Malaysia's Sime Darby says plans US$1.74b bid for NBPOL

[KUALA LUMPUR] Malaysia's Sime Darby Bhd , the world's top oil palm planter by land size, said it will make a cash offer for all the shares of New Britain Palm Oil Ltd for 1.073 billion pounds (US$1.74 billion).

Malaysia's Kulim Malaysia Bhd owns 48.97 per cent of NBPOL, while the West New Britain Provincial Government owns 8 per cent and Pacific Rim Plantation Services 4.49 per cent. The transaction will be funded by cash resources and credit lines.

Shares of Sime Darby and Kulim will be suspended for an hour on early Thursday, the two companies said in separate announcements. - Reuters