ArabianBusiness.com
9 Apr 2008
Al-Futtaim group, UAE's leading trading, real estate and financial services group, has won control of Robinson and Company (RCL), Singapore's signature department stores chain.
The group, which made a cash bid through its investment arm Al-Futtaim Global Private Limited (ALF Global), has secured 88 per cent of the shares of RCL, which operates department and specialty stores such as Robinsons, John Little, Marks & Spencer, Principles, Trucco, River Island and Fat Face in Singapore and Malaysia.
The acquisition establishes Al-Futtaim group as a significant presence in one of the most buoyant economies in the South-east Asia region. ALF Global's decisive move to raise its offer price to S$7.20 won over a majority of RCL's shareholders and earlier in the week the group was able to formally announce the offer had become unconditional.
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