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Thanachart offers $984 million for Siam City stake

HONG KONG/BANGKOK | Fri Feb 5, 2010 2:44am EST

HONG KONG/BANGKOK (Reuters) - Thailand's Thanachart Bank has offered $984 million for a stake in Siam City Bank SCIB.BK, people familiar with the matter said on Friday, a price that is expected to top a rival bid from HSBC (HSBA.L).

Thanachart, 49 percent owned by Canada's Bank of Nova Scotia (BNS.TO), offered 32.50 baht per share, the sources said. The Thai central bank owns 1 billion shares in Siam City Bank, for a 47.6 percent stake.

The sources had direct knowledge of the offer but were not authorized to be speak publicly because the auction is not yet over. Thanachart and HSBC are awaiting word from officials on which offer won the bidding process.

(Reporting by Michael Flaherty and reporting by Manunphattr Dhanananphorn; Editing by Ken Wills)
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