Malaysia's MISC Plunges After Petronas Buyout Offer Fails

By MarEx 2013-04-22 09:05:00

Shares in shipping firm MISC Berhad fell nearly 10 percent on Monday after a revised $3 billion privatization bid by state oil and gas company Petroliam Nasional Bhd fell through.

By the deadline on April 19, Petronas had only managed to lift its stake in MISC to 86.07 percent, short of the required 90 percent acceptance by shareholders the national oil firm needed to take MISC private, according to a stock exchange filing late Friday.

The shipping group earlier this month said Petronas' revised $3 billion offer to buy out all remaining stock was not fair because it was lower than the combined valuation of its different divisions.

By 0949 (0149 GMT) MISC shares had slipped 9.6 percent. The benchmark Kuala Lumpur stock index rose 0.1 percent.

--Reporting By Anuradha Raghu; editing by Stuart Grudgings (C) Reuters 2013.