Wing Hang Bank stake pits hedge fund against OCBC
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Hong Kong
BILLIONAIRE hedge-fund manager Paul Singer may have met his match.
His Elliott Capital Advisors LP is in a face-off with Singapore's Oversea-Chinese Banking Corp over a family-owned Hong Kong bank. OCBC is trying to buy Wing Hang Bank Ltd for US$5 billion, and Mr Singer has amassed a 7.8 per cent stake in what may be an attempt to extract a higher bid from OCBC, Mizuho Financial Group Inc says. If Elliott gets a bigger stake or enough shareholder support, the hedge fund could stop OCBC's plans to delist Wing Hang and cap its ownership at 75 per cent.
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