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The company issued a "NO PRICE INCREASE STATEMENT" on its WHB offer. What a move...
http://infopub.sgx.com/FileOpen/Announce...eID=305409
(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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These analysts are very imaginative people as they have to justify their existence via creating stories.
IMHO, OCBC is not paying over the moon for WH and the mgt team led by CEO probably gotten the green light from the Lee family to go ahead with the mega purchase. Moreover it is inconceivable for a family owned bank to divorce its more than century owned insurer GE Holdings...
More likely the Lee family backed bank will be systematically growing over time rather than to change their core financial businesses...
PUBLISHED JULY 19, 2014
OCBC warned of painful Wing Hang restructuring
Macquarie draws parallel with DBS acquisition of Dao Heng, saying OCBC faces risk of significant goodwill impairment
BYJAMIE LEE
leejamie@sph.com.sg @JamieLeeBT
OCBC Bank's proposed acquisition of Wing Hang Bank is a replay of DBS's purchase of Dao Heng Bank that took "painful restructuring", says a Macquarie report.
"Watching all of history repeat itself," says the 85-page report, which cautioned against Singapore banks making the same expansion mis-steps as their multi-national peers.
Macquarie views the Wing Hang deal to be a negative one for OCBC. "It does not play into the wealth management theme, there are likely no cost synergies, the price is expensive, and it adds material pressure on OCBC's capital ratio."
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One step closer to 75%...
(not vested)
Wing Hang’s third-biggest investor accepts OCBC offer for shares
Aberdeen Asset Management Plc, the third-biggest shareholder in Wing Bank Bank, agreed to sell its shares in the lender to Oversea-Chinese Banking Corp., moving the Singaporean buyer closer to a full takeover.
“We’ve tendered” the entire stake Aberdeen held in Wing Hang, Hugh Young, a Singapore-based managing director at the fund management company, wrote in an e-mail today. Aberdeen owned 7.4% of the Hong Kong-based target as of July 1, data compiled by Bloomberg show.
...
http://www.theedgesingapore.com/the-dail...hares.html
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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Look what happen to Wing Hang Bank price today!
More than HK$3 lower than the T-O price.
Has the offer lapse? Can still leverage by buying WHB?
Are there any risk?
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OCBC owns 97.52% of Wing Hang allowing it to delist bank
Oversea-Chinese Banking Corp. said it now owns 97.52% of Wing Hang Bank as shareholders accepted its US$5 billion ($6.2 billion) takeover offer, allowing the acquirer to take its Hong Kong target private.
...
http://www.theedgesingapore.com/the-dail...-bank.html
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