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Esso slumps on San Miguel deal
by hlk Thu 18 Aug 2011, 13:14
Esso Malaysia Bhd plunged in Kuala Lumpur trading, headed for a record drop after San Miguel Corp agreed to buy Exxon Mobil Corp’s 65 per cent stake in the Malaysian company at a discount.
The stock tumbled 18 per cent to RM4.05 at 9:02 a.m. local time.
San Miguel bought the stake at RM3.50 per share, a 29 per cent discount to Esso Malaysia’s closing price of RM4.95 yesterday.
Esso gained 46 per cent this year. -- Bloomberg
The stock tumbled 18 per cent to RM4.05 at 9:02 a.m. local time.
San Miguel bought the stake at RM3.50 per share, a 29 per cent discount to Esso Malaysia’s closing price of RM4.95 yesterday.
Esso gained 46 per cent this year. -- Bloomberg
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