In today’s briefing:
- Esso Thailand: Ignore Bangchak Corp’s Takeunder
Esso Thailand: Ignore Bangchak Corp’s Takeunder
- Back on the 11 January, refiner/retailer Bangchak Corporation (BCP TB)‘s board approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil.
- The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso’s financial accounts at the close of the stake purchase.
- Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive.
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