Malaysia's Kulim fails in bid for London-listed New Britain

Reuters

KUALA LUMPUR, Sept 6 (Reuters) - Kulim (Malaysia) Bhd's 812 million ringgit ($246 million) bid to buy an extra20 percent in its Papua New Guinea-based New Britain Palm OilLtd has crumbled after the Malaysian firm failed toundo a restraining order.

"As such, Kulim was unable to declare the partial offerunconditional and the partial offer has since lapsed," thecompany said in a stock exchange filing on Thursday.

The Securities Commission of Papua New Guinea earlierblocked Kulim's partial offer to take control of London-listedNew Britain Palm Oil, the company announced in Aug. 20, withoutciting any reasons. [ID:nWLB004OC ]

The offer, made in June, would have increased Kulim'sinterest in New Britain to just under 70 percent. It currentlyholds 49.2 percent of the company, according to Thomson Reutersdata.

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