【MAYBANK 1155 交流专区】马银行

傻人最有傻福

馬銀行購BII再生變
（吉隆坡）經過一波三折，今日（週五，9月26日）似成定局的馬來亞銀行（MAYBANK,1155,主板金融組）收購印尼國際銀行（BII）計劃，在國行指示馬銀行調降收購價的大前提下，又再次生變。
分析家指出，這項收購在現有全球金融市場動盪不定局面下，可能告觸礁。
國行也要求馬銀行展延合約簽署的截止日期，以便重新談判更有利的購價。
馬銀行股價節節敗退
馬銀行全面獻購印尼國際銀行所支付的購價高達89億令吉或4.7倍的賬面值，比印尼銀行業的平均價格幾乎高出一倍，導致分析家普遍不認同此項交易，此股也因而節節敗退，自3月26日宣佈以來已滑瀉23%。
馬銀行週五早上暫停交易，惟午後復牌開始滑落，收盤報－6令吉90仙，平盤。
印尼國際銀行及國民銀行的股票週五也因上述宣佈而告暫停交易，前者預計在午市恢復交易。
馬銀行總裁兼首席執行員拿督斯里阿都華希週四（9月25日）出席常年股東大會後，就勿忙離開飛赴印尼，以履行預定週五簽署合約的職責。
他週四對馬銀行週五是否順利完成收購的問題“不置可否”，只表示“僅剩一天，等明天吧！”
這項談話似乎已反映他對此計劃的信心仍不足，令市場對計劃生變留下疑竇。
馬銀行在文告中指出，此銀行將與淡馬錫控股旗下的富登金融控股私人有限公司（Fullerton Financial Holdings）及韓國的國民銀行洽談國行最新的決定。
國行較早也曾阻止這項收購，因印尼當局堅持馬銀行需在2年內售出印尼國際銀行的20%予印尼公眾。
分析員表示，國行最新舉措，是擔心馬銀行在全球金融風暴下可能蒙受巨虧。
一外資證券資深分析員受詢時說：“國行的舉動，表示再延長洽談時間期限，關鍵在於購價的問題。”
他說：“鑒於價格已同意許久，淡馬錫控股或不願作出更改，相信購價重新談判的勝算不高。”
買：吃大虧‧不買：損聲譽‧馬銀行進退兩難
分析員表示，馬銀行若不收購，對其盈利前景或許還有一點正面，因其可能蒙受的投資減值虧損是巨大的，進而可抵吞噬馬銀行的大約30億令吉全年凈利。
“馬銀行收購巴基斯坦及越南的銀行也面對減值虧損，若再加W印尼國際銀行的減值虧損，估計超過40億令吉，這是難以負荷的鉅額。”
不過，他補充，若馬銀行退出，不但破壞信譽，以後再進軍印尼也可能面對巨大阻力。
“對阿都華希來說，目前是陷入進退兩難，騎虎難下的窘境，如果可以，阿都華希寧可希望此交易沒發生過。”
脫售20%＝虧損43億＝馬銀行全年凈利
另一投資銀行分析家則相信，國行的最新條件，是來自印尼資本市場監管單位（Bapapem）含糊不清的條件，後者延長馬銀行脫售20%股權的條件，是馬銀行脫售這批股權蒙受超過10%的虧損。
無論如何，他說，印尼當局並沒有清楚闡明此虧損包括減值（impairment），若沒有的話，脫售20%的虧損或高達8億6000萬令吉，如果概括減值虧損（8億6000萬令吉乘以4等於34億4000萬令吉），總虧損或達43億令吉，足以抵銷馬銀行的全年凈利。
他保持馬銀行的合理價為7令吉零9仙，維持“看淡”的評估，因短期股價仍受不明朗化局面的牽制。
國行出面出任意表
達資產管理首席投資員朱瑞麒說：“以現有市場支付4.7倍的賬面值，是頗昂貴的。”
“如果馬銀行表示要重新談判，這是可以理解的，因這是企業計劃，但由國行出面似乎有點出人意表。”
在信貸危機下，其他地區的收購計劃也告吹，包括歐洲最大銀行匯豐銀行上週放棄收購總值達60億美元的韓國交易銀行，因無法游說持有人LONE STAR FUNDS在全球信貸危機下調降購價。


