SMC Bank of America Accelerated Return Note (Arn) Linked TO The S&P 500 Index

Esso Malaysia Bhd. (3042.KU) said Wednesday that San Miguel Corp. (SMC.PH) plans to acquire a 65% stake in the company for MYR614.3 million ($206.0 million), or MYR3.50 per share, as part of its expansion plan outside the Philippines.

San Miguel has signed an agreement with ExxonMobil International Holdings Inc. to buy its stake in Esso Malaysia and upon completion, acquire the remaining shares it doesn't already own in Esso Malaysia, according to the offer letter filed to the stock exchange.

The offer price of MYR3.50 per share represents a 29.3% discount to Esso Malaysia's closing price Wednesday. The stock surged 14.1% to close at MYR4.95 Wednesday following reports of the acquisition.

Separately, San Miguel has also agreed to acquire two unlisted companies--ExxonMobil Borneo Sdn. Bhd. from ExxonMobil, and ExxonMobil Malaysia Sdn. Bhd. from Mobil International Petroleum Corp.--for a total of $404.0 million, the offer letter said.

San Miguel "envisions considerable potential and benefit in upgrading the existing refinery operations of Esso Malaysia to value-added product segments weighted to better margins," it said.

In addition, the companies to be acquired owns 560 retail stations in Malaysia which are expected to continue delivering "steady earnings in a stable but growing market," the offer letter added.

-By Ankur Relia, Dow Jones Newswires; +603-2026-1233; ankur.relia@dowjones.com

Bank of America Accelerated Return Note (Arn) Linked TO The S&P 500 Index (NYSE:SMC)
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Bank of America Accelerated Return Note (Arn) Linked TO The S&P 500 Index (NYSE:SMC)
過去 株価チャート
から 5 2023 まで 5 2024