CIMB confident 3rd merger attempt with RHB Capital will succeed
Published on: Saturday, August 30, 2014
Kuala Lumpur: CIMB Group's chief executive Datuk Seri Nazir Razak is optimistic that the group's third attempt to merge with RHB Capital Bhd will succeed."They said the 'third time is lucky'. I'm quite optimistic that we can pull together a successful merger proposal, to be taken to all the shareholders for their consideration."In 1998, that was a hostile exercise, and this (current discussion) is a sharp contrast to that. I think (now) there is willingness and enthusiasm on the part of all three management teams.
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"We are trying to put together a winning combination for all three financial institutions. That gives me that optimism that we can close a good proposal. Then it will be the next phase - the shareholders," he told a media briefing on CIMB Group's first-half financial performance here Friday.The first attempt for a merger and acquisition (M&A) exercise with RHB Capital was made in January 1998, while second time was in 2011.Stay up-to-date by following Daily Express’s Telegram channel.
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The three parties have entered into a 90-day exclusivity agreement to negotiate and finalise pricing, structure, and other relevant terms and conditions for a proposed merger of the three entities and the creation of a mega Islamic bank. - Bernama