                星洲日報／財經‧2008.09.26

傻人最有傻福

马银行购印尼银行一波三折
股价受挫让出龙头老大地位
马来亚银行最近为了印尼国际银行（PT Bank Internasional Indonesia）的收购案而苦恼不已，在市场一阵反对声中，国家银行也喊停，马银行目前正尽全力挽回这宗交易案。

马银行今天一早就发文告，说明今天早盘在马来西亚交易所暂停交易，原因就是国家银行昨日致函马银行，要求展延这宗收购案的期限，但可以重新谈判收购价，也就是减低收购价。


马银行原拟以马币48亿万元收购雪岳金融控股(Sorak Financial Holding）约56%的印尼国际银行股权，市场一般都认为这个价位太高了。新加坡淡马锡（Temasek）及韩国国民银行（Kookmin Bank）共同持有雪岳金融控股，由于印尼的条例规定，外资集团不可在印尼拥有超过一家银行，所以同时拥有印尼国际银行及Danamon银行的淡马锡必须放弃其中一家银行。


马印两边受阻


马银行不仅面对马来西亚国家银行的阻碍，它向印尼资本市场监管单位（BAPAPEM）要求松绑也在早前遭拒绝了。印尼资本市场监管单位也有一个规定，也就是凡是持有印尼银行100%股权的公司，必须将至少20%股权脱售给公众。


马来西亚国家银行也鉴于印尼资本市场的这个限制，当机立断挡住了马银行的这宗交易。由于马银行在全面收购印尼国际银行的首两年内，就将当中20%股权脱售，恐怕会面对严重亏损。


国家银行及印尼资本市场监管单位的决定，确实令马银行掉入了一滩浑水。马银行若是这次收购印尼国际银行不成，恐怕会失去一笔马币四亿八千万元的订金，着实是进退两难；而市场在获知马银行受阻后，又反而予以正面反应。


虽然如此，马银行本身的立场相当坚定，不放弃这宗交易。经过一番熙熙攘攘，印尼资本市场监管单位终于有些软化，口头上允许马银行收购印尼国际银行后，延迟脱售20%股权的期限。


获得印尼方面的初步首肯后，马来西亚国家银行昨天开出了两个条件：展延收购期限及减价。

傻人最有傻福

小股东机构坚决反对


无论如何，捍卫小股东利益的马来西亚小股东监察机构（Minority Shareholder Watchdog Group, MSWG）对马银行这起收购案的立场也一直都很坚定，他们坚决反对马来亚银行收购这家印尼银行。


小股东监察机构行政总裁阿都华合（Abdul Wahab Jaafar Sidek）始终认为，马银行的收购案风险过高，最终将导致马银行蒙受亏损，损害小股东利益。该机构甚至呼吁国行回拒马银行的这起收购案。



除了在印尼出师不利，马银行也祸不单行，它于五月份在巴基斯坦购入的MCB银行，在一些分析员的眼中，仍然是一项不被看好的交易。


马银行的股价早前就因为巴基斯坦MCB银行的收购案而下滑，近期又因为印尼国际银行事件而再遭打击，现有的股价已达到了一年以来的新低价位；原本稳占我国银行业龙头老大（依据市值）的地位，也因此拱手让给大众银行。

Mr.Business

BII股价急挫34% 2008/09/26 18:06:37
●南洋商报

（吉隆坡26日讯）马银行收购印尼国际银行的计划再生事端，导致两家银行股项分别滑落，尤以印尼国际银行跌势最为剧烈，今日的股价急挫34％至310印尼盾，写下该银行有史以来最大的跌幅。

