China Construction Bank targets Primus' EON Capital
China Construction Bank is said to be eyeing a stake acquisition in Malaysian bank EON Capital Bhd., backed by Primus Pacific Partners, and reportedly sent a letter of interest to the Malaysian central bank seeking permission to court EON’s backers for the sale.
The news comes as Primus, EON's single biggest stakeholder, has engaged legal action to thwart Hong Leong Bank from taking over the company. Hong Leong Bank, Malaysia's sixth-largest lender, launched a $1.6 billion bid for the company, which Primus has claimed in court is against shareholders' interests.
According to Bloomberg, China Construction's bid would rival Hong Leong's bid, which authorities and minority shareholders have approved.
News that Primus looked to sell EON surfaced in January of last year. Since that time, Primus has twice rejected Hong Leong Bank, first in February 2010 with its initial $1.4 billion offer and then its second $1.6 billion figure.
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