Petronas issued a conditional take-over offer to MISC on Thursday, offering about 8.7 billion ringgit ($2.8 billion) for the remaining shares in the company (representing a cash price of 5.30 ringgit per share).
The state player, which already holds a 62.67% stake in MISC, said it aimed to “take MISC private and take full control of the company.”
“That will provide Petronas with greater flexibility in deciding MISC’s strategic direction,” the company stated.
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