dubai-retail-group-takes-over-singapores-robinson

Dubai retail group takes over Singapore's Robinson

Al-Futtaim improves its offer for Robinson, valuing the retailer at $448 million. Meanwhile, Indonesia's Lippo Group and OCBC tender their shares taking Al-Futtaim's shareholding to 93%.
DubaiÆs Al-Futtaim has tabled a third offer for Singapore-listed Robinson and Company, valuing the retailer at S$619 million $448 million and enticing its largest shareholder, Auric Pacific, part-owned by IndonesiaÆs Lippo Group, to offer its shares. Another shareholder, Oversea-Chinese Banking Corp OCBC, has followed suit.

In a filing with the Singapore Exchange on April 3, Standard Chartered Bank, who is representing Al-Futtaim on the unsolicited takeover, said the acquirer has cornered 87.19% of Robinson's outstanding shares. This includes the 29.9% owned by RobinsonÆs largest shareholder, Auric Pacific.

One day later, on April 4, OCBC announced it had sold the majority of its holding in Robinson to Al-Futtaim Group. OCBC held 6.05% and post-tender holds...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222