Mahathir's son says no to Maybank takeover

Maybank''s plans to take over PhileoAllied Bhd have been scuppered by one of PhileoAllied''s shareholders, Avenue Assets. There''s also more bad news for the Utama-AMMB merger.

Avenue Assets Bhd, a diversified conglomerate controlled by a son of Malaysian Prime Minister Mahathir Mohamad, rejected an offer last night to sell PhileoAllied Bhd to Malayan Banking Bhd Maybank in an all-share transaction. Maybank, MalaysiaÆs biggest banking group, offered to swap one new Maybank share for every six PhileoAllied shares, valuing the target bank at M$1.2 billion $315.8 million. That would have given PhileoAllied's shareholders a 3.3% stake in Maybank. The offer, which...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: mahathirs | son | maybank | takeover

Print Edition

FinanceAsia Print Edition

EVENTS