OCBC secures takeover of Hong Kong's Wing Hang Bank
SINGAPORE, July 29
SINGAPORE, July 29 (Reuters) - Singapore's Oversea-Chinese Banking Corporation Ltd has acquired a total of 97.52 percent of the issued share capital of Wing Hang Bank Ltd , closing the $4.95 billion bid for the Hong Kong lender, the banks said on Tuesday.
The Wing Hang Bank has made an application to the stock exchange for the suspension of trading in its shares from 9 a.m. (0100 GMT) on Wednesday until the delisting of the shares, a joint statement said.
Earlier in the month investors were concerned that OCBC might be forced to increase its offer after U.S. hedge fund manager Eilliott Management Corp took a near 8 percent stake in Wing Hang. (Reporting by Rujun Shen and Aradhana Aravindan; Editing by Greg Mahlich)