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21 Dec 2006

Malaysia's Sime accepts Synergy Drive merger offer

Malaysia's Sime accepts Synergy Drive merger offer
Malaysian conglomerate Sime Darby Bhd said on Thursday it had decided to accept a merger offer that is expected to create the world's largest listed palm oil planter worth $8.6 billion.

"Sime Darby wishes to announce that the board has today decided to accept the offer from Synergy Drive to acquire the entire business and undertaking of the company," the firm said in a statement to the stock exchange.

Three Malaysian state-controlled plantation firms announced plans last month to join forces, creating the world's largest listed palm oil planter, accounting for 6 percent of global production.

Sime, Kumpulan Guthrie Bhd and Golden Hope Bhd plan to put their assets and liabilities into a new entity, Synergy Drive, adviser CIMB Investment Bank has said.

 

Source: Reuters

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