FGV shares battered on negative views on acquisition in Indonesia

PETALING JAYA: Analysts have generally given the thumbs down to Felda Global Ventures Holdings Bhd’s (FGV) proposed acquisition of a substantial stake in PT Eagle High Plantations Tbk, with one firm stating that the deal would pose an overhang to the share price that has been battered down to its lowest level since its listing on June 28, 2012.

FGV’s shares plunged 21 sen or 11.29% to a record low of RM1.65, as investors unwind their positions in the plantation company following its acquisition that has been deemed expensive and unfavourable to the company by many analysts.