印尼国际银行于早盘暂停交易，于午盘开市后，股价大挫，至截稿时间，该银行股价猛34％至310印尼盾；而马银行恢复交易后，股价走势较为平稳，并在闭市时以6.90令吉平盘挂收。

马银行于今日早盘宣布暂停交易。由于市场认为马银行以太高的献购价，来收购印尼国际银行，促使该银行自3月26日开始，股价已经挫跌23％。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=886812

Mr.Business

分析员：应放弃收购计划 2008/09/26 18:06:35
●南洋商报

马银行收购印尼国际银行的计划不但面对一波三折，甚至连国行也插手干预，促使分析员认为马银行应该放弃收购印尼国际银行的计划。

金英证券行今日在报告中指出，马银行应该放弃印尼国际银行或是在印尼的任何收购计划。

大马声誉受损

“经过印尼国际银行收购计划的事件后，我们认为大马的声誉已经受损，而马银行在印尼会否受到当地的欢迎已令人质疑。因此，我们认为，马银行应该放弃印尼国际银行或是在印尼的任何收购计划。”

该行也指出，马银行收购印尼国际银行的事件，也可能会影响其他大马企业在印尼的收购计划。

志必得证券研究主管冯廷秀则认为，由于目前全球经济走缓和金融问题，因此目前并不是一个进行并购计划的好时机。

此外，他也认为，基于印尼国际银行股价大跌，以及印尼经济在明年或两年后可能会面对庞大的压力的考量，就算马银行完成收购印尼国际银行的计划，也可能导致其营运会受到严重冲击。

“马银行在两年后减持印尼国际银行的股权时，可能必须以更低的价格售出，进而蒙受亏损。以现有的条例下，马银行可能无法避免蒙受亏损的局面。”

但是，瑞银集团驻雅加达分析员乔舒亚却认为，随着印尼当局决定放宽马银行在收购印尼国际银行两年后脱售20％股权的条例，就已经确保马银行以510印尼盾收购印尼国际银行，不会为马银行带来严重的亏损。

另外，针对国行插手干预印尼国际银行的收购价，摩根大通分析员胡克斯（译音）表示：“国行插手干预马银行收购印尼国际银行的献购价，将会为银行领域未来的跨国并购计划带来负面影响。”

而达资产管理公司总投资长朱瑞基则对这个发展感到惊讶。他说：“马银行建议以4.7倍帐面价值的代价，来收购印尼国际银行，属于偏高。假设马银行自己要求重新洽谈献购价，是可以理解的事，因为这是一项企业交易。但是，由国行出面建议重新洽谈献购价，实在令人惊讶。”

http://www.nanyang.com/index.php?ch=7&pg=12&ac=886811

nppl

29-09-2008: Maybank suspended pending latest on BII
By Cindy Yeap

KUALA LUMPUR: Trading in Malayan Banking Bhd (Maybank) securities has been suspended today pending an announcement on the latest status of its proposed acquisition of up to 100% of PT Bank International Indonesia TBK (BII).

In a statement to the stock exchange this morning, Aseambankers said Bursa Malaysia Securities has approved Maybank's request for the suspension of trading of its securities from 9am to 5pm today pending the release of the latest on its proposed BII acquisition.

Temasek Holdings Pte Ltd, the vendor for BII, said Maybank did not accept an improved offer of an S$236.4 million (RM569.05 million) rebate on the proposed transaction, at the Sept 26 deadline, the Bloomberg newswire reported on Saturday. Temasek holds the stake in BII via its unit Fullerton Financial Holdings.

Last Thursday, Maybank said Bank Negara Malaysia had attached two additional conditions to its earlier approval of the proposed BII acquisition, which essentially ordered Maybank to get a lower price or scrap the deal.

The central bank said Maybank is to obtain an extension to the Sept 26 (last Friday) deadline, being the last date to fulfil conditions precedent stipulated in the share sale agreement dated March 26; and that Maybank obtains "a new agreement on the purchase price that would not result in substantial impairment under the international reporting standards that would impact its fundamental financial soundness".

