Bangchak finalises Esso Thailand acquisition

Photo by NoOne taken from Flickr.

The energy conglomerate Bangchak Corporation, listed on the Stock Exchange of Thailand (SET), finalised its acquisition of Esso Thailand shares via a tender offer. The deal, valued at 3.54 billion baht, has resulted in Bangchak owning 76.3% of Esso Thailand.

Previously, Bangchak secured a 65.99% stake in Esso Thailand, the entity managing Esso petrol stations, from Esso Asia Holdings Pte for 22.6 billion baht. The corporation also revealed its plan to purchase the remaining 34.01% stake through a tender offer to investors in the stock market. The offer, set at 9.89 baht per share, ran from early September until October 12.

Phatpuree Chinkulkitnivat, Bangchak’s senior executive vice-president for accounting and finance, stated that Bangchak eventually bought an extra 10.31% share. The tender offer was for a total of 1.177…