| AFX-ASIA November 22, 2002 SINGAPORE Related: Big money battles for Singapore steel FEER THREE Singapore newspapers -- Business Times, Streats and Today -- issued apologies to DBS Group and Temasek Holdings after publishing articles suggesting Temasek Holdings may have influenced DBS' decision to sell its NatSteel shares to a shareholder of 98 Holdings. The newspapers also agreed to pay undisclosed damages. In published apologies, the newspapers said: "We recognise and accept that the article(s) sould have meant or could have been understood to mean that DBS was influenced by Temasek to sell DBS's stake in NatSteel to 98 Holdings, via Excel Partners, against the interest of DBS shareholders." "...that in doing so, Temasek is acting in concert with DBS and has breached the Singapore Code on Take-overs and Mergers." The newspapers said they are unreservedly withdrawing the suggestions and acknowledged that that these suggestions were false and without foundation. Temasek, which is a shareholder in both DBS and 98 Holdings, has said it did not influence DBS to sell its NatSteel shares to Excel Partners. It also has a direct stake in NatSteel. On Nov 13, DBS Group agreed to sell its 14.67 pct stake in NatSteel Ltd to Excel Partners, another 98 Holdings shareholder, for S$2.03 er share. 98 Holdings subsequently raised its offer price for the rest of NatSteel shares to S$2.03 each from S$2.00. Sanion Enterprises, which had not made a general offer for NatSteel, had offered to acquire DBS' NatSteel shares at S$2.05 each but the bank said it has already committed to Excel Partners. DBS has since said that it acted independently and that it had given Sanion Enterprises ample time to increase its offer and to extend the offer to all NatSteel shareholders. |
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