Maybank shares, which was suspended for the morning session last Friday had ended last week at RM6.90. The stock had in the past two weeks lost 80 sen or 10.4% of its value from its RM7.70 close on Sept 12.

http://www.theedgedaily.com/cms/ ... a-98350a00-e8d2a6f1

傻人最有傻福

馬銀行購BII一波三折‧收購成敗看淡馬錫
馬來亞銀行（MAYBANK,1155,主板金融組）收購印尼國際銀行（BII）計劃崎嶇難行，在即將拍案的前一天“生變”，最終買或不買，“操控球”已在賣方淡馬錫控股腳下。馬銀行今日（週一，9月29日）將會作出最新公佈。為配合最新公佈，馬銀行股票暫停交易，最後挂價為6令吉90仙。
與韓國國民銀行一起售出BII控制股權的淡馬錫上週六（9月27日）透露，馬銀行在9月26日的截止日期並沒有接受淡馬錫控股獻議的5億6900萬令吉回扣。
淡馬錫和國民銀行各持BII42%股權和14%股權。
分析員表示，以現有詭異難測全球金融市場，馬銀行駁回獻議，顯然希望獲得更高的折價，因5億6900萬令吉回扣相等於49億令吉原價的11%，馬銀行操控BII 100%股權的總價，也從88億令吉降低至77億令吉。
有鑑於此，他們表示，馬銀行因BII計劃的最終最高虧損（佔總成本10%的限額），估計將從8億8000萬令吉降低至7億7000萬令吉。

股友

你们说开盘会大起还是大跌？

股友

Name: MAYBANK-CI: CW Malayan Banking Bhd (CIMB)
Code: 1155CI (MAYBANK-CI)
List Date: 22-05-2008
List Price: RM0.2800
Expiry Date: 13-02-2009
Exercise Price: RM7.8000
Conversion Ratio: 4.00
Warrant Type: American Style

29/09/08
maybank:6.90
maybank-ci:0.035
premium:15%

密码侦探

明天6块打这只老虎.

无花

Bursa的文告出来了, 老虎明天再休息一天!

-CLEMENT-

:@ 死老虎每天都休息。。。

scsiang82

馬銀行購BII一波三折‧賣方回扣額不足抵銷價差‧收購成敗看淡馬錫
大馬財經 財經焦點  2008-09-29 18:13


（吉隆坡）馬來亞銀行（MAYBANK,1155,主板金融組）收購印尼國際銀行（BII）計劃崎嶇難行，在即將拍案的前一天“生變”，最終買或不買，“操控球”已在賣方淡馬錫控股腳下。

馬銀行今日（週一，9月29日）將會作出最新公佈。為配合最新公佈，馬銀行股票暫停交易，最後挂價為6令吉90仙。

與韓國國民銀行一起售出BII控制股權的淡馬錫上週六（9月27日）透露，馬銀行在9月26日的截止日期並沒有接受淡馬錫控股獻議的5億6900萬令吉回扣。

淡馬錫持BII 42%股權
韓國民銀行持14%

淡馬錫和國民銀行各持BII42%股權和14%股權。

分析員表示，以現有詭異難測全球金融市場，馬銀行駁回獻議，顯然希望獲得更高的折價，因5億6900萬令吉回扣相等於49億令吉原價的11%，馬銀行操控BII 100%股權的總價，也從88億令吉降低至77億令吉。

