HSBC Moves To Take Hang Seng Private In $13.6B Deal

Benzinga

HSBC offered $13.6B to take Hang Seng Bank private at a 30% premium, valuing it at $37.3B. The move deepens HSBC’s Asia focus, though its London shares fell 6% after the announcement.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02HSBC has offered $13.6 billion to take Hong Kong's Hang Seng Bank private as part of its strategy to streetline operations and deepen its focus on Asia, according to the Wall Street Journal.

00:13Offer of $19.92 per share represents a 30% premium. It would take Hang Seng private, valuing the lender at $37.3 billion.

00:21HSBC already owns 63% of Hang Seng and said it will finance the acquisition internally without raising the offer.

00:27Hang Seng Bank's shares jumped 27% as HSBC shares in London dropped 6% in the buyout announcement.

00:34For all things money, visit Benzinga.com.

Category

Transcript

Comments

Recommended