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General

Indonesia changes mandatory takeover rules

Tuesday 1 July 2008 | 11:46 CET | News
The Indonesian capital markets regulator has raised the threshold for mandatory tender offers in acquisitions to 50 percent. Earlier, this threshold was 25 percent, Reuters reports. This ruling could affect Qatar Telecom's (Qtel) takeover offer for the outstanding shares in mobile operator Indosat. Recently, Qtel launched a tender offer to acquire all of the outstanding shares of Indosat, following the acquisition of a 40.8 percent stake in the operator from Asia Mobile Holdings. The regulator further said that if the free float after a takeover would fall below one-fifth, the buyer would have to sell shares within two years to ensure the free float of at least 20 percent. The new rules came into effect on 30 June.

Categories: General
Companies: Qtel
Countries: Indonesia
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