Hutchison shares slide after A.S. Watson stake sale to Temasek
HONG KONG, March 24
HONG KONG, March 24 (Reuters) - Shares of Hutchison Whampoa slid 6 percent on Monday, their biggest drop in 2-1/2 years, after Singapore state investor Temasek Holdings agreed to buy just under a quarter of its health and beauty retailer for $5.7 billion.
Hutchison shares fell to as low as HK$100.6 ($12.97) after billionaire Li Ka-shing, who controls Hutchison, said there would be no listing of health and beauty retailer A.S. Watson for two to three years.
Li had planned to float part of the retailer in an initial public offering slated for this year.
($1 = 7.7588 Hong Kong Dollars) (Reporting By Donny Kwok and Anne Marie Roantree; Editing by Miral Fahmy)