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Sats’ play for cargo handler Worldwide Flight Services wipes S$1b off market cap

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Vivienne Tay

Vivienne Tay

Published Thu, Sep 29, 2022 · 09:34 AM
    • The inflight caterer and ground handler says this acquisition would result in an “unmatched global footprint”.
    • The inflight caterer and ground handler says this acquisition would result in an “unmatched global footprint”. PHOTO: BT FILE

    SHARES of Sats plunged to a near 2-year low after the counter resumed trading on Thursday (Sep 29) morning, erasing some S$1.02 billion off the inflight caterer and ground handler’s market capitalisation. 

    This came after Sats on Wednesday announced its 1.3 billion euro (S$1.9 billion) bid to acquire Paris-based air cargo handler Worldwide Flight Services (WFS).

    Sats’ shares hit an intraday low of S$2.96 just before the midday trading break, down 23.5 per cent or S$0.91. The last time the counter traded near this level was during the pandemic in October 2020.

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