Indonesia’s largest noodle maker, Indofood, has gone on the offensive in Singapore against short sellers who questioned the accounts of a Chinese food company in which it holds a one-third stake, write Paul J Davies and Ben Bland.
Indofood took a leaf out of the playbook of sovereign wealth fund Temasek by launching a S$490m ($382m) takeover bid for Singapore-listed China Minzhong, whose shares lost half their value last week when a US-based research and short selling house accused the company of fabricating sales.
China Minzhong has denied the allegations.
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