Plans by Asian tycoon Li Ka-shing to list his AS Watson health and beauty chain are set to be axed, with Singapore’s Temasek instead poised to invest up to US$6bn for a 25 per cent stake in the business, two people familiar with the matter said.
The move, which could be announced as early as Friday, scuppers one of the world’s biggest three initial public offerings, which was poised to be a dual listing in Hong Kong and London.
Hutchison Whampoa, owner of Watsons, had been seeking a $5bn-plus share sale but only if it were certain of inclusion in both the Hang Seng and FTSE 100 indices, according to people close to the company.
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