CIMB to go ahead with merger only if shareholders are in favour

KUALA LUMPUR: CIMB Group Holdings Bhd boss Datuk Seri Nazir Razak dismissed the fact that a floor price has been set following Aabar Investments' purchase of a 24.9% block in RHB Capital Bhd at RM10.80 a share as the swap ratio in this merger, which he said should be value creating, would be more important.

CIMB will seek permission from Bank Negara to conduct talks with Aabar, which will be crucial in the outcome of any merger as a large enough stake to block the merger following the purchase of the block from Abu Dhabi Commercial Bank (SDCB), but expects to submit a bid by the end of the month.