OCBC CLOSES OFFER FOR GREAT EASTERN AT 81.1%

Singapore-based bank Oversea Chinese Banking Corp has closed its offer to buy the outstanding shares in subsidiary Great Eastern Life. It now holds 81.1% of Great Eastern, up from 48.8% in February, when the offer was launched. OCBC needed to obtain 95% or more of Great Eastern if it was to succeed in its initial aim of taking the company private. However, OCBC chief executive David Conner said that “we are pleased with the level of acceptances as we have achieved our overall objective of making Great Eastern a substantially owned subsidiary”. OCBC had offered 976 shares for every 1,000 Great Eastern Shares held.