Pursuits
Singapore’s Biggest Deals Hit by Property Curbs: Southeast Asia
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Singapore’s latest round of measures to curb record property prices has become a stumbling block in the city-state’s two-biggest corporate takeover deals.
Overseas Union Enterprise Ltd. this week gave up its two-month S$13.8 billion ($11.2 billion) tussle against Thai billionaire Charoen Sirivadhanabhakdi for property and drinks company Fraser & Neave Ltd., citing the measures. Wheelock Properties Ltd., which tried to thwart a plan by SC Global Developments Ltd.’s chief executive officer to buy out the company, dropped the fight less than a week after the new rules, citing “market developments.”