Tuesday, March 24, 2009

Daily news - 24 Mar

Thailand's PTT in bid for Straits Asia
Straits Asia Resources – Thai energy group PTT Public Company - the company that evolved from the privatisation of the Petroleum Authority of Thailand - is looking to acquire Straits Asia Resources. A pre-conditional mandatory cash offer unveiled yesterday said that the offer will be at 80.7 cents a share. This will value Straits Asia Resources at some $880 million. News of the offer followed an announcement yesterday that PTT Public Company - through Hong Kong-incorporated Lints Ltd - has struck a conditional deal to buy 60 per cent of Australia-incorporated Straits Bulk and Industrial Pty Ltd (SBI) for up to US$335 million. PTT Public Company owns Lints through PPT International. SBI, which is wholly owned by Straits Resources Ltd (SRL), owns about 47.1 per cent of Straits Asia Resources. The completion of its acquisition of SBI will, under the Singapore takeover code, trigger an offer for Straits Asia Resources. SRL itself is an Australian-listed diversified resources company with interests in coal and gold mines. Through the acquisition of SBI, the PTT group will have access to SBI's interests in coal exploration in Brunei and Madagascar, in addition to the 47.1 per cent stake in Straits Asia Resources.

Source: Kim Eng

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