State-run Chang Hwa Commercial Bank's (彰銀) shares yesterday nudged up by 1.06 percent to close at NT$19.0 on the Taiwan Stock Exchange, after Singapore-based Temasek Holdings reaffirmed its intention to buy the bank's stakes last week.
To secure the support of Chang Hwa's current management, Taishin Financial Holding Co (
"We hope Chairman Chang Po-shin (
Chang has not agreed to the proposal yet, Wu said.
Taishin Financial last month outbid six competitors with an offer of NT$36.5 billion, or NT$26.12 per share, to buy 1.4 billion new preferred shares sold by Chang Hwa, Taiwan's sixth largest lender by assets, with a floor price of NT$17.89 per share.
The move is expected to make Taishin Financial the nation's second largest financial holding group by assets, up from eighth place, after formally taking over the bank in the next three years.
Nevertheless, Singapore's government-owned Temasek Holdings Ltd, previously the most likely tender winner, reportedly offered in a letter to Chang Hwa's board members last week to buy the bank's common shares and the government's 17.5-percent stake for NT$21.5 per share, leaving Taishin Financial's triumph uncertain.
"We did receive the letter and have written back to Temasek," Chang said yesterday. He however declined to elaborate on the content of the feedback, citing confidentiality.
Temasek's efforts appear to have a slim chance of success, as the Ministry of Finance is unlikely to go back on its promise that the bid winner would be granted preference over the purchase of the government's stake in the bank next year.
"The ministry will never go back on its promises," said Liu Teng-cheng (
Since the game rules are clear and firm, Temasek can only succeed through a tender offer to buy private shareholders' stakes in the open market, which is expected to boost Chang Hwa's share price, Chu Yu-chun (
Chu recommended buying Chang Hwa stocks with a target price of NT$23.5 per share.
"The higher the price expectations, the more expensive Taishin's acquisition is likely to be," Jesse Wang (
Shares of Taishin Financial closed up 1.75 percent at NT$23.2 on the local bourse yesterday.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Taiwanese prosecutors suspect that three people successfully smuggled at least one shipment of Nvidia Corp artificial intelligence (AI) chips to China after first exporting them to Japan, people familiar with the matter said. The trio was detained last week by the Keelung District Prosecutors’ Office for allegedly falsifying documents related to exports of Super Micro Computer Inc servers containing advanced Nvidia chips, which the US has barred from sale to China without a license from Washington. The move marked Taiwan’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) employee bonuses are likely to grow more than 30 percent this year, in line with the past few years as the company’s profits continue to set new records, an anonymous source cited TSMC chairman C.C. Wei (魏哲家) as saying yesterday. TSMC, the world’s largest contract chipmaker, is committed to taking care of its workers, the source said, citing Wei’s meeting with employees yesterday morning. Wei also expressed gratitude to employees for their contribution to the company’s improving bottom line, the source added. Since 2023, TSMC’s employee bonuses have grown at an annual rate of
RSS