OCBC seen securing funds for HK bid
Prudent cash management points to a combination of cash and debt
OCBC Bank is said to be getting its war chest ready for a proposed takeover of Hong Kong's Wing Hang Bank and talking to several banks about the funding.
Under takeover rules in Hong Kong, the acquirer has to show it has enough cash or financial ability to launch a deal, said a source.
Later, OCBC can decide how it wants to finance the transaction, the source added.
A Bloomberg report yeste…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla to accelerate launch of cheaper cars after sales miss
IBM is in advanced talks to acquire software provider HashiCorp
Microsoft launches lightweight AI model
Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand
Hotel Properties prices 5-year notes at 5.1%
Apple to hold launch event on May 7, with new iPads expected