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Singapore : Shareholders grill DBS on deal for Danamon
Publish Date : 27-Apr-2012
Unhappy DBS Group Holdings shareholders grilled its board for nearly two hours on Wednesday on plans to pay $9.1 billion for Indonesia\'s Bank Danamon.
The lively annual general meeting (AGM) was dominated by the deal as some shareholders asked why DBS was paying over 50 per cent above Danamon\'s share price.
And they expressed fears the deal might turn out to be a liability in the same way as the US$5.8 billion purchase of Hong Kong\'s Dao Heng Bank in 2001, widely criticised as a poor investment.
More than 350 shareholders attended the meeting held at the DBS auditorium in Shenton Way at 10am.
