Pension funds butt heads in $7.4 billion takeover battle for Malaysian highway operator PLUS
Malaysia's Employees Provident Fund (EPF) has teamed with local infrastructure firm United Engineers Malaysia Berhad (UEM) Group - a fully owned subsidy of SWF Khazanah Nasional - to launch a MYR23 billion ($7.4 billion) takeover bid for Malaysian highway operator PLUS Expressways – an offer which key PLUS backer, Malaysian pension fund Kumpulan Wang Persaraan (KWAP), has deemed unsatisfactory.
According to reports, KWAP insiders have said that the group is "not happy" with the consortium's price, potentially opening the door to alternative suitors. KWAP specifically owns a 5.22% stake in PLUS,...
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