STOCKS NEWS THAILAND-Bank of Ayudhya up after Japan MUFG stake bid report

Thu May 23, 2013 12:34am EDT

Shares in Bank of Ayudhya Pcl rose after a local newspaper cited a financial market source as saying that Japan's Mitsubishi UFJ Financial Group (MUFG) had offered to acquire General Electric's stake in the Thai bank at 40 baht per share.

The potential acquisition of the 25.3 percent stake, or around 1.54 billion shares, from GE Capital International Holding Corporation will be worth almost 62 billion baht ($2 billion).

Mitsubishi UFJ Financial Group is among bidders for General Electric's stake in Thailand's fifth-largest lender. Others include Malaysia's Khazanah Nasional Bhd