The long rumored investment talks between Citibank and the Bank of Overseas Chinese (
"Yes, it was the deadline but they had not made any offer by the time due today," Peter Huang (
Polaris holds about a 40 percent stake in Bank of Overseas Chinese.
The process could carry on next week, but if Citibank could offer a price that "is not far off," a deal could be struck very soon, Huang said.
The executive, however, shied away from elaborating on the bank's preferred price.
Citibank continued to decline to comment on the potential deal.
Local newspapers reported that the talks between the two parties were drawing to an end and yesterday was the deadline for Citibank to make an exclusive offer.
Polaris reportedly favored a floor price of NT$12 per share.
Bank of Overseas Chinese shares closed almost 7 percent limit-up at NT$12 on the Gretai Securities Market yesterday.
Yesterday marked the second extension as the bank extended the first deadline -- last Wednesday -- in the hope of getting a better price after Standard Chartered Bank announced its outright acquisition of Hsinchu International Bank (
The acquisition will boost the number of Standard Chartered outlets to 86 nationwide from three.
Standard Chartered's move was expected to add momentum to Citibank's and HSBC Ltd's acquisition plans in Taiwan in the near future, Edward King (
Citigroup Inc CEO Charles Prince said earlier this month that he would seek to boost the bank's overseas earnings to 60 percent from 45 percent in the next few years through acquisition of rivals in markets like Taiwan, Turkey and China.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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