有鑑於此，他們表示，馬銀行因BII計劃的最終最高虧損（佔總成本10%的限額），估計將從8億8000萬令吉降低至7億7000萬令吉。

隨著最新的變動，儘管馬銀行和淡馬錫控股重新回談判桌並不是不可能，但估值是最大障礙，而銀行業的估值也持續面對壓縮的挑戰。

一些分析員則表示，就算淡馬錫控股答應馬銀行重新回到談判桌，相信前者會考慮其他選擇，以讓其股票脫售協議撤消，進而擁有更多選擇權，這是非常合邏輯的。

淡馬錫或把BII與DANAMON銀行合併

一些分析員也不排除淡馬錫控股與馬銀行終止談判，進而可能探視把BII與DANAMON銀行合併的可能性，以期符合印尼的單一股東政策。

馬銀行上週在26日簽署上述收購合約的前一刻，受國行指示調降BII的收購價，或展延談判截止日期。

收購告吹恐惹官司

僑豐研究說，倘若計劃告吹，馬銀行除了虧損4億8400萬令吉（已撥備），更擔心最新的急轉直下或導致馬銀行惹上官司。

他表示，重新談判價格雖然不是不可能，但國行對全球與區域金融市場狀況挑戰愈加謹慎，相信BII投標獻議價與印尼銀行股估值高達48%的巨額差幅，是最大的阻力，而銀行業估值也持續面對壓縮的壓力。

有鑒於此，他認為，這或許是馬銀行拒絕淡馬錫控股旗下的富登金融控股私人有限公司（Fullerton Financial Holdings）在最後一分鐘獻議回扣5億6900萬令吉（折價約6%）的原因。

他表示，儘管印尼資本市場監管單位（Bapapem）伸縮處理BII 20%股權脫售的條例，但4.7倍的賬面值仍然令人擔憂，以每股BII為5.10印尼盾及平均價為2.58倍價格對賬面值計算，整批BII股權或導致馬銀行蒙受47億令吉的潛在虧損。

牽制馬銀行股價停滯不前

他說，此交易的中短期衝稀效應，牽制馬銀行股價停滯不前，若86億令吉的收購價融資成本為6%，BII2009財政年盈利估計為2億8000萬令吉，估計馬銀行在2009財政年的盈利衝淡11.4%。

“這並沒有計算任何的合併成本、因發新股給策略投資者而導致每股凈利衝淡。”

他說，印尼的高通膨率及低迷消費士氣，或導致其呆賬走高，貸款成長可能放緩，使馬銀行放眼收購BII 2年後回本的期望或增添壓力。

買家難求
有望重談購價

聯昌研究表示，馬銀行可能出現兩種局面，首先是淡馬錫終止談判而交易告吹，這對馬銀行有負面影響，因錯失滲透印尼市場的機會。

第二種可能則是淡馬錫答應調低價格，這對馬銀行有正面作用，因其投資成本及脫售BII股權的虧損都可減低。

他說，操探權在賣方手上，展延談判期限及重回談判桌的機會是存在的，因在全球金融動盪下，要爭取像馬銀行般的願意支付昂貴代價的另外買家，似乎“有點困難”。

他補充，就算淡馬錫獻議的每股450印尼盾折扣價，仍然比BII現有的310印尼盾市價高出45%，賣方的回扣也使2008財政年收購的價格對賬面值從4.1倍降低至3.6倍，以及2009財政年本益比從29倍降至25.5倍。

“以現有的疲弱資金市場，估值還是偏高。”

國行介入不儘是壞事

分析員說，國行最新的舉措，對馬銀行未必全是負面，因可迫使重新談判，降低購價；但另一方面，國行此舉，或導致此項交易告觸礁。

他始終與市場的看法不一樣，他認為，收購BII對馬銀行是良好的舉措，因可以支撐其長期成長，但卻讓銀行面對印尼的政策風險。

他保留馬銀行的目標價為8令吉60仙，保持“中和”評估，因馬銀行收購越南和巴基斯坦銀行的股權，是馬銀行長期盈利成長的催化劑。

僑豐研究保持馬銀行目標價為7令吉80仙，評估為“中和”，並認為馬銀行股價或對最新的進展作出溫和的正面回應，因市場始終認為這是昂貴的交易價。

星洲日報／財經‧2008.09.29

http://biz.sinchew-i.com/node/16861

ThermoFisher

聯昌研究表示，馬銀行可能出現兩種局面，首先是淡馬錫終止談判而交易告吹，這對馬銀行有負面影響，因錯失滲透印尼市場的機會。

第二種可能則是淡馬錫答應調低價格，這對馬銀行有正面作用，因其投資成本及脫售BII股權的虧損都可減低。

他說，操探權在賣方手上，展延談判期限及重回談判桌的機會是存在的，因在全球金融動盪下，要爭取像馬銀行般的願意支付昂貴代價的“水鱼”，似乎“不可能的任务”。

scsiang82

应该这样写比较容易明白嘛。。。

密码侦探

又SUSPEND.看来926要飞了.

