ICBC buys 19.3% stake in ACL Bank at Bt11.5 per share

The Industrial and Commercial Bank of China (ICBC) (601398.SH), the world’s largest by market value, announced late Tuesday it had reached an agreement with Bangkok Bank of Thailand to buy a 19.26% stake in Thailand’s ACL Bank. Under the agreement, the ICBC would acquire the stake held by Bangkok Bank at Bt11.5 (US$0.343) per share. The ICBC said it would also make a tender offer to all other ACL Bank shareholders, making its bid for the bank worth a total of about Bt18.29b (US$544.5m). (Xinhua News Agency)