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