Dateline 2011-09-07:
Conglomerate Boustead Holdings Bhd has emerged to defend details of its unsuccessful bid to acquire a controlling stake in Esso Malaysia Bhd as the latter’s major shareholder, US oil and gas giant ExxonMobil Corp, last month inked a deal to dispose of its stake to Philippines-based food and beverage giant San Miguel Corp.
Boustead’s announcement yesterday saw Esso Malaysia’s share price up 16 sen to close at RM3.67 on speculation that the fight for control of its assets, which include the chain of petrol kiosk and a refinery, is far from over.
The deal attracted significant media and investor interest, with the crux of the dispute being the suitor’s plans for ExxonMobil’s assets, particularly the refinery in Port Dickson, Negri Sembilan and whether Boustead’s offer was inferior to that of San Miguel, whose proposal was accepted by ExxonMobil Corp.
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Wata - Malaysian Oil and Gas Engineer 