DBS Group Holdings Ltd. (DBS), Southeast Asia’s largest bank, must sell shares of PT Bank Danamon Indonesia (BDMN) back to the public if it owns more than 80 percent of the lender after a takeover, according to the Indonesian bourse.
DBS offered to buy Jakarta-based Danamon for about $7.2 billion on April 2 in the biggest takeover by a lender in the region. Indonesia’s exchange rules require investors buying a listed company through a tender offer to pare their stakes down to no more than 80 percent, according to the Indonesian capital market supervisory agency. Full story