scsiang82

原帖由 密码侦探 于 30-9-2008 11:42 AM 发表
又SUSPEND.看来926要飞了.

926？？现在都930了。。。明年吗？？

scsiang82

30-09-2008: No word yet on Maybank-BII deal
by Yong Yen Nie
Email us your feedback at [email protected]


KUALA LUMPUR: Investors waited in vain yesterday for Malayan Banking Bhd (Maybank) and the sellers of the Bank Internasional Indonesia Tbk (BII) stake it proposed to buy to come to a resolution at their talks in Singapore.

In an announcement yesterday, Maybank said Bursa Malaysia had approved its request to suspend trading in its shares to 5pm today, extending the suspension to a second day pending an announcement on the status of the BII deal.

Four days have passed since Maybank started renegotiating the price of BII with its vendors — Singapore’s Temasek-controlled Fullerton Financial Pte Ltd and Kookmin Bank of South Korea. So far, Temasek has announced that Maybank had rejected a S$236.4 million (RM568.6 million) rebate it had proposed in an attempt to salvage the deal.

The Malaysian lender has remained mum on the offer so far.

An analyst with a local research house said it was not surprising that Maybank rejected the new offer as BII’s acquisition price would be tagged at about 450 rupiah per share, or 4.1 times price-to-book value (PBV).

“The revised price of BII is still considered to be on the high side,” she told The Edge Financial Daily yesterday.

Industry observers said the discount was not significant as the banking group would still be exposed to heavy potential losses from floating 20% of its shares in BII after completing a mandatory general offer (MGO) for the Indonesian lender.

“Based on the rejection, it shows that Maybank wants a more significant reduction in the MGO price of BII,” an industry observer said.

An analyst said assuming that Maybank were to ask for BII’s acquisition price to be based on the Indonesian lender’s historical merger and acquisition PBV of about 2.6 times, the new price tag would be 285.5 rupiah per share or about RM5 billion.

“Based on the historical PBV, the price is even lower than the price at which BII was last traded. (However) the sellers are not likely to stomach a price this low,” she said.

Nevertheless, she said, given such poor market conditions, it would not be easy for Temasek to find another buyer for the BII stake, and even if it did manage to find one, it would probably offer the Singapore state investor only three times PBV of BII.

“However, Temasek may not be scrambling to find a buyer as it can consider merging BII with Bank Danamon, which it also owns,” she said.

Temasek wants to dispose of its stake in BII to meet Indonesia’s single-presence policy, which prohibits foreign investors from holding stakes in more than one financial institution there. The foreign investors have three options — merge the operations, form holding companies or sell the stakes by 2010.

The analyst said given BII’s last traded price of 310 rupiah per share, Maybank’s potential losses would have exceeded 10% of its investment in BII.

This effectively means that the Indonesian regulator, Lembaga Pengawas Pasaran Modal dan Keuangan (Bapepam), would have to allow Maybank a longer period to float 20% of its stake in BII, instead of the two years after the Malaysian lender had launched a takeover offer.

“However, had the central bank (Bank Negara Malaysia or BNM) not imposed a last-minute condition on Maybank to re-negotiate the price downwards, BII would not have fallen to this low,” she said.

BII was also suspended from trading yesterday, pending an announcement on the deal.

Maybank had, in March, proposed to acquire 100% of Sorak Financial Holding, which owned 55.6% of BII, for 510 rupiah per share. Sorak is 75% owned by Fullerton, while the remaining stake is owned by Kookmin.

