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Perennial Said to Be Chosen for Final United Engineers Talks

  • Deal for century-old property group could be reached in June
  • Perennial shares jump, triggering Singapore exchange query
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United Engineers Ltd.’s largest shareholders picked Perennial Real Estate Holdings Ltd. for final talks to buy the century-old Singapore property group, people with knowledge of the matter said.

An agreement could be reached as soon as this month for United Engineers, which has a market value of S$1.8 billion ($1.3 billion), according to one of the people. Perennial edged out other final bidders including KKR & Co. and Haiyi Holdings Pte, the majority shareholder of Singapore-listed SingHaiyi Group Ltd., the people said, asking not to be identified because the information is private.