Singapore state investor Temasek Holdings agreed to buy a 25% of A.S. Watson retail business from Hong Kong tycoon Li Ka-shing for about US$5.7bil, resulting in Li's Hutchison Whampoa shares falling as much as 6% on Monday as disappointed investors hoping for a higher valuation unloaded their holdings.
HONG KONG: Hutchison Whampoa shares fell as much as 6 percent on Monday after a US$5.7bil deal to sell a stake in its health and beauty retailer to Singapore state investor Temasek Holdings disappointed investors hoping for a higher valuation.
The stock saw its steepest drop in 2½ years in the first trading session after Temasek on Friday agreed to buy just under a quarter of retailer A.S. Watson in a deal that valued the company at US$22.8bil.
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