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Sime offers £1.07b for London-listed PNG firm

Offer is viewed as pricey, but group sees rare opportunity to expand geographically, upstream
Friday, October 10, 2014 - 05:50
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Mr Bakke said there was no reason for Kulim not to take up the offer as Sime had fulfilled all tender conditions while the PNG government intends to keep its 18 per cent stake in NBPOL.

Kuala Lumpur

WITH a letter of support from the Papua New Guinea prime minister in hand, Malaysia's Sime Darby on Thursday launched a £1.07 billion (S$2.2 billion) takeover offer for PNG's New Britain Palm Oil Ltd (NBPOL). The offer is viewed as pricey given the whopping 85 per cent