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KUALA LUMPUR, Aug 18 (Reuters) - Shares in Esso fell as much as 18 percent at 0101 GMT on Thursday after Philippine conglomerate San Miguel offered to buy ExxonMobil’s stake in the Malaysian oil refiner at a lower price than the current market value.
A total value of $206 million, or 3.50 ringgit per share price, was paid by San Miguel for Esso Malaysia, which is a steep 29 percent discount to its Wednesday closing price of 4.95 ringgit.
San Miguel struck deals on Wednesday worth $610 million as the Philippine conglomerate aggressively expands on infrastructure assets outside its home base.
Shares were down 13.5 percent at 4.28 ringgit at 0109 GMT. (Reporting by Razak Ahmad; Editing by Purwa Naveen Raman)