{
    "success": true,
    "data": {
        "id": 1112311,
        "msgid": "dbs-concedes-defeat-in-spore-merger-battle-1447893297",
        "date": "2001-08-13 00:00:00",
        "title": "DBS concedes defeat in S'pore merger battle",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "DBS concedes defeat in S'pore merger battle SINGAPORE (AFP): DBS Bank has conceded defeat in its merger battle with United Overseas Bank (UOB) for control of a smaller rival, leaving the banking industry here closer to only three domestic players. DBS allowed its takeover offer for Overseas Union Bank (OUB) to lapse Friday after getting only 1.2 percent of OUB shareholders to accept the offer, according to a statement to the Singapore Stock Exchange by DBS financial adviser Goldman Sachs.",
        "content": "<p>DBS concedes defeat in S'pore merger battle<\/p>\n<p>SINGAPORE (AFP): DBS Bank has conceded defeat in its merger<br>\nbattle with United Overseas Bank (UOB) for control of a smaller<br>\nrival, leaving the banking industry here closer to only three<br>\ndomestic players.<\/p>\n<p>DBS allowed its takeover offer for Overseas Union Bank (OUB)<br>\nto lapse Friday after getting only 1.2 percent of OUB<br>\nshareholders to accept the offer, according to a statement to the<br>\nSingapore Stock Exchange by DBS financial adviser Goldman Sachs.<\/p>\n<p>By allowing the offer to lapse, DBS virtually cleared the way<br>\nfor UOB to pursue its bid for OUB uncontested, analysts quoted by<br>\nthe Singapore media Saturday said.<\/p>\n<p>\"This closes a chapter for the bank and the market will<br>\nfurther applaud the decision not to enter into a bidding war for<br>\nOUB,\" Fong Wai Yip, a banking analyst with JM Sassoon securities,<br>\ntold the Straits Times.<\/p>\n<p>DBS, Southeast Asia's biggest bank, launched a hostile bid for<br>\nOUB on June 22, offering S$9.4 billion (US$5.2 billion) in cash<br>\nand shares for the city-state's fourth largest bank.<\/p>\n<p>UOB, the second largest in Singapore behind DBS, topped the<br>\noffer with a bid of $10 billion for OUB. Its offer also had a<br>\nhigher cash component.<\/p>\n<p>While UOB's bid had the support of OUB's owners and top<br>\nmanagement, DBS' takeover attempt was riddled with fumbles that<br>\noffended management and shareholders.<\/p>\n<p>DBS Chairman S. Dhanabalan issued a public apology after an<br>\nanalysis of UOB's takeover bid prepared by Goldman Sachs, made<br>\npublic in Europe, came under fire for casting aspersions on the<br>\nmotives behind the merger and on the integrity of the boards of<br>\ndirectors of the two rival banks.<\/p>\n<p>UOB directors revealed this week that the humiliating apology<br>\naverted their plans to sue DBS.<\/p>\n<p>At a recent meeting, angry DBS shareholders criticized<br>\nmanagement for the way it handled the takeover bid and Dhanabalan<br>\nadmitted the bank, which is 37-percent owned by Singapore's<br>\ngovernment, had reached a \"low point\" in its history.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/dbs-concedes-defeat-in-spore-merger-battle-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}