Stock News: Lippo Property Investment buy over OUE!

Overseas Union Enterprises Ltd (OUE) may gain after Lippo Property Investment Pte Ltd, an investment vehicle controlled by Indonesia's Lippo Group, made a mandatory takeover offer to buy the rest of the company at 10.20 sgd per share. Lippo Property made the offer after buying 55 pct of OUE from United Overseas Bank Ltd for 989.86 mln sgd, or 10.20 sgd apiece. Under Singapore rules, investors accumulating more than 30 pct stake in listed companies are required to make a mandatory takeover offer. Lippo Property, which is 60 pct owned by the Lippo Group and 40 pct by Usaha Tegas Sdn Bhd, an investment vehicle owned by Malaysian businessman Ananda Krishnan, needs about 1.8 bln sgd to buy the whole of OUE. The Lippo Group has been actively investing in Singapore. Last month, its unit Auric Pacific Group bought a 29.9 pct stake, or 25. 71 mln shares, in retailer Robinson and Co for 203 mln sgd, or 7.90 sgd per share.