SINGAPORE May 13 Singapore conglomerate Straits
Trading Company said on Monday it has decided to
accept an offer for its holdings in WBL Corp from a
group led by United Engineers Ltd.
United Engineers had on May 9 raised its offer
price for WBL to S$4.50 a share from S$4.15, valuing the firm at
around S$1.25 billion ($1.01 billion).
Straits Trading owns around 40.55 percent of WBL, whose
businesses range from autos to electronics, while United
Engineers and its allies controlled around 40 percent.
($1 = 1.2388 Singapore dollars)
(Reporting by Kevin Lim; editing by Miral Fahmy)