MISC Buyout Bid Fails (Malaysia)

MISC Bhd., operator of one of the world’s biggest fleets of LNG carriers, said Petronas has withdrawn its $3 billion buyout offer after failing to win minority shareholder support.

MISC revealed in a filing to the stock exchange that, by the deadline on April 19, Petronas had only managed to lift its stake in the company to 86.07 percent, short of the required 90 percent acceptance by shareholders Petronas needed to take MISC private.

Shares of MISC fell as much as 13.4% in early trade on Monday.

[mappress]
LNG World News Staff, April 22, 2013; Image: MISC