Central Pattana is taking over shopping mall rival Siam Future Development in a deal that could cost as much as 25.6 billion baht ($784 million) as the group cements its position as Thailand’s largest shopping mall developer.
In a deal announced on Wednesday, Central Pattana said its unit Central World has agreed to purchase an initial 52.2% stake in Siam Future from Major Cineplex Group and other shareholders at 13.3 billion baht. The transaction is expected to be completed by August 30, the company said in its statement to the Thai bourse.
Following the completion of the deal, Central World will make a tender offer for the rest of the company at 12 baht a share, bringing the group’s total investment to 25.6 billion…
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