DBS buys more time for Bank Danamon control deal
DBS Group has extended the deadline for it to secure majority control of Indonesia’s Bank Danamon by two months to August 1. The bank wants to acquire the 67.4% stake in Danamon owned by Temasek Holdings – also DBS’ controlling shareholder – with a view to mounting a full takeover worth $7.3 billion.
Last month DBS won approval to buy a 40% interest in the bank for $2.75 billion, in accordance with the 40% cap on foreign ownership introduced last year. However, Indonesia's central bank has the authority...
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