Sime makes audacious bid for New Britain but a bidding war could ensue

Bakke says indications are that the PNG government, which owns around 18% of NBPOL, will remain as shareholder post-buyout.

Sime Darby Bhd’s audacious bid for New Britain Palm Oil Ltd (NBPOL) has injected much-needed excitement into the markets that have been haemorrhaging over the last few days. Sime Darby’s offer to buy out NBPOL is rippling through the stock exchanges of Kuala Lumpur, London and the little-known Port Moresby Stock Exchange, with a total value of a whopping RM2.82bil created overnight.

This figure is the increased market capitalisation (stemming from Sime Darby’s offer) in the listed shares of Kulim (M) Bhd and NBPOL, the latter of which is dual-listed in London and Papua New Guinea (PNG).