May 13, 2013 / 10:07 AM / in 4 years

Straits Trading accepts United Engineers' bid for WBL Corp stake

SINGAPORE, May 13 (Reuters) - 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)

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