Maybank would also make an offer for the rest of BII shares it does not own, bringing the total price to a whopping RM8.9 billion.

Maybank has since faced many challenges in sealing the deal, especially from Bapepam’s new takeover rule that required the banking group to float 20% of its stake in BII within two years.

BNM intervened by revoking its earlier approval to Maybank to buy BII. The approval was reinstated after Bapepam agreed to relax the regulation and allow Maybank a longer timeframe to float the 20% stake if the potential losses are higher than 10% of its total investment in BII.

Last Thursday, BNM directed Maybank to obtain an extension of the deadline to close the deal and re-negotiate the purchase price with Fullerton and Kookmin.

Following BNM’s eleventh hour notice, industry sources said the Maybank management and Temasek officials have been holed up in a meeting since Friday to come up with a new agreement.

Meanwhile, BNM govenor Tan Sri Zeti Akhtar Aziz told Reuters yesterday that the central bank would only intervene in deals that could fundamentally impair a financial institution.

“We only come into the picture when we assess there to be systemic implications, that means the financial institution becomes fundamentally impaired and it has systemic implications on the overall (financial sector),” she said.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_b106c101-cb73c03a-98350a00-d8d5f42c

scsiang82

30-09-2008: Lessons from Maybank-BII deal

Email us your feedback at [email protected]


Bank Negara Malaysia’s (BNM) latest round of intervention in Malayan Banking Bhd’s controversial purchase of a 55.6% stake in PT Bank Internasional Indonesia (BII) has its valid reason.

But what’s more telling is the message behind BNM’s intervention.

If a central bank has to direct the country’s largest commercial bank to renegotiate the purchase price of its stake in another bank, it does not speak well of the way the deal had been structured in the first place.

BNM cannot be blamed if it is seen as sort of micro-managing Maybank.

That’s because if it does not act, BNM will have a big problem on its hands at a later stage. But let’s forget BNM, as it is only doing what a regulator has to do — take extraordinary measures in extraordinary times.

Why was no foresight shown by Maybank’s negotiators to include adequate protection for the bank against adverse market conditions?

If Temasek Holdings Pte could have protective clauses when it purchased a 14% block in Merrill Lynch & Co, why not Maybank?

Let’s take a step back to look into Temasek’s entry into Merrill. The Singapore government’s investment arm, which manages more than US$130 billion (RM445.9 billion) in funds, first paid US$5 billion for about 10% of Merrill at US$48 per share. That was between December 2007 and February this year when the financial system in the US was fast deteriorating.

In July this year, it invested a further US$900 million for additional shares in Merrill after receiving a US$2.5 billion so-called reset payment for losses from its earlier investments. The sum received together with its additional cash, amounting to US$3.4 billion was used to purchase additional shares in Merrill. At the end of the day, the average cost dropped to about US$22.50 per share, half the price of its initial investment.

Granted that Maybank’s purchase of BII and Temasek’s entry into Merrill are not entirely comparable because the former was based on a competitive tender while the latter was an investment made at distressed times.

But the adverse conditions in the financial markets that wreaked havoc in all exchanges globally were there for everybody to see. Both deals were done early this year when the global equities market was already heading south from the subprime crisis in the US.

While Temasek put in a reset mechanism, Maybank did not have enough prudence to insert a clause for it to renegotiate the price if the financial markets took a turn for the worse, which they did.

This Maybank-BII deal has already carved a place for itself in the history books of corporate Malaysia. And like all topics in financial history, the lesson to be learnt is to get the best lawyers and merchant bankers to ensure there is adequate protection for the buyers.

In a haste to land a catch, especially in a competitive tender process such as the BII deal, the downside risk is often neglected. That is another lesson for future deal makers.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_b1090eba-cb73c03a-98350a00-9d156e8d

无花

现在是病猫,没好好休息岂不是让你打到半死???

现在很多人等着打老虎