The acquisition, at US$33 per Jardine Strategic share, will become effective on April 14. The deal is meant for the Jardine companies to remove the existing cross-holding structure designed such that the controlling Keswick family can exert the most influence over the various separately-listed entities.
As expected, Jardine Matheson Holdings’ proposal to acquire the 15% stake in Jardine Strategic it does not already own, has been approved by shareholders of the latter at a Special General Meeting.
Under applicable rules, the deal requires 75% of the Jardine Strategic shareholders to say yes. Jardine Matheson’s 85% stake in Jardine Strategic practically guarantees that this will be a done deal.
